Polyvinyl Alcohol (PVA) Market Research Report By Grade (Partially Hydrolyzed, Fully Hydrolyzed), By End-Use Industry (Food Packaging, Textile, Paper, Medical, Construction, Electronics) - Forecast till 2027
ID: MRFR/CnM/4364-CR | February 2021 | Region: Global | 100 pages
Polyvinyl Alcohol (PVA) Market Overview
The Polyvinyl Alcohol (PVA) Market is estimated to acquire a market value of USD 1,769.2 Million while expanding at a CAGR of 4.59% by 2027.
Impact of COVID-19
The outbreak of COVID-19 has brought a significant change impact on Polyvinyl Alcohol (PVA) Market Growth. The chemical sector’s supply is dependent on the Chinese market, which has been severely impacted due to the outbreak of coronavirus. Besides, the disruption of global supply chains has also been affected adversely.
Market Dynamics
Drivers
Growing Demand for Bio-Based PVA Products to Boost the Market Growth
The rising need for bio-based PVA products is expected to be a significant factor that can fuel the Polyvinyl Alcohol (PVA) Market structure during the forecast period. PVA finds extensive application in various end-user sectors such as; electronics, coatings, textiles, cosmetics, and others. Among all, the food packaging industry and construction sector are anticipated to make the most significant contribution in augmenting the Polyvinyl Alcohol (PVA) Market Share during the forecast period. In addition, sustainable product packaging is gaining prominence owing to the stringent rules being imposed in various countries, which can grow the market significantly in the assessment period.
Opportunities
Electronics Sector to Offer Significant Opportunity to Expand the Market
The expansion of the electronic sector, especially in developing countries, is expected to offer lucrative opportunities to the Polyvinyl Alcohol (PVA) Market Manufacturers that can expand the market in the assessment tenure.
Restraints
Toxicity of PVA Products to Hinder Market Growth during the Review Period
The solid waste generation of PVA products may impact human health adversely, which is anticipated to hinder the Polyvinyl Alcohol (PVA) Market Growth during the forecast period.
Challenges
Imposition of Stringent Rules by Various Regulatory Bodies may hamper the Market Growth
The application of PVA has been restricted by various regulatory bodies that are expected to pose a significant challenge in the Polyvinyl Alcohol (PVA) Industry during the forecast period.
Cumulative Growth Analysis
As per the assessment, the Polyvinyl Alcohol (PVA) Market is projected to witness decent growth during the review period on account of the growing demand for bio-based PVA products.
Market Segmentation
The Segment Analysis of the Polyvinyl Alcohol (PVA) Market is done by End-Use and Grade.
By Grade
The Grade-Based Segments of the global market for PVA are partially hydrolysed polyvinyl alcohol and fully hydrolysed polyvinyl alcohol. Among all, the partially hydrolysed polyvinyl alcohol segment is anticipated to acquire the market value of USD 1052.2 million by 2023.
By End-User
The End-User Based Segments of the global market for PVA are packaging, electronics, medical, paper, construction, and textile. Among all, the packaging segment is predicted to lead the market during the forecast period. The segment is projected to acquire a market value of USD 695.4 million by 2023.
Regional Analysis
Based on the Region, the Polyvinyl Alcohol (PVA) Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
APAC to Dominate the Market during the Forecast Period
APAC is projected to lead the Polyvinyl Alcohol (PVA) Market owing to the rapid industrialization and the expansion of the construction sector during the forecast period. Apart from the construction sector, the food and beverages and the cosmetic industry are predicted to add fuel to the development of the regional market. The extensive application of bio-degradable PVA products is expected to be another salient cause that can augment the regional market in the coming period. The growing innovation in the packaging industry is expected to escalate the demand for the product, thereby benefitting the industry in the assessment period. Among all countries of APAC, China is anticipated to make the most significant contribution in strengthening the regional market.
Europe to Acquire USD 394.6 million by 2023
Europe is predicted to be the second most lucrative market during the forecast period. The region is expected to garner a significant market value of USD 394.6 million by 2023. The growing application of PVA in the electronics industry is expected to be a significant factor that can drive the regional market during the assessment period. In addition, the increasing awareness about the advantageous polyvinyl alcohol properties is expected to fuel the regional market in the coming period.
North America to Witness Significant Growth During the Assessment Period
North America is projected to acquire a significant Polyvinyl Alcohol (PVA) Market value during the forecast period owing to the increasing demand for the product as a polymerization aid. Besides, the growing demand for bio-based PVA products is likely to be a crucial factor that can strengthen the market in the coming period. In addition, advantageous properties of PVA are projected to augment the regional market in the review period.
