Polyvinyl Alcohol Market size Projected to Expand by 2030 | Merck KGaA (Germany), OCI Company Ltd. (South Korea), Anhui Wanwei Group Co., Ltd. (China)
Market Scope
The Polyvinyl Alcohol (PVA) Market is estimated to acquire a market value of USD 1,986.3 Million while expanding at a CAGR of 4.76% by 2030.
Polyvinyl alcohol refers to a water-soluble and colorless synthetic material. It is a kind of polymer that is used for several purposes. The polymer comes with extraordinary performance and adhesion capabilities. The production process used to manufacture polyvinyl alcohol is unique. Polymerizing vinyl and hydrolyzing are popular techniques across the market. This chemical is used in various sectors such as textiles, food packaging, and paper. The application of Polyvinyl Alcohol Market size includes agrochemicals, water treatment chemicals, detergents, etc.
Competitive Analysis
Global Polyvinyl Alcohol Market has prominent players such as:
- KURARAY CO., LTD.
- Japan Vam & Poval Co.,Ltd.
- Chang Chun Group.
- China Petroleum & Chemical Corporation
- The Nippon Synthetic Chemical Industry Co., Ltd
- Merck KGaA
- OCI COMPANY Ltd.
- Sekisui Chemical Co., Ltd.
- Anhui Wanwei Group
Market USP Covered
Market Drivers
The global market for polyvinyl alcohol has registered a massive rise in the growth rate in the last few years. The market’s growth is primarily attributed to the growth in demand for bio-based polyvinyl alcohol across the globe. Over the forecasted era, it is assumed that the demand for biobased PVA products will leap, given the growing awareness regarding the environmental impacts. This surge is likely to boost the growth of the polyvinyl alcohol market over the coming years. PVA is widely used across an array of industrial purposes. The major industry sectors using PVA include cosmetics, textiles, coatings, and electronics. The enormous growth of the food packaging industry may cause a major spike in demand for PVA over the assessment timeframe. Furthermore, the rapidly expanding construction sector is also anticipated to cause a boost in demand for polyvinyl alcohol over the coming years.
Moreover, there are stringent rules and regulations imposed across several countries regarding bioproducts. Considering this, the sustainable product packaging market is witnessing exponential growth in recent times, which is likely to catalyze the growth of the polyvinyl alcohol market. In addition, the chemical is gaining several applications in the pharmaceutical industry. It is applied to capsules, tablets, and other forms where film coatings are needed. The growing adoption of PVA in the pharmaceutical sector is likely to boost the market’s growth over the coming years.
The factors such as growing awareness and demand for bio-based polyvinyl are likely to offer lucrative opportunities to the players across the globe.
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Market Restraints
However, the growth of the polyvinyl alcohol market may get hampered by some aspects. The major parameter likely to restrain the market’s growth is the toxicity of polyvinyl alcohol. PVA products have a negative impact on personal health and the environment. The use of PVA products leads to causing toxic waste generation. In addition, the stringent government regulations imposed are also one of the major parameters anticipated to hamper the market’s growth over the coming years.
The production of PVA includes a number of raw materials. Some of these raw materials used are costly. The high prices of some raw materials are another crucial factor that impedes the market’s growth.
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COVID-19 Impact
The COVID-19 pandemic has had a severe impact on most market sectors since 2020. The Polyvinyl alcohol market is no different than others. The chemical is used in paper manufacturing as an optical bonding and co-binder agent. The pandemic has had a major impact on the paper manufacturing market. Several paper-consuming sectors, such as newspapers, faced a major fall in demand in recent years. On the other hand, the use of packaging in the food industry has elevated across some regions worldwide.
In a very short period, growing demand for sealants and caulks across the construction sector as less use of polyvinyl. Like any other market sector, the polyvinyl alcohol market has witnessed major losses in the last few years. Moreover, several countries across the globe went through complete or partial lockdowns leading to the complete disruptions of the supply chain. However, with the fall in the number of COVID-19 cases across the globe, the market is likely to witness a surge in demand over the coming years.
Segment Analysis
The global market for polyvinyl alcohol has been fragmented into various segments based on end-user, grade, and region.
Based on grade, the global polyvinyl alcohol market is split into fine particle grades, fully hydrolyzed, low foaming grades, certified grades, sub-partially hydrolyzed, and partially hydrolyzed.
Based on end-user, the global market for polyvinyl alcohol is divided into textile manufacturing, electronics, printing, medical, paper manufacturing, construction, food packaging, and others.
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Regional Analysis
The global market for polyvinyl alcohol is studied across five major regions such as Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The MRFR analysis suggests that the Asia-Pacific region will secure the top position in the global polyvinyl alcohol market over the assessment timeframe. The regional market’s growth is mainly credited to the rising industrialization across the region. Furthermore, the factors such as the growing adoption of bio-based polyvinyl alcohol and increasing use across the cosmetics business and the food and beverage industry are also projected to catalyze the growth of the PVA market across the region.
The polyvinyl alcohol market for the North American region is likely to grow substantially over the forecasted timeframe. The regional market’s growth is mainly attributed to the rising demand for the product as a polymerization aid. Furthermore, the exceptional features of PVA and rising demand for biobased PVA products are also likely to cause an upsurge in the regional market’s growth over the assessment timeframe.
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