Region:Asia
Author(s):Aashima Mendiratta
Product Code:KR996
The report titled “India PVC Emulsion Market Outlook to 2025-Rising Consumption in Artificial Leather and Usage in Toy Manufacturing to Elevate Demand” provides a comprehensive analysis of the current positioning of the PVC emulsion/paste industry in India. The report covers various aspects including the market size, ecosystem & value chain analysis, end-user analysis, import-export scenario, trends and roadblocks faced by the industry. The report concludes with market projections for future of the PVC Emulsion industry in India including forecasted industry size by revenue and domestic demand by FY’2025 and segmentations and the analysts’ take on the future.
The Indian PVC Emulsion market is a major contributor to the growth of various key end-user sectors in the country. While suspension PVC dominates the Indian PVC resin industry, PVC emulsion/paste has witnessed significant growth in demand in the recent years. Both emulsion and micro-suspension processes of manufacturing PVC paste are prevalent in India. The PVC Emulsion/Paste industry in India in terms of demand in metric tons has grown at a CAGR of 7.8% over the period FY’2014-FY’2020(P). A large number of end-user industries such as artificial leather, flooring, coir mats, adhesives and sealants, conveyor belts among others have driven the demand for PVC paste in India. The domestic demand is catered by both imports as well as domestic production. The government is recently making efforts to stimulate domestic production in the country which is expected to positively impact the industry.
Production: The domestic demand for PVC emulsion is met by both imports and domestic production. The domestic production capacity is stagnant since the last few years which have led to the rise in imports into the country. In FY’2019, the top five countries South Korea, Columbia, Taiwan, Japan and China accounted for ~68.0% of the total import on the basis of value of imports.
End-Users (Domestic Volume): The synthetic leather industry was analyzed to be the largest end-user of PVC emulsion in India in FY’2020(P). The synthetic leather industry was valued at ~INR 61 billion in 2019. Flooring, films & sheets, coir mats, adhesives & sealants and other industries have also contributed to the rising demand in the country as PVC paste it helps in imparting different properties in terms of color, texture and opacity to end-product. PVC emulsion is majorly used for top and base coating in majority of these applications such as synthetic leather, flooring, conveyor belts and more.
End-Users (Import Volume): Synthetic leather accounted for majority of the imported PVC paste/emulsion consumption due to the large volumes required. There is growing demand for synthetic leather, particularly in the automotive industry for upholstery. Many large companies operating in the sector also export huge volumes of synthetic leather. In the recent years, the demand for PVC emulsion/paste by industries such as printing ink, toys, coir mats, conveyor belts & more has also increased significantly. Many coir mats & conveyor belt companies engaged in exports, directly import PVC emulsion/paste from countries such as Korea, Taiwan, China, Thailand & Germany among others.
The competition in the market is concentrated with only two players namely, Finolex Industries and Chemplast Sanmar, having domestic manufacturing capabilities. Both of these companies together cater almost half of the total domestic demand. These companies compete on the basis of parameters such as prices, grades offered, clientele, distribution network and end-users catered.
The industry is expected to witness significant growth in terms of demand by FY’2025 with increasing number of applications of PVC paste and growth of end-user industries such as synthetic leather and automotive industry. The impetus of the government to proliferate domestic production by removing import duty on EDC import, increasing import duty on PVC from 7.5% to 10% and finished PVC products such as vinyl flooring from 10% to 15% is expected to positively impact the market in the future. Increasing demand for PVC emulsion for manufacturing coir mats, adhesives & sealants and conveyer belts among other products is further expected to stimulate industry growth.
