1

Date: Sept 18, 2023

Region Producer Capacity, KT Remark
Lubrizol 165
USA Kaneka 50
Lubrizol 48
Europe Kemone 9
Kaneka 26
Japan Sekisui 65
Thailand Lubrizol/Sekisui 60
Korea Hanwha 20
Lubrizol/Grasim 0 Add 100 KT in 202?
Meghmani/Finechem 30 Add 45 KT in end 2023
Chinese JV 10
DCW 20
India Reliance 0 40 KT to be confirmed
China 18 producers 333
Global Total 836

2
 ChemAnalyst GlobeNewswire Global Info Research
2021 770 KT USD2849 million USD1810 million
( =1140 KT ) ( =724 KT)
Growth rate, 5.83% 8.4% 10.7%
2021 - 2028 (base on volume) (Base on revenue) (Base on revenue)
2028 Demand 1145 KT USD5010 million USD3692 million
( =1629 KT) ( =1201 KT)

Assumption:
• Average price used in 2021 was USD2500/mt.
• Average price used in 2028 was USD3075/mt that based on CPI at 3% annually.
• It is very difficult to get clear & practical number of global market because small product is not well paid
attention by surveyors. The best way is number collected from key CPVC consumption country respectively.
3
 Producers EN Producers CN Location Region Capacity, Ton Process Remark
Xinjiang Tianye 新疆天业 Xinjiang NW China 20000 Gas-Solid Phase
Chenhongli Chemical 内蒙晨宏力 Inner Mongolia NW China 20000 Aqueous suspension
Jinchuan Hengxin 金川恆信 Gansu NW China 0 Aqueous suspension Add 30 KT in end, 2023
Hangzhou Electrochemical 杭州电化集团 Zhejiang East China 20000 Gas-Solid Phase
Jiangsu Lee & Man Chemical 江苏理文化工 Jiangsu East China 15000 Gas-Solid Phase
Jiangsu Tianteng 江苏天腾 Jiangsu East China 10000 Aqueous suspension
Shanghai Chlor-Alkaline 上海氯碱 Shanghai East China 0 Aqueous suspension Closed
Shandong Gaoxin 山东高信 Shandong North China 60000 Aqueous suspension
Shandong Xiangsheng 山东祥生 Shandong North China 40000 Aqueous suspension
Shandong Yada 山东亚大 Shandong North China 15000 Aqueous suspension
Shandong Pujie 山东璞洁 Shandong North China 30000 Aqueous suspension
Weifanf Shandow 潍坊山道化学 Shandong North China 20000 Aqueous suspension
Shandong Xuye 山东旭业 Shandong North China 30000 Aqueous suspension Add 30 KT in 2023
Shandong Aoxing 山东奧星 Shandong North China 10000 Aqueous suspension Add 40 KT in 2024
Weifang Yadong 潍坊亚东化工 Shandong North China 10000 Aqueous suspension
Shandong Tianchen 山东天辰 Shandong North China 10000 Aqueous suspension
Henan Shenma 河南神马氯碱 Henan North China 3000 Aqueous suspension
Liaoning Decheng 辽宁德成 Liaoning NE China 10000 Aqueous suspension
Panjin Rester 盘锦瑞斯特 Liaoning NE China 10000 Aqueous suspension
Total China 333000

4
 HS Code Commodities Tariff for favored nation Tariff for non-favor nation
39041010 Paste PVC 6.50% 45%
39041090 General PVC 6.50% 45%
3904109090 Other primary form PVC 6.50% 45%
39042100 PVC, plasticized, in primary forms 6.50% 45%
3904220000 PVC, non-plasticized, in primary forms 6.50% 45%
39043000 Vinyl chloride-vinyl acetate copolymer 9% 45%
39044000 Other Vinyl Chloride copolymer in primary forms 12% 45%
39045000 Vinylidene Chloride - Vinyl Chloride Copolymer 6.50% 45%
3904500090 Other Vinylidene Chloride - Vinyl Chloride Copolymer 6.50% 45%
39046100 Polytetrafluoroethylene, in primary forms 10% 45%
39046900 Other Fluor-polymer in primary forms 6.50% 45%
39049000 Other polymers of other halogenated olefins, in primary forms 10% 45%
120 25.0%
110.8
22.5%
21.2% 21.5%
100 92.9 20.0%
19.3%
17.5% 80
80 16.3%
15.8% 16.1%
65.314.4% 15.0%

60 57.1
49.1
40.4 10.0%
40 34.9
29.7
24.5
5.0%
20

0 0.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Demand, KT Growth rate, %

