Polyvinyl Alcohol Market Growth, Share, Trend Analysis by 2030 | Merck KGaA, The Nippon Synthetic Chemical Industry Co., Ltd., KURARAY CO

 

Market Synopsis

As per the analysis conducted by Market Research Future Reports (MRFR), the global polyvinyl alcohol market is projected to hold a market value of USD 1,769.2 million, expanding at a CAGR of 4.59% by the end of 2023.

The extensive application of polyvinyl alcohol (PVA) in several end-use sectors such as paper, textile, food packaging, construction, coatings, and pharmaceutical is estimated to drive the global polyvinyl market 2020. Further, the durability against moisture and biodegradability makes it suitable for several industrial applications is another factor escalating the development of the market. Besides, the growing awareness regarding the maintenance of a hygienic atmosphere has spurred the usage of laundry bags and detergents, thereby affecting the market positively.

Further, the functional properties such as outstanding heat-sealing, uniaxial tensile stress, and flawless adhesion to hydrophilic surfaces are projected to augment the global Polyvinyl Alcohol Market. In addition, other attributes such as chemical resistance, water solubility, and easier application are agrochemical, and detergent wrapping is predicted to enhance the market strength during the forecast period.

On the contrary, the disruption of COVID-19 has brought a negative impact on the chemicals industry. The demand for chemicals has seen a fall of 30% due to the disturbance caused in the supply chains. In addition, the other factors, such as the availability of alternative material and the unstable price, are further likely to impede the market growth. However, the increased awareness regarding green packaging and sustainable methods is projected to counter the hampering market factors.

Market Segmentation

The segment analysis of the global polyvinyl alcohol market is done by the end-use industry and grade.

End-use industry-based segments of the global polyvinyl alcohol market are electronics, packaging, medical, paper, construction, and textile.

Grade industry-based segments of the global polyvinyl alcohol market are fully hydrolyzed polyvinyl alcohol and partially hydrolyzed polyvinyl alcohol.

Regional Analysis

Based on the region, the PVA market can be segmented into Europe, North America, Latin America, Asia-Pacific, and the Middle East & Africa. As per the study, the APAC region is projected to be the fastest developing region, with a CAGR of 5.45%, holding a market value of USD 791.3 million by the end of 2023. The fast-growing industries, such as food packaging, textile, and construction, is estimated to drive the regional market.

Europe is projected to be the second most lucrative market during the forecast period. The regional market is estimated to hold a market value of USD 394.6 million by the end of 2023. The increasing demand for sustainable packaging is likely to drive the regional market. Further, the technical development in the region is predicted to develop the European market.

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North America is anticipated to be a crucial market during the forecast period. The escalating demand for the product in the region has emerged to be the most substantial cause of market development.

However, the market is estimated to suffer due to the outbreak of COVID-19. The chemical industry is dependent on the Chinese market, which has been affected negatively due to the shutdown of the industrial manufacturing sectors. However, the renowned players of the industry are taking the initiative to produce raw materials required for safety purposes in order to contain the spread of the virus.

Key Players

The renowned players of the global polyvinyl alcohol market are OCI COMPANY Ltd., Merck KGaA, The Nippon Synthetic Chemical Industry Co., Ltd., KURARAY CO., LTD., Sekisui Chemical Co., Ltd., Anhui Wanwei Group., Japan Vam & Poval Co., Ltd., Chang Chun Group., and China Petroleum & Chemical Corporation.

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