By Production
By End-Users (Domestic Volume)
By End-Users (Import Volume)
Companies Covered
2.1.Market Definitions- 19
2.2. Abbreviations- 20
2.3. Market Sizing and Modelling- 21
Consolidated Research Approach- 21
Market Sizing Approach- India PVC Emulsion Market 22
Sample Size Inclusion Table- 22
Variables (Dependent and Independent) 24
Multi Factor Based Sensitivity Model 24
Regression Matrix- 25
Limitations- 26
Final Conclusion- 27
6.1. Value Chain Analysis- 44
6.2. PVC Emulsion Manufacturing Process- 45
8.1. By Production (Domestic and Import), FY’2020(P) 54
8.2. By End-Users- 56
8.2.1. End-Users-Domestic Volume (Synthetic Leather, Wall Coverings, Flooring, Films & Sheets, Coir Mats, Adhesives & Sealants, Conveyor Belts and Others), FY’2020 (P) 56
8.2.2. End Users- Imported Volume (Synthetic Leather, Printing Ink, Toys, Coir Mats, Conveyor Belts and Others) 58
Synthetic Leather Industry- 59
Major Players- 61
Wall Coverings Industry- 63
Major Players- 65
Flooring Industry- 66
Major Players- 67
Films and Sheets Industry- 68
Major Players- 70
Adhesives and Sealants Industry- 71
Major Players- 72
Conveyor Belt Industry- 73
Major Players- 74
Coir Mat Industry- 75
Major Players- 77
Toy Industry- 78
Printing Ink Industry- 80
Major Players- 81
9.1.1. Synthetic Leather 82
9.1.2. Coir Mats (Tufting) 83
9.1.3. Flooring- 83
9.1.4. Wall Coverings and Wallpapers- 84
9.1.5.Coated Fabrics- 85
9.1.6. Films & Sheets- 86
9.1.7. Automotive Interiors- 87
9.1.8. Other Applications- 88
Growth of Real Estate Housing Sector 91
Increasing Usage in Toy Manufacturing- 92
Rising consumption in Artificial Leather Industry- 93
Growing Demand in PVC Wallpapers- 95
Inadequate Domestic Production and Reliance on Imports- 96
Lack of Production of higher K-Value Grades- 96
Fluctuation in Raw Material Prices- 96
Less Incentives for Companies to Set up PVC Emulsion/Paste Plant 98
13.1. By Imports (Major Exporting Countries, Average Import Price and Price Seasonality) by Quantity in Mt and Value in INR Crore, FY’2014-FY’2020(P) 105
Major PVC Emulsion/Paste Exporting Countries and Companies- 113
13.2. By Exports (Overview, Exporting Countries, Export Volume in MT and Value in INR Crore), FY’2014-FY’2019- 113
16.1. Emulsion-PVC- 124
16.1.1. Emulsion PVC E60- 126
16.1.2.Emulsion PVC E66- 127
16.1.3. Emulsion PVC E68- 128
16.1.4. Emulsion PVC E72- 129
16.1.5. Emulsion PVC E75- 130
PVC Emulsion Grades Major Suppliers and Applications- 132
16.2. Micro-Suspension PVC- 135
PVC Micro-Suspension Grades Major Suppliers and Applications- 135
16.3. PVC Paste Resin- 137
PVC Paste Grades Major Suppliers and Applications- 138
Major Exporters of Blending Resins to India- 142
18.1. Competition Scenario in India PVC Emulsion Market (Competition Stage, Competition Parameters) 144
18.2. Strengths and Weaknesses of Major Players (Finolex Industries Limited and Chemplast Sanmar Limited) in India PVC Emulsion Market 145
18.3. Cross-Comparison between Major Players in India PVC Emulsion Market 146
19.1. International Companies Operating in India PVC Emulsion Market 148
19.2. Finolex Industries Limited- 149
19.3. Chemplast Sanmar Limited- 151
20.1. By Production (Domestic and Import), FY’2025F- 157
20.2. By End-Users- 159
20.2.1.End Users-Domestic Volume (Synthetic Leather, Wall Coverings, Flooring, Films & Sheets, Coir Mats, Adhesives & Sealants, Conveyor Belts and Others) 159
20.2.2. End Users-Import Volume (Synthetic Leather, Printing Ink, Toys, Coir Mats, Conveyor Belts and Others) 160
Sythetic Leather Industry, 2019-2025F- 161
Wall Covering Industry, 2019-2025F- 163
PVC Flooring Industry, FY’2020(P)-FY’2025F- 164
PVC Films and Sheets industry, FY’2020(P)-FY’2025F- 165
Adhesives and Sealants- 166
Conveyor Belt Industry- 167
Coir Products Industry- 168
Toys & Games Industry- 169
Printing Ink Industry- 170
Suggestion 1: Catering to a Wide Range of End-User Applications- 172
Suggestion 2: Focus on Best-Selling PVC Emulsion Grades- 172
Suggestion 3: Domestic Production of Raw Material (EDC/VCM) 173
Suggestion 4: Capacity Expansion- 173
Sugesstion 5: Wider Regional Focus- 174
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