• Annual growth rate for production is 18.8% per year during 2012 – 2021.
140 20.0%
18.6% 18.5%
17.9% 118.218.2% 18.0%
120 17.1%
16.0%
100
100 14.0%
88.5
13.0%
74.7 12.0%
80
10.8% 67.311.1% 11.0%
60.6 10.0%
60 51.1 8.0%
46.1
39.1
40 33.4 6.0%

4.0%
20
2.0%

0 0.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Demand, KT Growth rate, %

• Annual growth rate for demand is 15.7% per year during 2012 – 2021.
 Application Analysis
140

120

100
Unit: KT

80

60

40

20

0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Foams & Others, KT 4.1 4.6 4.9 5 5.3 6 7.1 10.7 14.3 21.4
Paint & Adhesives, KT 5.1 6 7.3 8.1 9.8 10.8 12.1 14.8 17.2 21
Pipe, KT 24.2 28.5 33.9 38 45.7 50.5 55.5 63 68.5 75.8
 80 25.0%
CPVC Demand in 2021, KT 75.8

68.5
70
20.3% 63
20.0%
60 18.9%
55.5
17.8%
21.4, 18% 50.5
50 45.7 15.0%
21, 18% 38
13.5%
40
75.8, 64% 33.9 12.1%
10.5% 10.7%
28.5 9.9% 10.0%
30
24.2 8.7%

20
5.0%
10

0 0.0%
Pipe & Fitting Paint & Adhesives 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Foams & Others Pipe, KT Growth rate, %

• Annual growth rate for pipe application is 13.5% per year during 2012 – 2021.
 Rank Capacity, KT Producers
1 1300
2 300
3 200
4 200
5 200
6 150
7 150
8 150
9 100
10 100
• Capacity here means S-PVC, & Carbide PVC and excluding CPVC pipe, PE pipe & PP pipe etc.
• Pipe & fitting demand forecast 7198 KT in 2022, about 32.8% of total PVC demand.
• Top 10 producers all produced CPVC pipe.
• Import volume from multinational companies to India:
Lubrizol 40 KT/y, Kaneka 30 KT/y & Sekisui 30 KT/y.
• CPVC resin capacity: DCW 20 KT/y, Meghmani/Finechem
30 KT & Chinese JV 10 KT/y.
• Lubrizol 70 KT/y is compounding capacity, will double it in
2024.
• Demand in 2022 about 200 KT with annual growth rate
10%.
• Global CPVC demand forecasted by Kaneka is around 500
KT/y. I think it is too low, maybe at 700 KT/y.

11
 , 39049010

CPVC Import: 2021 – June, 2023

25000 2400

20000 2300
2200
15000
Ton

2100
10000
2000
5000 1900
0 1800
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2021, Ton 9338 10958 12504 12072 9608 8417 10550 8971 10080 9796 15376 13643
2022, Ton 12691 14383 16206 17850 14969 19819 16552 17865 19967 16284 13773 12896
2023, Ton 11906 15397 12130 11172 8900 9706
2021, USD/ton 2023 1877 1996 1931 2058 2026 1972 2011 1932 1979 2053 2138
2022, USD/ton 2269 2286 2327 2331 2117 2313 2336 2230 2168 2169 2255 2339
2023, USD/ton 2243 2119 2087 2120 2011 1957

• Total 131313 mt imported in 2021, 193255 mt in 2022 & 69211 in Jan – Jun, 2023.
 Formosa SPVC import average vs Formosa Shandong mass PVC vs Kemone mass PVC
1800
1700
1600
1500
USD/ton

1400
1300
1200
1100
1000
900
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2021 Formosa to China 1163 1194 1214 1419 1486 1432 1312 1243 1250 1290 1453 1561
2021 Formosa to Shandong 1146 1219 1202 1510 1360 1269 1224 1265 1343 1398 1654
2021 Kemone to HEC 1000 1104 1200 1260 1720 1620 1570 1540 1581

13
 Formosa SPVC import average vs Formosa Shandong mass PVC vs Kemone mass PVC
2100

1900

1700
USD/Ton

1500

1300

1100

900

700
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2022 Formosa import 1423 1351 1298 1324 1341 1275 1178 1083 961 909 848 793
2022 Formosa Shandong 1380 1356 1264 1319 1371 1292 1171 1045 933 914 846 809
2022 Kemone HEC 1850 1750 1670 1670 1720 2020 1780 1640 1290 1247 1120

14
 Formosa SPVC import average vs Formosa MPVC to Shandong vs Kemone to HEC
1300

1200

1100
USD/ton

1000

900

800

700

600
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2023 Formosa import 770 828 894 918 873 845 807
2023 Formosa Shandong 744 849 879 922 853 835 796
2023 Kemone HEC 1190 1015 965 890 1030 1047 990

