North America PVC Films Market Growth & Trends
The North America PVC films market size is expected to reach USD 3.32 billion by 2030 and is expected to expand at 4.5% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The adoption of polyvinyl chloride (PVC) films in the packaging of food & beverage is increasing, as these films provide a cost-effective and flexible packaging solution to consumers.
Food & beverage is the most prominent market for the packaging industry. Growth in the population (via immigration), rise in the working women population, increase in disposable income, and hectic work-life schedules have macroeconomically boosted the demand for ready-to-eat foods, outdoor dining, and packaged meals.
North America is considered a major and technologically advanced regional market for PVC films as compared to other regions. The recent outbreak of COVID-19 resulted in a slowdown or halt in manufacturing activities, restrictions on supply & transport, and the slowdown of infrastructure projects, which is expected to negatively impact the demand for PVC films.
Building material is one of the prominent applications for PVC films in North America. The economic growth of the region has driven government spending in the construction sector. The rise in annual incomes and urbanization has also driven growth in the construction activities of residential buildings.
According to the Census Bureau of the U.S., construction spending was projected to total USD 1,807.5 billion in November 2022, up 0.2 percent (0.8 percent) from the revised October estimate of USD 1,803.2 billion. The actual amount for November is 8.5% (or 1.3%) higher than the November 2021 projection of $1,665.2 billion.
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North America PVC Films Market Report Highlights
In terms of revenue, the calendering technology accounted for a prominent share of the market in 2022 and is further expected to witness prominent growth over the forecast period
The rigid PVC films product segment dominated the market and accounted for more than 47% of the revenue share in 2022. The rising need for sustainable and durable packaging products is anticipated to drive the demand for PVC films in the food packaging industry
Major top players are continuously working on developing their manufacturing plants owing to the increased usage of PVC films in the construction industry. For instance, in January 2021, to further support the integrated PVC industry, Shintech announced an investment of USD 1.25 billion. The production capacity of Shintech Inc., a subsidiary of Shin-Etsu Chemical Co. Ltd. in the United States, will be significantly increased. 3.62 million metric tonnes of PVC should be produced annually by Shintech
As of 2022, the U.S. accounted for more than 45% share of the total market. Increasing demand for PVC films in the medical application for manufacturing capsules, tablets, drainage bags, and other medical equipment continues to assist the market growth in the region
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