The Global Polyvinyl Alcohol (PVA) Market is currently standing at over USD 1300 Mn and is projected to expand at a compound annual growth rate of 4.59% over the forecast period of 2018-2023, reveals Market Research Future (MRFR) in an exhaustive study. The market for Polyvinyl Alcohol is showing positive growth trend owing to its extensive use in varied industry verticals. PVA finds application in the food packaging, coatings, textiles, construction, paper, and the pharmaceuticals industry. Among them, the packaging industry makes extensive use of Polyvinyl Alcohol. Polyvinyl alcohol is the preferred choice of materials for packaging as it exhibits the properties of solubility and biodegradability apart from being an excellent oxygen barrier. Increasing demand for packaged food among consumers is expected to spur the growth of the Global Polyvinyl Alcohol Market. Moreover, Polyvinyl Alcohol has been gaining traction due to rising scrutiny on plastic consumption. In an effort to reduce the harmful effects of plastic, governments and other environmental regulatory bodies are encouraging the use of biodegradable plastics. Demand for Polyvinyl Alcohol as an emulsifying and dispersing agent also boosts the growth of the market.
Furthermore, Polyvinyl Alcohol is also used in vinyl-based emulsion in an array of applications including paints & coatings, textile, re-dispersible powders, and construction which adds to the growth of the market. Growing constructional activities are expected to provide an opportunity for the Global Polyvinyl Alcohol Market as it is used in a number of construction chemicals. However, volatility in the price of raw materials might act as a setback to the growth of the global polyvinyl alcohol market. The Global Polyvinyl Alcohol Market is expected to attain a valuation of USD 1,769.2 Mn by the end of 2023.
Competitive Analysis
The notable players in the Global Polyvinyl Alcohol Market include Merck KGaA, The Nippon Synthetic Chemical Industry Co., Ltd., KURARAY CO., LTD., Chang Chun Group., China Petroleum & Chemical Corporation, OCI COMPANY Ltd., Sekisui Chemical Co., Ltd., and Japan Vam & Poval Co., Ltd.
Segmentation
The Global Polyvinyl Alcohol Market has been segmented Based on Grade and End-Use Industry.
By Grade, the market has been segmented into Partially Hydrolyzed and Fully Hydrolyzed. The partially hydrolyzed segment is the leading segment by grade and its low viscosity, and high water-solubility properties have helped it garner accolades from diverse industries.
By End-Use Industry, the market has been segmented into Food Packaging, Textile, Paper, Medical, Construction, and Electronics. Increasing scrutiny on traditional packaging materials and increasing awareness regarding sustainable packaging has helped the packaging industry to lead the market.
Regional Analysis
The Global Polyvinyl Alcohol Market spans across the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific has been domineering the Global Polyvinyl Alcohol Market. The growth of end-use industries in the Asia Pacific region induces high demand for Polyvinyl Alcohol Market. Moreover, other than urbanization, rapid industrialization, and towering constructional activities in the region, Asia Pacific is also home to a considerable number of producers which favors the growth of the market. Europe ranks the second in the Global Polyvinyl Alcohol Market. Heightened demand for sustainable packaging materials drives the market in Europe. North America is also a significant growth pocket.
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