15
 Data source: China custom
3500 3000
3000 2500
2500 2000
2000
Ton

1500
1500
1000 1000
500 500
0 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2021, Ton 929 624 528 2 208 320 1384 1103 1008 824 772 1068
2022, Ton 464 878 1488 1568 1906 1630 1644 2400 2324 2012 1904 3064
2023, Ton 2648 1198 2016 2266 556 208 862
2021, USD/ton 1146 1219 1202 2565 1510 1360 1269 1224 1265 1343 1398 1654
2022, USD/ton 1380 1356 1264 1319 1371 1292 1171 1045 933 914 846 809
2023, USD/ton 744 849 879 922 853 835 796

• Total 8770 mt imported to Shandong in 2021, 21282 mt in 2022 & 9754 mt in 2023 (Jan – July).
16
 Data source: China custom
1400 2500
1200
2000
1000
800 1500
Ton

600 1000
400
500
200
0 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2021, Ton 1200 408 360 432 288 96 216 192 384
2022, Ton 384 696 168 144 336 360 264 144 48 312 144
2023, Ton 216 192 192 48 144 167 168
2021, USD/ton 1000 1104 1200 1260 1720 1620 1570 1540 1581
2022, USD/ton 1850 1750 1670 1670 1720 2020 1780 1640 1290 1247 1120
2023, USD/ton 1190 1015 965 890 1030 1047 990

• Total 3576 mt imported to Shandong in 2021, 3000 mt in 2022 & 1127 mt in 2023 (Jan – July).
17
 Data source: China custom
700 2000
600 1800
1600
500 1400
400 1200
Ton

1000
300 800
200 600
400
100 200
0 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2021, Ton 504 240 360 363 600 240
2022, Ton 288 120 192
2023, Ton 312 312 192 312
2021, USD/ton 1050 1260 1720 1768 1570 1600
2022, USD/ton 1850 1720 1220
2023, USD/ton 1080 1080 890 890

• Total 2307 mt imported to Shandong in 2021, 600 mt in 2022 & 1128 mt in 2023 (Jan – July).
18
 HS Code: 39042100;

Data source: China custom

9000 2300
8000 2100
7000
6000 1900
5000 1700
Ton

4000 1500
3000 1300
2000
1000 1100
0 900
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2021, Ton 1342 765 870 1509 1023 714 1390 2193 2267 2356 2378 2873
2022, Ton 5164 4527 5926 5421 8129 5312 6648 8492 7106 2678 1588 3823
2023, Ton 4794 1795 1593 1210 1393 2709 2711
2021, USD/ton 1374 1314 1403 1513 1560 1632 1573 1570 1610 1757 2058 2172
2022, USD/ton 2109 2118 2108 2161 2160 2152 1970 1853 1726 1633 1833 1377
2023, USD/ton 1380 1345 1343 1362 1259 1158 1086

• Total 19681 mt export in 2021, 64814 mt in 2022 & 16206 mt in 2023 Jan to July.
19
 HS Code: 39049010 ;

Data source: India custom

10000 2700
9000
8000 2500
7000 2300
6000
Ton

5000 2100
4000
3000 1900
2000 1700
1000
0 1500
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2021, Ton 608 697 421 584 1008 302 866 1265 1283 1466 1961 2010
2022, Ton 3575 3720 4906 5185 6125 7524 6224 6018 8951 6119 4671 1484
2023, Ton 2627 3503 1350 1024 715 789
2021, USD/ton 1725 1800 1831 1902 1822 1884 1880 1908 1872 2003 2198 2388
2022, USD/ton 2523 2419 2411 2451 2409 2411 2376 2216 2057 1977 2126 1904
2023, USD/ton 1815 1721 1828 1870 1807 1767

• Total 12471 mt exported in 2021, 64502 mt in 2022 & 10008 mt in 2023 Jan to June.
20
 HS Code: 39049010 ;

Data source: Japan custom

700 2400
600 2300
2200
500 2100
400 2000
Ton

1900
300 1800
200 1700
1600
100 1500
0 1400
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2021, Ton 230 184 521 283 206 152 298 399 288 538 213 316
2022, Ton 332 308 507 245 225 434 353 236 454 319 322 306
2023, Ton 501 439 559 661 408 150
2021, USD/ton 1525 1829 1440 1590 1512 1735 1558 1621 1630 1514 1861 1854
2022, USD/ton 1694 1841 1614 1782 1788 1762 1846 1820 1908 1776 1814 1847
2023, USD/ton 1859 1798 1831 1830 1895 2333

