Market Synopsis
Polyvinyl Alcohol Market Size was valued at USD 1.4 billion in 2022. and is projected to grow from USD 1.466 Billion in 2023 to USD 1.938 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.76% during the forecast period (2023–2030). Increasing consumer demand for food and eco-friendly packaging are the key market drivers enhancing the Polyvinyl alcohol market growth.
The extensive application of polyvinyl alcohol (PVA) in several end-use sectors such as paper, textile, food packaging, construction, coatings, and pharmaceuticals is estimated to drive the global polyvinyl market in 2020. Further, the durability against moisture and biodegradability makes it suitable for several industrial applications is another factor escalating the development of the market. Besides, the growing awareness regarding the maintenance of a hygienic atmosphere has spurred the usage of laundry bags and detergents, thereby affecting the market positively.
In addition, other attributes such as chemical resistance, water solubility, and easier application are agrochemical, and detergent wrapping is predicted to enhance the market strength during the forecast period.
On the contrary, the disruption of COVID-19 has brought a negative impact on the chemicals industry. The demand for chemicals has seen a fall of 30% due to the disturbance caused in the supply chains. In addition, the other factors, such as the availability of alternative materials and the unstable price, are further likely to impede market growth. However, the increased awareness regarding green packaging and sustainable methods is projected to counter the hampering market factors.
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Key Players
The renowned players of the global polyvinyl alcohol market are OCI COMPANY Ltd., Merck KGaA, The Nippon Synthetic Chemical Industry Co., Ltd., KURARAY CO., LTD., Sekisui Chemical Co., Ltd., Anhui Wanwei Group., Japan Vam Poval Co., Ltd., Chang Chun Group., and China Petroleum Chemical Corporation.
Market Segmentation
The segment analysis of the global polyvinyl alcohol market is done by the end-use industry and grade.
End-use industry-based segments of the polyvinyl alcohol Macroeconomic Trends are electronics, packaging, medical, paper, construction, and textile.
Grade industry-based segments of the global polyvinyl alcohol market are fully hydrolyzed polyvinyl alcohol and partially hydrolyzed polyvinyl alcohol.
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Regional Analysis
Based on the region, the PVA market can be segmented into Europe, North America, Latin America, Asia-Pacific, and the Middle East Africa. As per the study, the APAC region is projected to be the fastest developing region, with a CAGR of 5.45%, holding a market value of USD 791.3 million by the end of 2023. The fast-growing industries, such as food packaging, textile, and construction, is estimated to drive the regional market.
Europe is projected to be the second most lucrative market during the forecast period. The regional market is estimated to hold a market value of USD 394.6 million by the end of 2023. The increasing demand for sustainable packaging is likely to drive the regional market. Further, the technical development in the region is predicted to develop the European market.
North America is anticipated to be a crucial market during the forecast period. The escalating demand for the product in the region has emerged to be the most substantial cause of market development.
However, the market is estimated to suffer due to the outbreak of COVID-19. The chemical industry is dependent on the Chinese market, which has been affected negatively due to the shutdown of the industrial manufacturing sectors. However, the renowned players of the industry are taking the initiative to produce raw materials required for safety purposes in order to contain the spread of the virus.
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