The global polyvinyl alcohol (PVA) market is expected to reach USD 1.21 billion by 2025, according to a new report by Grand View Research, Inc. Increasing need for bio-based PVA alcohol products is key growth factor to drive polyvinyl alcohol market growth. In addition, rising demand from Asia Pacific region is further propelling the demand over the forecast period.
PVA is a synthetic water-soluble polymer, widely used in the formulation processes in various end-use industries. Polyvinyl alcohol is mainly driven by the demand from the packaging industry, as it is a material with an excellent barrier to oxygen, water solubility, and biodegradable properties.
In terms of volume, food packaging accounted as the largest end-use segment in 2016 and is anticipated to continue its trends with a growth rate of 5.6% over the forecast period. Increasing need for biocompatible and non-toxic packaging solutions in food & beverage industry is expected to drive the growth. PVA is extensively used in food packaging industry owing to its advantageous properties such as good crosslinking density and moisture content.
The demand for PVA is expected to boost owing to the growth in various end-use industries in the Asia Pacific region. Different grades of polyvinyl alcohol are used in the papermaking process with high, intermediate and low viscosities. These grades can be either fully, partially or intermediately hydrolyzed in nature.
Further key findings from the report suggest:
- Construction segment will experience the fastest growth in terms of value at a CAGR of 7.9% from 2017 to 2025 on account of its various characteristics such as excellent degree of swelling, non-embrittlement, water resistance and waterproof. Furthermore, growing infrastructural development activities in emerging economies are expected to augment the growth over the forecast period.
- Food packaging emerged as the largest end-use segment in terms of volume in 2016 and is estimated to reach demand 525.4 kilo tons by 2025. Global PVA revenue in paper segment was USD 213.2 million in 2016 and is anticipated to experience steady growth over the years ahead
- The U.S. polyvinyl alcohol market in terms of volume was 172.8 kilo tons in 2016 and is estimated to reach a 276.7 kilo tons by 2025. The industry in Asia Pacific is projected to witness substantial growth over the next eight years owing to robust growth in various end-use industries, especially in the food packaging industry. In terms of revenue, the regional market is expected to grow at a CAGR of 6.8% from 2017 to 2025
- Key players including E. I. du Pont de Nemours and Company, Nippon Synthetic Chemical Industry Co., Eastman Chemical Company, and Sekisui Chemical Co. Ltd. dominated the global polyvinyl alcohol market
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