The market for polyvinyl alcohol (PVA) is expected to grow at a CAGR of more than 6% during the forecast period. Major factors driving the market studied is increasing use in the construction industry, growing food packaging industry.
- Growing Opportunity in the electronics sector is likely to act as an opportunity.
- Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.
Key Market Trends
Food Packaging to Dominate the Market
- In the food packaging industry, PVA is majorly used as a binding and coating agent. As a film coating agent, it is used in applications, where moisture barrier or protection properties are required.
- PVA protects the active food ingredients from moisture, oxygen, and other environmental components, while simultaneously masking their taste and odor. It allows for easy handling of finished products and facilitates ingestion and swallowing. Furthermore, the viscosity of PVA allows for the application of the PVA coating agents to tablets, capsules, and other forms to which film coatings are typically applied at relatively high solids contents.
- According to the graph shown on the right side, the global food packaging industry is expected to register a CAGR of around 11% through 2017-2021. Emerging new demographic conditions, new customer demands, growing purchasing powers in the emerging markets, increasing emphasis on sustainable, easy-to-use packaging, and out-of-home consumption trends are expected to drive the food packaging market in the future.
- The Asia-Pacific region is expected to be the fastest growing market for the food packaging industry, while emerging economies, such as Africa, are expected to register significant growth through the forecast period.
- Overall, such positive factors are expected to drive the use of PVA in the food packaging sector through 2023.
China to Dominate the Asia-Pacific Region
- In the Asia-Pacific region, China is the largest market for polyvinyl alcohol (PVA). Globally, China dominated the PVA market, with an estimated share of more than 42% (of the global market) during the same year.
- China ranks the top in the global textile manufacturing industry, with about 24,000 enterprises. The country is considered as the world’s top textile exporter, with 40% of world textile and clothing exports. However, the textile industry in the country is going through a tough restructuring, with enormous production capacity, oversupply at home, high labor costs, and rising global protectionism, which eroded its competitiveness. Still, the country continues to dominate, both in the textile manufacturing industries and continue being the major exporter of textiles through the years to come.
- The Chinese food packaging industry is expected to register significant growth, owing to the rising consciousness of health and wellness, expanding middle-class population, and rising purchasing power among consumers.
- The construction industry is expanding at a significant pace, with the country expected to be among the top contributors to the global construction spending (along with the United States and India) through 2023.
- Such growth is expected to drive the PVA market in the country over the forecast period.
The polyvinyl alcohol (PVA) market is fragmented in nature. Some of the major players include Sekisui Chemical Co. Ltd, NIPPON GOHSEI UK , SNP Inc., Merck KGaA, and Kuraray Co. Ltd, amongst others.
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