• Total 3628 mt exported in 2021, 4041 mt in 2022 & 2718 mt in 2023 Jan to June.
21
 HS Code: 39049000, Tariff: 10%

2022 - 2023
1600 5000
1400 4500
1200 4000
3500
1000 3000
Ton

800 2500
600 2000
400 1500
1000
200 500
0 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2022 Export, Ton 826 334 910 848 783 1031 1085 835 867 892 634 493
2022 Import, Ton 347 621 956 846 595 832 1015 1122 518 1188 1172 993
2023 Export, Ton 423 528 220 489 247 359 221
2023 Import, Ton 731 753 1008 1337 878 1351 689
2022 Export, USD/ton 1902 2122 1919 1959 2117 2076 3087 2470 2386 1970 2042 891
2022 Import, USD/ton 4473 2772 2633 2837 2876 2741 2923 3097 3141 3298 3130 3430
2023 Export, USD/ton 1147 1354 1193 1323 1229 807 547
2023 Import, USD/ton 2435 2605 2583 2868 2527 3456 3377

• Table is just for reference due to custom data is distortion that can’t capture volume from Shandong area.
22
 HS Code 39049000 39042100
Item Qty,ton Price, USD/ton Qty, Ton Price, USD/ton
Total 689 3377 948 1411
Japan 300 2369 135 1879
France 24 3150 68 2717
Country Belgium 331 4221 4 1308
Shanghai 56 4620 44 3250
Jiangsu 227 2283 71 3122
Zhejiang 355 4148 20 1597
Import Location Shandong Nil Nil 20 2448
Total 221 547 8880 1192
Country India Nil Nil 2988 1073
Zhejiang 217 497 1076 1336
Jiangsu Nil Nil 96 875
Export Location Shandong Nil Nil 4333 1171

• Marked as yellow have reference value, especially import from Japan, export to India & export from
Shandong & Zhejiang. Custom data accuracy is the worst when compared to GP PVC, paste PVC & CMS.
23
 39049000, Tariff: 10%

Aug, 2022 - Jul, 2023

5000
4500
4000
3500
USD/ton

3000
2500
2000
1500
1000
500
0
Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July
2022 2023
Export to India 2457 2501 2112 2126 3715 3768 1646 1700
Export to Emirates 2264 2115 242 630 956 1400 1032 470 249
Import from Japan 2058 2131 1979 2051 2115 2021 2025 2116 2037 2014 2392 2369
Import from Belgium 3615 3954 3962 3116 2770 3219 3476 2994 3788 4221
Import from Taiwan 2798 2951 3212 3167 3104 3055 3055 2948 2586 3100 3043 3264
Import from USA 4085 4225 4440 4370 4662 4102 3755

• Table is just for reference due to custom data is distortion that can’t capture volume from Shandong area.
24
 39042100, Tariff: 6.5%

Aug, 2022 - Jul, 2023

3500
3000
2500
USD/ton

2000
1500
1000
500
0
Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July
2022 2023
Import from Japan 3313 2427 1969 1501 1459 2014 2239 1892 2259 2224 2454 1879
Import from France 2700 2112 3145 2093 2934 3215 1942 2796 857 2378 2819 2717
Export to India 1830 1728 1661 1772 1369 1359 1367 1313 1383 1177 1143 1073
Export to USA 1860 1708 1950 2015 1246 1434 1985 1907 1355 1279 1235 1228
Export from Shandong 1876 1767 1860 1780 1580 1474 1459 1594 1389 1470 1267 1171
Export from Zhejiang 1423 1589 2070 1391 1823 1608 1436 1662 1701 1330 1323 1336

25
 39042100, Tariff: 6.5%

Aug, 2022 - Jul, 2023

12000
10000
8000
Ton

6000
4000
2000
0
Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July
2022 2023
Import from Japan 116 286 278 502 224 142 102 401 152 256 142 135
Import from France 45 117 37 142 115 185 69 149 1 127 88 68
Export to India 8857 7438 2823 1704 3946 5812 1960 1985 1583 1786 2915 2998
Export to USA 17 36 77 38 271 510 122 142 306 518 461 347
Export from Shandong 9578 8457 3812 2760 6180 6434 3483 4125 2803 3090 4194 4333
Export from Zhejiang 857 760 458 437 793 1091 411 823 1258 1253 1304 1076

