The global polyvinyl alcohol market is estimated to garner a large amount of revenue and grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be primarily attributed to the growing use of polyvinyl alcohol (PVA) in the construction industry materials, such as joint cement, drywall mud, caulks and sealants. In addition to this, robust growth of food and packaging industry, and upsurge in demand for sustainable packaging owing to stringent regulations associated with proper disposal of waste are also expected to bolster the market growth in the upcoming years. In 2020, approximately 99 million kilograms of convenience food was produced around the world, up from about 83 million kg and 82 million kg of the same type of food produced in 2019 and 2018 respectively. Furthermore, there is a rise in opportunities for PVA in the electronics sector for producing devices such as transistors requiring high dielectric permittivity. This in turn is projected to push the slope of market growth upwards and offer lucrative prospects to manufacturers in the near future.
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The market is segmented by end-use industry into paper, food packaging, construction, electronics, and others, out of which, the food packaging segment is anticipated to hold the largest share in the global polyvinyl alcohol market. This can be accounted to the largescale usage of PVA as a binding and coating agent in the industry for applications where moisture barrier or protection properties are required. Along with this, increasing purchasing power in emerging economies, and growing consumer emphasis on ordering groceries online. Additionally, on the basis of grade, the partially hydrolyzed segment is predicted to acquire the largest share during the forecast period ascribing to the escalating applications of this grade of PVA as a packaging agent in high moisture food ingredients as a gas barrier.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global polyvinyl alcohol market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America is estimated to witness noteworthy growth over the forecast period on the back of the growing solid waste volumes, and rising technological advancements in the packaging sector in the region. Moreover, Asia Pacific is assessed to grab the largest market share during the forecast period attributing to the intensifying progress of construction and textile industry, especially in China, and increasing demand for PVA from various end user industries in the region. Apart from these, expanding middle class population, and escalating consumer consciousness about wellness and health are projected to provide opportunities to the region’s market growth in the future. According to the World Economic Forum, 2 billion Asians are members of the middle class in 2020, which is predicted to increase up to 3.5 billion by the end of the year 2030.
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The global polyvinyl alcohol market is further classified on the basis of region as follows:
Our in-depth analysis of the global polyvinyl alcohol market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing use of polyvinyl alcohol (PVA) in construction industry materials and robust growth of food and packaging industry.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Fluctuation in the prices of raw materials is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing solid waste volumes, and rising technological advancements in the packaging sector in the region.
The major players in the market are SNP, Inc., Sekisui Chemical Co. Ltd, Merck KGaA, Mitsubishi Chemical Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by grade, end-use industry, and by region.
The food packaging segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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