According to a new report by Market Research Future, Global Polyvinyl Alcohol (PVA) Market is predicted to touch a valuation of 1,769.2 million by the end of 2023. The market for PVA is estimated to reflect a CAGR of 4.59 % over the assessment period (2017-2023) owing to its application in textile, food packaging, paper, coating, pharmaceuticals, and construction. The extensive use of Polyvinyl Alcohol in the construction industry has significantly added to the market to develop.
Industry News
An environmentally friendly and antibacterial Polyvinyl Alcohol blend membrane was prepared for air filtration with the help of non-solvent induced phase seperation method. The thermal behavior, mechanical property, chemical structure, and surface chargbe of the resultant were characterized which resulted that PVA nad CS were miscible due to intermolecular hydrogen bond between them.
Drivers and Restraints Affecting the Market Growth
The increasing penetration of packed food worldwide has contributed to the growth of the market. The demand for packaging is fuelled by the increase in cost per packaging, expansion of consumer base, and sustainability in the major markets like India, China, and the U.S. Moreover, Polyvinyl Alcohol has several applications such as textile, paper, ceramic, coatings, and wood. The various grades are useful various end-use industries. Also, similar grades can be utilized for various end-uses. This ability has galvanized the demand for Polyvinyl Alcohol over the last few years.
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With the increasing global population along with growing disposable income, there has been an increase in purchase power parity (PPP) which has resulted in the improved living standard. This has resulted in the adoption of additional services such as laundry. The bags used in laundry are usually made using PVA films as it becomes easy for disposal, which has further led to the expansion of Polyvinyl Alcohol Market.
Meanwhile, strict mandates have restricted the use of Polyvinyl Alcohol in several applications. For instance, National Institute for Occupational Safety and Health has formulated various preventive measures after exposure to the PVA and environmental safety.
Global Polyvinyl Alcohol Market Segmentation
Globally, the market for Polyvinyl Alcohol has been segmented on the basis Grade and End Use.
The market has been segmented into fully hydrolyzed Polyvinyl Alcohol and partially hydrolyzed Polyvinyl Alcohol. Among these, the partially hydrolyzed Polyvinyl Alcohol segment has been estimated to hold the largest market share of 56.6 % in 2017. It is expected to touch USD 1052.2 million by the end of 2023, owing to its high water solubility properties and low viscosity.
The market has been segmented into medical, paper, construction, textile, packaging, and electronics based on the end use. Among these, the packaging industry has been accredited to hold the largest market share with 38.2 % in 2017 and is anticipated to show its dominance over the assessment period. Growing need for non-toxic and biocompatible packaging solutions in food and beverage industry is anticipated to spur the market growth. Due to properties such as moisture content and good crosslinking density, PVA is extensively used in food packaging industry. It has also been predicted that the packaging segment is likely to reach USD 695.4 million by the end of 2023.
PVA is also largely used in construction industry owing to its several properties such as adsorption capacity, particle size and water solubility, static filtration of cement slurries, and pore solution viscosity. Construction industry has been witnessed to experience a robust growth due to infrastructural development in Japan, China, and India.
Asia Pacific: The Most Rapidly Developing Market for Polyvinyl Alcohol
Geographically, the market for Polyvinyl Alcohol has been segmented into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. The Asia Pacific region has been witnessed to emerge as the most rapidly developing market in 2017 and is expected to develop at a staggering CAGR of 5.45 % over the assessment period. It has been anticipated to reach a revenue of USD 791.3 million by the end of 2023. With the extensive growth of industries such as food packaging, textile, and construction has spurred the growth of the market in this region.
The European region has emerged as the next main region after Asia Pacific and is predicted to reach USD 394.6 million by the end of 2023 owing to the increasing demand for sustainable packaging.
With increasing demand for the product as polymerization aid, North America is another main region in the market for Global Polyvinyl Alcohol.
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