26
 , 39049010

Jul, 2022 - Jun, 2023

3500
3000
2500
Ton

2000
1500
1000
500
0
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June
2022 2023
Export to India 2210 2552 2485 2881 2010 2102 2706 2917 3139 2239 2114 2516
Export to UA Emirates 504 428 302 756 403 529 529 403 403 454 302 504
Export to USA 498 421 479 493 514 499 438 76 38 367 426 346
Export to Thailand 806 279 915 1206 818 742 698 674 570 1327 470 166
Export to Taiwan 266 264 122 400 190 382 72 190 184 262 92 153
Export to China 353 236 454 319 322 306 501 439 559 661 408 150
 , 39049010

Jul, 2022 - Jun, 2023

3400

2900
USD/Ton

2400

1900

1400

900
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June
2022 2023
Export to India 2091 2096 2024 2020 2028 2054 1993 1897 1990 1922 1906 1900
Export to UA Emirates 1194 1368 1390 1113 1221 1101 1183 1118 1202 1354 1189 1134
Export to USA 1448 1245 1250 1285 1670 1801 1468 2555 3296 1641 1978 1951
Export to Thailand 1110 1205 1100 1043 1068 1093 1035 1068 1039 1222 1136 1181
Export to Taiwan 1442 1577 1931 1205 1492 1393 1119 1199 1631 1135 1806 1382
Export to China 1846 1820 1908 1776 1814 1847 1859 1797 1831 1830 1895 2333
 , 39049010

Jul, 2022 - Jun, 2023

10000
9000
8000
7000
6000
Ton

5000
4000
3000
2000
1000
0
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June
2022 2023
Import from China 6223 6018 8951 6119 4671 1484 2627 3503 1350 1025 715 788
Import from Thailand 2752 4797 4216 3389 2516 2918 2787 3728 3856 3828 3745 3237
Import from USA 1410 1143 1700 1320 1125 3081 1612 1017 387 641 512 589
Import from Korea 1800 2187 1072 1056 1001 1584 1562 1786 836 385 142 1217
Import from Japan 2489 2479 2044 2528 2964 2323 1488 2729 2993 2077 3028 1997
Import from France 25 49 49 193 74 74 216 146 412 168 100 195
 , 39049010

Jun, 2022 - May, 2023

4000

3500
USD/ton

3000

2500

2000

1500
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June
2022 2023
Import from China 2376 2216 2057 1977 2126 1904 1815 1721 1828 1870 1807 1767
Import from Thailand 2036 2072 2059 2008 1987 2088 2122 2073 2047 2094 1981 1906
Import from USA 2404 2566 2346 2571 2702 2931 3085 2737 2794 2782 2456 2544
Import from Korea 2140 2210 2268 2202 2285 2199 2217 2041 1916 1931 1895 1911
Import from Japan 2230 2268 2225 2211 2304 2185 2229 2104 2125 2119 2071 2096
Import from France 2585 3722 2398 2259 2402 2195 2104 1837 1915 1888 1938 1894
•

31
•

32
33
34
35
36
•
37
38
39
40
41
42
43
44
One of the most commonly used and
economical methods of corrosion
protection is to coat the metal surface Hydrophobic
with anti-corrosive coating, so that a Chemical Barrier
barrier is formed between the metal and
the corrosive medium, the contact
between the environment and the metal Interface between
substrate is isolated, the direct chemical Paint & Metal
corrosion of acids, alkalis, salts and the
industrial atmosphere is blocked, the
speed of water, oxygen, ions and so on Metal Surface
through the coating to the metal surface Fe Fe Fe Fe Fe
is reduced, the speed of metal corrosion
is slowed down, and the metal is formed
a unique "protective film".

45
• CPVC anti-corrosion coatings (as
protection coating on the metal
or other surface) can be used
including building exterior wall
protection, concrete surface
corrosion protection, surface
protection of compressed
cylinders, ductile iron pipe lining
treatment, steel structure and
pipe frame protection,
construction machinery
protection, auto parts.

46
• Issue for CPVC anti-corrosive coating is solubility, local expert found CPVC made
by solvent process is better than Suspension process and much better than Gas-
solid phase process.
• CPVC anti-corrosive coating is replacing PVDC anti-corrosive coating. And PVDC
anti-corrosive coating is also replacing emulsion paint and solvent-based Epoxy
coating.
• If we look CPVC in paint & adhesives application, demand in 2021 is only 21,000
ton/y (number from surveyor company), it is quite small to compare the whole
paint market in China. CPVC anti-corrosive coating can not be widely promoted,
we believe unknown reason inside and it must consult expertise who involved
in coating application.
• CPVC anti-corrosive coating for Salt-Fog spray resistance is up to 900h,
adhesion of more than 6MPa, application performance is much higher than the
industry standard.

47