Polyvinyl alcohol Market, Share, Growth, CAGR and Analysis, Forecast Period 2031
he Polyvinyl Alcohol market size was valued at USD 1.4 billion in 2022 and will grow from USD 1.466 billion in 2023 to USD 1.938 billion by 2030, during the forecast period (2023–2030). Growing consumer demand for food and eco-friendly packaging is the major market driver boosting the polyvinyl alcohol market.
The widespread application of polyvinyl alcohol (PVA) in several end-use segments such as paper, textile, food packaging, construction, coatings, and pharmaceuticals is estimated to drive the global polyvinyl market in 2020. Its suitability for multiple industrial applications is another factor in expanding its market development. In addition, as awareness of maintaining a hygienic environment increases, the use of laundry bags and detergents is promoted, which has a positive effect on the market.
In addition, functional properties such as excellent heat sealing, uniaxial tensile stress, and perfect adhesion to hydrophilic surfaces are expected to expand the global polyvinyl alcohol market. In addition, other attributes such as chemical resistance, water solubility and ease of application are pesticides and detergent packaging are expected to enhance the market strength during the forecast period.
Conversely, the disruption of COVID-19 has negatively impacted the chemical industry. Demand for chemicals fell by 30% due to disruptions in the supply chain. Additionally, other factors such as the availability of alternative materials and unstable prices are more likely to hamper market growth. However, rising awareness of green packaging and sustainable practices is expected to counteract the factors hindering the market.
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The prominent players in 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., China Petroleum & Chemical Corporation.
regional analysis
On the basis of region, the PVA market can be divided into Europe, North America, Latin America, Asia Pacific, and Middle East & Africa. According to the study, the APAC region is projected to be the fastest-developing region at a CAGR of 5.45% and will reach a market value of USD 791.3 million by the end of 2023. Fast-growing industries like food packaging, textiles, and construction are estimated to drive the regional market.
Europe is projected to be the second most lucrative market over the forecast period. The regional market is estimated to hold a market value of US$ 394.6 million by the end of 2023. Growing demand for sustainable packaging is likely to drive the regional market. Additionally, technological advancements in this region are expected to propel the European market.
North America is expected to be a significant market during the forecast period. Increased demand for products in this region has emerged as the most substantial driver for market development.
However, the spread of Corona 19 is expected to shrink the market. The chemical industry relies on the Chinese market, which has been negatively impacted by the closure of its industrial manufacturing sector. However, big names in the industry are leading the way in producing the necessary raw materials to keep the virus from spreading.
market segmentation
Segmental analysis of the global polyvinyl alcohol Economic Recession Assessment is done by end-use industry and grade.
The end-use industry-based segments of the global polyvinyl alcohol market are electronics, packaging, medical, paper, construction, and textiles.
The grade industry-based segments of the global polyvinyl alcohol market are fully hydrolyzed polyvinyl alcohol and partially hydrolyzed polyvinyl alcohol.
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