Polyvinyl Alcohol Market Outlook 2021 Witnessing Enormous Growth with Recent Trends & Demand
Polyvinyl Alcohol (PVA) Market Overview -
As per the analysis conducted by Market Research Future Reports (MRFR), the Polyvinyl Alcohol (PVA) Market is estimated to acquire a market value of USD 1,769.2 Million while expanding at a CAGR of 4.59% by 2030. 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 2021. 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.
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Eminent Firms:
Merck KGaA, OCI COMPANY Ltd., The Nippon Synthetic Chemical Industry Co., Ltd, Sekisui Chemical Co., Ltd., KURARAY CO., LTD., Anhui Wanwei Group., Chang Chun Group., Japan Vam & Poval Co.,Ltd., China Petroleum & Chemical Corporation, and others.
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.
On the other hand, the need for large-scale capital investments, alongside the high cost and the complexities involved in the production of high-performance alloys, are estimated to impede the growth of the market over the next few years. Nevertheless, rising usages of high-performance alloys in almost all major end-use industries such as machinery, tools, turbine engines, and mechanical equipment would support the market growth over the assessment period. The availability of various grades of polyvinyl alcohol is also a key driver for the global polyvinyl alcohol market, as this provides buyers with options. They can thus use the grade most suitable for the specific application in question. This is likely to be a key driver for the global polyvinyl alcohol market over the forecast period.
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Segment Study of Polyvinyl Alcohol (PVA) Market :-
The global polyvinyl alcohol market is segmented by grade and end-use industry.
By grade, it is segmented into partially hydrolysed and fully hydrolysed. The partially hydrolysed segment accounted for the largest market share in 2017. This can be credited to its water solubility and miscibility. It was valued at USD 788.3 million in 2017. Its valuation can increase to USD 1.05 billion by 2023 at a CAGR of 4.93% during the forecast period.
By end-use industry, it is segmented into electronics, construction, packaging, medical, paper, and textile. Packaging accounted for 38.2% share of the global polyvinyl alcohol market in 2017. The need for biodegradable packaging is likely to drive the demand for PVOH in the coming years. On the other hand, the textile industry can exhibit a CAGR of 4.59% during the forecast period due to colorfastness and warp sizing. High demand for textiles and apparel is likely to be favorable for the global PVOH market.
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Polyvinyl Alcohol (PVA) Market Market - Geographical 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 2030. 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 2030. 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.
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.
Industry Update:-
March 2019: A team of researchers from Denmark, China, as well as South Korea has provided a demonstration of a secure method of transferring A4 sized CVD graphene sheets on a target substrate from copper files. Such transfer has been done with the use of Polyvinyl alcohol polymer foils that are available commercially.
October 2021- the prominent player in professional 3D printing, Ultimaker, disclosed at an inaugural bi-annual Showcase event of its own that the firm is willing to add a professional PVA Removal Station to the company's Ultimaker Platform. On top of the company's materials, software, printers, and customer support, this latest PVA Removal Station implies that 3D printers can build prototypes faster. Users can rapidly bring their products to market, boosting the overall product building procedure.
September 2021- Emballator, the packaging solutions manufacturer, announced the launch of its latest water-soluble packaging obtained from polyvinyl alcohol (PVOH) that can easily dissolve post its use in a move to lower plastic waste.
PVOH refers to a polymer with a hydrogen, carbon, and oxygen base, which dissolves when it comes to contact with water. Emballator said that this polymer could be transformed into carbon dioxide and water by bacterial microorganisms in the environment.
November 2020- A new magnetic spray, which is made of polyvinyl alcohol, gluten, and iron particles, can turn objects into robots that can be controlled by magnets. As per the experts, the innovation could be used to deliver drugs to the body.
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