Polyvinyl Alcohol Films Market To Hit Value $530.5 Million By 2027 |Grand View Research, Inc.

 

The global polyvinyl alcohol films market size is anticipated to reach USD 530.5 million by 2027, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 5.4% over the forecast period. High demand for sustainable packaging on account of its ability to laid aid in reducing landfills and compliance with stringent regulations related to packaging along with safety, performance, and convenience are the factor expected bode well for the market growth.

The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.

Polyvinyl alcohol film is widely utilized as an environment-friendly polymer and has contributed significantly to the growth of sustainable packaging industry. Increasing government initiatives to support green packaging is also expected to be key driving factor for the PVA films market. However, volatile raw material prices are expected to be a key challenge for the growth over the forecast period.

Increasing global population, coupled with growing disposable income is offering high Purchase Power Parity (PPP) that has resulted in an improved standard of living is resulting in adoption of services such as laundry services. The bags used in laundries are mostly manufactured using PVA films as it becomes easier for the disposal. As a result, the booming laundry service industry is projected to contribute to the steady growth of polyvinyl alcohol (PVA) films market.

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Growing hygiene consciousness among consumers coupled with rising standard of living is propelling demand for detergents. In addition, growth witnessed by the hospitality industry is also contributing significantly to the production of detergents. This, in turn, supplementing overall demand for PVA films in the detergent packaging industry.

Polyvinyl Alcohol Films Market Report Highlights:

• Detergent packaging emerged as the prominent product segment and accounted for more than 36% of total market revenue in 2020
• In United States, demand for PVA films in the detergent packaging applications was valued at USD 39.29 Million in 2020. Demand for detergent packaging is primarily driven by growing penetration of automatic washers in the country
• Prominent players operating in the market are Nippon Synthetic Chemical Industry Co., Ltd., Kuraray Co., Ltd., and Sekisui Chemical Co., Ltd.

Agrochemical packaging is one of the key driver for the market. Agrochemicals such as pesticides, herbicides, insecticides, fertilizers and other chemicals are witnessing augmented demand in agricultural sector. Thus, creating lucrative growth opportunities for polyvinyl alcohol films during the forecast period.

Developments in the packaging industry, particularly for detergents and agrochemicals in countries such as India and Taiwan are expected to develop the demand for polyvinyl alcohol films in the Asia Pacific. Increasing applications from various end-use industries is expected to drive the demand for detergent.

Green packaging initiatives in developed regions, such as North America and Europe are anticipated to increase the consumption of the application in these regions. Growing environmental concerns owing to hazards caused by the disposal of electronic applications are expected to drive the market growth.

Water-soluble films are suitable for manufacturing bags for detergents, agrochemicals, concrete additives, and laundry. The films are characterized as green packaging material. Water soluble films are majorly preferred in detergent packaging applications owing to their non-hazardous and non-toxic properties.

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The detergent packaging segment has been further segmented into consumer detergent and industrial detergent. Developing economies are among the prominent producers for the consumer as well as industrial applications. As a result, China is expected to provide lucrative growth opportunities to manufacturers in the Polyvinyl Alcohol (PVA) films market.

The steady penetration of washing machines in developing economies, such as China and India is likely to be a key factor driving the demand for PVA films in consumer detergent packaging applications. Growing applications in the agricultural industry is expected to provide immense opportunities for industry participants. However, fluctuating petrochemical prices are responsible for the unstable prices of PVA films over the past few years. The market is highly competitive and is characterized by the presence of medium and large-scale manufacturers. Producers attain economies-of-scale as the raw materials are available at relatively lower prices and the plants are located in close vicinity to the raw material suppliers.

Key manufacturers include Nippon Synthetic Chemical Industry Co., Ltd., Kuraray Co., Ltd., and Sekisui Chemical Co., Ltd. During the past few years the global market has observed a considerable rise in the production capacity of PVA films.

Global companies such as Kuraray Co., Ltd. and The Nippon Synthetic Chemical Industry Co., Ltd. expanded the production of water-soluble plastic films made from polyvinyl alcohol. The expansion was aimed at meeting the ascending demand for the aforementioned films globally.

Grand View Research has segmented the global PVA films market on the basis of application:

PVA Films Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)

·         Detergent Packaging

·         Consumer Detergent

·         Industrial Detergent

·         Agrochemical Packaging

·         Laundry Bags

·         Embroidery

·         Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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