The market for polyvinylpyrrolidone is expected to register a CAGR of over 8% during the forecast period. Major factors driving the market studied are the rising demand in the pharmaceutical industry and the increasing application scope of polyvinylpyrrolidone in the cosmetics industry. On the flipside, unfavorable conditions arising due to the COVID-19 outbreak and presence of substitutes are the major restraints hindering the growth of the market.
- Growing application as adhesives in the construction industry is expected to offer various opportunities for the growth of the market.
- By application, the pharmaceutical segment is expected to dominate the market, owing to the usage in manufacturing various drugs, like paracetamol, dimethyl tetracycline, aspirin, dipyridamole, and benzene sulfonamide.
- The North American region dominated the market across the world, with the largest consumption from countries, such as the United States and Canada.
Key Market Trends
Increasing Demand from the Pharmaceutical Segment
- Polyvinylpyrrolidone is commonly called as povidone or polyvidone, and it is a water-soluble polymer made from the monomer N-vinylpyrrolidone by free radical mechanism.
- Polyvinylpyrrolidone has excellent film forming, anti-microbial, moisture holding, and anti-allergic properties, owing to which it is widely used in the pharmaceutical industry to manufacture drugs, like paracetamol and aspirin.
- The application of polyvinylpyrrolidone in the pharmaceutical sector is expected to increase over the next few years, as it also plays an important role in ophthalmic medicines and injections. The usage of polyvinylpyrrolidone polymer in the ophthalmic solutions reduces irritation of the eyes and prolongs its role time, thus, propelling its market during the forecast period.
- Furthermore, the growing demand for polyvinylpyrrolidone as a drug solubilizer, disinfectant, cosolvent, and dispersion stabilizer is expected to boost the market for polyvinylpyrrolidone during the forecast period.
- According to the Association of Optometrists, the contact lens market in Europe is expected to register a CAGR of above 4%, which would surge the demand of surfactants, like polyvinylpyrrolidone, during contact lens packaging application, and this is likely to propel its market in the region.
- Additionally, the global pharmaceutical manufacturing market is expected to register a CAGR of over 7% and would reach USD 126.6 billion in 2024, which is likely to increase the demand for polyvinylpyrrolidone and would stimulate its market.
- Owing to all the above-mentioned factors for polyvinylpyrrolidone, its market is expected to grow rapidly over the forecast period.
North America Region to Dominate the Market
- The North American region is expected to dominate the market for polyvinylpyrrolidone during the forecast period. In countries, like the United States and Canada, owing presence of major companies and mature healthcare sector, the demand for polyvinylpyrrolidone has been increasing in the region.
- The North American region accounted for a significant share of the global polyvinylpyrrolidone market, due to the increasing usage in the pharmaceutical, cosmetics, and food and beverage industries.
- According to the American Thoracic Society (ATS), malignant pleural effusion affects 200,000 US residents annually. This may increase the medicinal investment in pleurodesis treatment, which would boost the demand of polyvinylpyrrolidone in the region, as it is used for pleural fusion procedure.
- The US Food & Drug Association (FDA) approved the usage of polyvinylpyrrolidone as food additive for human consumption in non-alcoholic drinks, such as vinegar, tea drinks, and fruit juices, which is expected to further increase the demand of polyvinylpyrrolidone and propel its market in the region during the forecast period.
- The North American cosmetics industry was valued at USD 93.5 billion in 2019, and it is expected to register a CAGR of over 3%, which would increase the demand of polyvinylpyrrolidone in manufacturing cosmetics, like shampoo, hair sprays, hair dyes, nail enamels, lipstick, skin creams, sunscreen, and mascara.
- Some of the major companies operating in the North American region are BASF SE and Ashland.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for polyvinylpyrrolidone during the forecast period.
The polyvinylpyrrolidone market is highly fragmented with key players accounting for a marginal share of the market. Major companies in the market include Ashland, BASF SE, Nippon Shokubai Co. Ltd, Boai NKY Pharmaceuticals Ltd, and Zhangzhou Huafu Chemical Co. Ltd.
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