Polyvinyl Alcohol which is formulated by the polymerization of vinyl acetate monomer followed by hydrolysis has a considerable number of applications in a plethora of end-use industries such as construction, textile, food packaging, coatings, paper, and pharmaceutical depending on its different grades. The usage of Polyvinyl Alcohol in industries such as that of construction chemicals has significantly added to the development of the market previously and is expected to continue to do so in the coming years. Furthermore, owing to high water solubility and biodegradability, PVOH has also been progressively used in the packaging industry to a great extent.
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The Polyvinyl Alcohol Market was previously valued at USD 1,391.2 million in 2017 and is projected to touch USD 1,769.2 million by the end of the forecast period while growing at a CAGR of 4.59 percent approximately. A big chunk of the revenue of the Polyvinyl Alcohol Market globally is primarily from the emerging markets, and the demand is also chiefly focused in the Asia Pacific region. It has also been observed that there is a substantial increase in the usage of sustainable materials due to climate change that has emerged as a challenge globally. As a result of this, Polyvinyl Alcohol which is a biodegradable polymer; is being extensively used as a sustainable packaging material throughout the packaging industry. The increasing penetration of packed foods across the globe has only further contributed to the development of the market. The demand stemming from the packaging industry for sustainable packaging around the world is expected to provide new market avenues for the growth of the Polyvinyl Alcohol Market in the region.
Furthermore, the usage of PVOH in the production of adhesives is expected to observe a significant demand rise during the forecast period. As the usage of PVOH in adhesives manufacturing improves many properties such as enhanced adhesion to hydrophilic substrates, decent wet tack, superior crosslinking, and good heat resistance it is expected to boost demand for the market. Similarly, the penetration of VAEs in the application industries will also possibly lead to an optimistic demand for the Polyvinyl Alcohol Market as a polymerization aid.
The Polyvinyl Alcohols Market globally is segmented on the basis of grade and end-use. Based on the grade, the market is segmented into partially hydrolysed polyvinyl alcohol and fully hydrolysed polyvinyl alcohol. Partially hydrolysed polyvinyl alcohol is responsible for the biggest market share of 56.6 percent in 2017 with a market value of USD 788.3 million and expected to reach USD 1,052.2 million by 2023, due to its low viscosity and high water solubility properties. The Polyvinyl Alcohol Market on the basis of the end-use industry is segmented into packaging, electronics, medical, paper, construction, and textile. The packaging segment has been accredited for the biggest market share of 38.2 percent in 2017. It has been appraised that by the end of the forecast period, the packaging segment is expected to touch USD 695.4 million in revenues by 2023 as opposed to USD 532.1 million in 2017.
Detailed Regional Analysis
The Polyvinyl Alcohol Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa regions for the purpose of the regional analysis. The Asia Pacific region has emerged as the most rapidly developing market in 2017 and is projected to develop at a strong CAGR of 5.45 percent through the review period and is anticipated to touch USD 791.3 million by the end of 2023. The reinforcing growth of the application industries such as textile, food packaging, and construction can be credited towards this development. The European region has appeared as the next major region in the Polyvinyl Alcohol Market and is estimated to touch USD 394.6 million by 2023. The demand for sustainable packaging can be accredited to the market growth in the region. The North American region is another major region in the market for polyvinyl alcohol with growing demand for the product as a polymerization aid.
The Polyvinyl Alcohol demand is developing at a slow rate. However, the demand from evolving economies is slated to develop reasonably. The market is also observed to be semi-fragmented and is controlled by tier-1 players. Sekisui Chemical Co., Ltd., OCI COMPANY Ltd., Anhui Wanwei Group., The Nippon Synthetic Chemical Industry Co., Ltd., Merck KGaA, KURARAY CO., LTD., Chang Chun Group., Japan Vam & Poval Co., Ltd., and China Petroleum & Chemical Corporation among others are some of the significant companies operating in the Polyvinyl Alcohols Market globally.
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