MEA to Display Significant Market Growth during the Forecast Period
MEA is expected to witness significant Polyvinyl Alcohol (PVA) Market growth during the forecast period owing to the rise in the packaging industry. The region is majorly influenced by the contribution of the Middle East countries. The ME countries such as; the UA, Kuwait are projected to make a significant contribution in growing the regional market owing to their economic stability.
Competitive Landscape
The growing acquisitions, increasing R&D activities are some of the key strategies adopted by the key players in the Polyvinyl Alcohol (PVA) Market. The market is highly fragmented, and the competition is likely to grow in the coming period. The end-user sectors like packaging, electronics, construction, textile are expanding relentlessly, which is resulting in a higher demand of the product. The growing demand among consumers is predicted to fuel the competition among the key players.
Key Players Listed in the Report
- Merck KGaA
- OCI COMPANY Ltd.
- The Nippon Synthetic Chemical Industry Co., Ltd
- Sekisui Chemical Co., Ltd.
- KURARAY CO., LTD.
- Anhui Wanwei Group.
- Chang Chun Group.
- Japan Vam & Poval Co.,Ltd.
- China Petroleum & Chemical Corporation
Recent Developments
- November 2020- A new magnetic spray, which is made of polyvinyl alcohol, gluten, and iron particles, can turn objects into robots that can be controlled by magnets. As per the experts, the innovation could be used to deliver drugs to the body.
- October 26, 2018 -KURARAY POVAL, the world's largest polyvinyl alcohol manufacturer is extending its reach to new markets by the launch of products such as MOWIFLEX and customer-specific solutions. KURARAY POVAL, has added capacity by acquiring regional companies in the U.S. which will serve the expanding customer base. KURARAY POVAL, has taken a customer centric strategy by providing customised products so as to strengthen its position and develop a close relationship by integrating customers in its manufacturing process. The company is tapping the high premium and demand for products tailored to specific applications and is developing products with individual properties, exemplified by MOWIFLEX 3D 2000 which is engineered for 3D printing.
Report Overview
The details about the Polyvinyl Alcohol (PVA) Market have been protracted on the basis of vital players, competitive partners, and the revenue generation in the forthcoming period. The report casts light on the established regional, global, and nation-specific players, which makes the global market highly competitive. The other market dynamics have also been analyzed across an array of developments, which provides a solid hold of the market in the assessment period.
Segmentation Table
PVA Market, By Grade
- Partially Hydrolysed Polyvinyl Alcohol
- Fully Hydrolysed Polyvinyl Alcohol
PVA Market, By End-User
- Packaging
- Electronics
- Medical
- Paper
- Construction
- Textile
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size |
|
| CAGR | 4.59%(2017–2023) |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Grade, End-Use Industry and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Merck KGaA,OCI COMPANY Ltd.,The Nippon Synthetic Chemical Industry Co., Ltd,Sekisui Chemical Co., Ltd.,KURARAY CO., LTD.,Anhui Wanwei Group.,Chang Chun Group.,Japan Vam & Poval Co.,Ltd.,China Petroleum & Chemical Corporation |
| Key Market Opportunities | Electronics Sector to Offer Significant Opportunity to Expand the Market |
| Key Market Drivers | Growing Demand for Bio-Based PVA Products to Boost the Market Growth |
Frequently Asked Questions (FAQ) :
The global polyvinyl alcohol market size can touch USD 1,769.2 million by 2023.
The global polyvinyl alcohol market stood at USD 1300 million in 2016.
The global polyvinyl alcohol market is expected to expand at 4.59% CAGR from 2018 to 2023.
By ‘grade’, partially hydrolyzed polyvinyl alcohol can dominate the global polyvinyl alcohol market and fetch returns at 4.93% CAGR from 2018 to 2023.
The APAC region can touch USD 791.3 million by 2023 in the global polyvinyl alcohol market.
The Nippon Synthetic Chemical Industry Co., Ltd., KURARAY CO., LTD., OCI COMPANY Ltd., China Petroleum & Chemical Corporation, Sekisui Chemical Co., Ltd., Merck KGaA, Chang Chun Group, Japan Vam & Poval Co., Ltd., and Anhui Wanwei Group are key players of the global polyvinyl alcohol market.
