CHICAGO, June 8, 2023 /PRNewswire/ -- The report "Polyvinyl Alcohol (PVOH) Market by Type (Fully hydrolyzed, partially hydrolyzed, PVOH hydrogels), application (PVB Resin, Adhesives and sealants, Textile, Paper, Building & construction, Packaging), and Region - Global Forecast to 2028", The Polyvinyl Alcohol (PVOH) market is projected to reach USD 5.0 billion by 2028, at a CAGR of 6.1% from USD 3.7 billion in 2023. The polyvinyl alcohol market is mainly driven by the demand for polyvinyl alcohol in various end-use industries, including textiles, paper, adhesive and sealants, building and construction, medical and personal care, and packaging among others, coupled with the concerns for the environmental impact. Moreover, it is also driven by rapidly developing and emerging economies such as India and China.
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Partially hydrolyzed by type is projected to grow at fastest CAGR, in terms of value, during the forecast period.
In the adhesive industry, partially hydrolyzed PVOH is utilized in the formulation of adhesives that require a balance between water resistance and adhesive strength. These adhesives find use in applications such as wood bonding and packaging. Partially hydrolyzed PVOH is also utilized in the production of coatings and films that necessitate water resistance. By incorporating partially hydrolyzed PVOH, coatings and films can exhibit enhanced resistance to moisture, making them appropriate for applications where protection against water or humidity is essential. Additionally, the textile industry finds value in partially hydrolyzed PVOH for applications like warp sizing and fiber treatments, as it provides desired levels of water resistance and adhesion properties. These factors are driving its demand in the Polyvinyl alcohol market.
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Asia Pacific is expected to be the fastest growing market for polyvinyl alcohol during the forecast period, in terms of value.
The Asia Pacific area has one of the largest Polyvinyl Alcohol markets, with China, Japan, and India being the key consumers. This can be linked to the region's rapid development and rising consumer demand. Industries like packaging, building, and textiles boost Polyvinyl Alcohol demand in the Asia Pacific regions. Asia Pacific regions are also generating a lot of waste, it produces more than half of the world's plastic waste. Compared to other plastics Polyvinyl Alcohol has a higher sustainability factor and is biodegradable. This is also leading to its application in various industries.
The key players in the PVOH market are Kuraray Co Ltd (Japan), Anhui Wanwei Group Co Ltd (China), Chang Chun Petrochemicals Co Ltd (Taiwan), Ningxia Dadi Circular Development Corp Ltd (China), Sinopec Sichuan Vinylon Works (China), Sekisui Specialty Chemicals (Japan), Mitsubishi Chemical Corporation (Japan), Japan Vam and Poval Co Ltd (Japan), Merck Kgaa (Germany), Wacker Chemie AG (Germany), Denka Company Ltd (Japan).
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