The report on ‘Global Polyvinyl Alcohol Market’ available with MarketStudyReport, states that global polyvinyl alcohol market was worth USD 890 million in 2021 and is anticipated to witness a CAGR of 6.10% over the forecast period to amass USD 1347.09 million by the year 2028.
As per report findings, soaring demand for bio-based polyvinyl alcohol products and widespread application of the product in various sectors including cosmetic, textile, printing, packaging, coatings, and electronic, among others are the major growth determinants for global polyvinyl alcohol market.
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For the unversed, polyvinyl alcohol is utilized in various application including paper, coatings, ceramics, wood, textiles, and paper. In many different fields, different grades of the products are advantageous. Furthermore, the product's equivalent grades can be utilized for a range of end-use purposes.
Furthermore, increasing ability to produce high-dielectric-characteristic devices, such as transistors in the electronics arena, as well as rising demand for building supplies including caulks, sealants, and joint compounds like drywall mud & joint cement are expected to open up exciting opportunities for the industry in the coming years.
Moreover, PVA material is frequently used due to its biodegradability in a variety of microbiological environments, among the many biodegradable synthetic polymers, which is likely to escalate product uptake in the upcoming years.
However, the emission of toxic waste into the environment may restrain market development during the forecast years.
Based on end-user terrain, worldwide polyvinyl alcohol industry is branched into electronics, construction, food packaging, paper, and others. Among these, the food packaging segment holds a substantial share in the market at present and is slated to grow profusely during the stipulated timeframe, owing to high water solubility and biodegradability of polyvinyl alcohol.
Regionally, Asia Pacific region held a considerable market share in the recent past and is projected to grow rapidly in the coming years, because of surging demand for the product from various end-use sectors, particularly paper, in consort with increasing solid waste production, rising customer desire for convenience, safety, technology, sustainability and enhanced package innovation across the region.
Moving to competitive landscape, Mitsubishi Chemical Holdings Corporation, OCI Company Ltd., The Merck Group, Anhui Wanwei Group Co. Limited., Sinopec Sichuan Vinylon Works, Kuraray Co., Ltd., Sekisui Chemical Co Ltd., Eastman Chemical Company, Nippon Synthetic Chemical Industry Co. Ltd., and E.I. du Pont de Nemours and Company are the leading players in global polyvinyl alcohol industry.