Competitive landscape –Polyvinyl Alcohol Market
The polyvinyl alcohol demand is growing at a sluggish rate. However, the demand in emerging economies is slated to grow moderately. The market is semi-fragmented and is dominated by tier-1 players. Kuraray accounts for the largest market share in the global polyvinyl alcohol market in terms of revenue and capacity. Competition among the players is moderate, and most of the players have a vertically integrated business.
The major players operating in the global polyvinyl alcohol market are Merck KGaA (Germany), OCI COMPANY Ltd.(South Korea), The Nippon Synthetic Chemical Industry Co., Ltd.(Japan), Sekisui Chemical Co., Ltd. (Japan), KURARAY CO., LTD.(Japan), Anhui Wanwei Group.(China), Chang Chun Group.(Taiwan), Japan Vam & Poval Co.,Ltd.(Japan), and China Petroleum & Chemical Corporation (China) among others. Among the aforementioned players KURARAY CO., LTD. is the leading market player with a nameplate capacity of 361 KT; the company has production units in Japan, Singapore, Europe, and the U.S. The company’s main strategy revolves around the expansion of capacities and offer superior quality products at competitive prices. For instance, in 2016, KURARAY CO., LTD inaugurated a new KURARAY POVAL plant in Pasadena, Texas. The plant cost around USD 300 million and would produce 40,000 metric tons of PVOH annually. This capacity expansion helped the company to meet the rising demand for polyvinyl alcohol across North America
In 2016, Kuraray America Inc, a subsidiary of Kuraray Co. Ltd. inaugurated their new La Porte plant with an annual production capacity of more than 40,000 tons of PVOH. This has helped the company to become the world’s largest manufacturer of PVOH with 365,000 tons capacity.
In 2015, Kuraray announced to expand their manufacturing facility of optical use POVAL film at their Saijo, Japan-based location. The company would increase the production capacity by 20 million square meters/year.
Sekisui Chemical Co., Ltd. is involved in the manufacturing of high-performance plastics for automotive, information technology industries, and medical; and provides residential housing construction. The company operates through three business segments namely housing, urban infrastructure and environmental products (UIEP), and high-performance plastics (HPP). The company is one of the leading players operating in the global polyvinyl alcohol market. In 2009, it purchased the polyvinyl alcohol business from Celanese Corporation with a production capacity of 120,000 TPA to address the growing demand for PVA films in the U.S and Europe. The company has production units situated in Calvert City, Kentucky, Pasadena, Texas and Tarragona, Spain. Sekisui has secured its position among the top five manufacturers in the global polyvinyl alcohol market.
In 2013, the company launched five new cosmetic grades polymers under the brand name Selvol Utalux. The newly launched product is equivalent to the Selvol polyvinyl alcohol grades. The newly launched product is in sync with the active ingredients requirements of personal care industry.
Merck KGaA is involved in the manufacturing of chemical products and pharmaceutical. The company operates through three business segment namely healthcare, life science, and performance materials. The life science segment offers laboratory materials, technologies, and services. The performance materials sector comprises of specialty chemicals and materials for demanding applications. The company has its presence across Europe, North America, and Asia Pacific. The company’s main strategy for polyvinyl alcohol includes product launches.
For instance, in 2016, Merck kGaA introduced a new product named as Parteck MXP, a polyvinyl alcohol-based excipient. This product launch helped the company to expand the product portfolio and to meet the rising demand for PVA worldwide
In 2015, Merck kGaA introduced Parteck® SRP 80, a PVA based new functional excipient for oral sustained release formulations. This product launch helped the company to meet the increasing demand for PVA in pharmaceutical applications.
The Nippon Synthetic Chemical Industry Co., Ltd. is involved in the production, processing, and sales of synthetic resin products in Japan and internationally. The company offers gohsenol and numerous specialty polyvinyl alcohol products. The company also offers IT and electronic products comprising OPL film, an indispensable element of LCD displays, which are used in making polarizing films, soarnol, soarlite, and soaresin products. Moreover, the company provides specialty polymers consisting of coponyl, shikoh, nichigo polyester, mowinyl, mowinyl-powder, and other products. The Nippon Synthetic Chemical Industry Co., Ltd. is a subsidiary of Mitsubishi Chemical Corporation.
In 2016, NIPPON GOHSEI, a leading manufacturer of specialty chemicals, expanded the production capacity of Hi-Selon, a water-soluble plastic film made from polyvinyl alcohol at their plant location in Japan. This expansion has helped the company to meet the rising demand for PVA films.