I'm pretty sure schedule40 is the stuff,holds like upper 100lbs or 200 of pressure right?Many places are plumbed with it.Iron pipe is best because it helps condensate the air as it goes through but it is expensive.Make sure you mount the pvc well to the wall and the best way to hook it up to the compressor is to run about 2' of flex hose (the braided stuff) between the 2.That will minimize vibration stress.Blowouts are not uncommon with pvc but if it's mounted securely and the joints are glued properly it lasts along time.
Here's a good example of what not to do,real lucky for me and dumb on the plumber's thinking.Years ago the shop had 2 120 gallon compressors against the wall in the first stall and they decided to plumb both tanks together with 4"(?) pvc,not thinking about the vibration and I was still green and learning.Well,I'm working on a VW Bug right in front of the compressors straightening the front fender and went down to the paint end of the shop for a few minutes.POW,scared the crap out of everyone.We ran over and killed the compressors and that crossover pipe blew and when it did it ripped the fender I was working on 3/4s off the car-if I didn't move it would have been my back.I couldn't believe the force that thing had when it blew.Now if you plumb yours with say 1.5" or 1" like most do it'll be nothing like this if it blows,but I wouldn't want to be right there when it does go just for the sake of flying chunks.They don't really explode,the pipe will usually just break at a coupling and might spit a little chunk or 2,no C4 or anything but like touching off a 44magnum without hearing protection.I can't count the times I've soiled myself from blowouts but it never hurt a thing,a good heart is a plus though because it will miss a beat-it's the next beat you realize what happened and something isn't quite right in the shorts.This one was bad because there was 240gals of 175lbs of pressure and the car wasn't 5' away.Not trying to scare you at all,just mount it solid to the wall and use primer and glue on completely clean joints and it'll last-oh,can't jerk the hose either if it's caught on something (like we'd do that,huh).