Polyvinyl Alcohol Films Market to cross USD 9 billion by 2024
Date: 2018-10-22   Author: Rahul Varpe  Category: #market

Polyvinyl Alcohol Films Market to cross USD 9 billion by 2024

Global regulatory bodies & private organizations have been undertaking numerus steps to reduce pollution levels. Polyvinyl Alcohol (PVA) Films Market is expected to witness lucrative growth prospects subject to this very factor. A paradigm shift has been observed in consumer preferences toward biodegradable packaging solutions, which will fuel the product demand. Certain materials are strictly restricted for usage in the packaging industry. The stringent enforcement of these regulations coupled with the changing living standards of people will push the growth of polyvinyl alcohol films market.

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As per a report by Global Market Insights, Inc., “Worldwide PVA films market will surpass a revenue collection of USD 9 billion by 2024.” Awareness among people regarding cleanliness and hygiene has been on a constant rise lately. This is anticipated to fuel the usage of detergents across various applications of the hospitality sector such as resorts, hotels, entertainment, and amphitheaters. Subject to huge demand for detergents, polyvinyl alcohol (PVA) films industry is likely to witness lucrative growth prospects over the coming seven years.

Pertaining to the superior properties of biodegradability, water solubility, and low toxicity, polyvinyl alcohol films are primarily used in detergents. PVA films market share from detergent packaging applications will exhibit the highest annual growth rate of 4.4% over the coming seven years. The escalating usage of the product for industrial and residential detergents will augment the industry growth.

Water soluble PVA films industry collected a revenue of USD 241 million in 2015 and will collect considerable revenue of USD 376 million by the end of 2024. North America water soluble polyvinyl alcohol films industry will cover maximum regional revenue share over the years ahead, driven by the growing packaging sector. U.S. is slated to be the prominent revenue contributor toward the market growth.

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Surging spending capability of consumers will lead to an increased deployment of laundry services, PVA polymers are used to manufacture laundry bags, which will propel polyvinyl alcohol films market considerably. Besides, PVA polymers are used in the agrochemical and embroidery domains. Asia Pacific water soluble polyvinyl alcohol (PVA) films industry volume will reach up to 6,268 tons by 2024 with an annual growth rate of 5% over the period of 2016 to 2024. 

Growing laundry, agrochemical, and embroidery sectors will fuel the product demand noticeably. Moreover, the escalating growth of the electronic sector, mainly across Japan, South Korea, and China will contribute significantly toward PVA films market share, as electronic gadgets such as mobile phones, LCD panels, sunglasses, smartphones are adopted increasingly across these regions.

Agrochemical packaging application of the water soluble PVA films market will register an annual growth rate of 4.2% over the years ahead to collect a volume of 8,033 tons by 2024. Growing demand for the agrochemical such as pesticides, fertilizers, and insecticides across the globe will influence water soluble polyvinyl alcohol films market share considerably.

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Polarizer is another lucrative application segment of polyvinyl alcohol films market, which covered a revenue share of about 94% in 2015 and will generate substantial revenue over the coming timeframe. LCD, a sub application of polarizers, which covered a volume of 246 million square meters in 2015, will record a CAGR of 4.8% over the period of 2016 to 2024.

The notable players in polyvinyl alcohol (PVA) films market are Jiangmen Proudly, Nippon Gohsei, Changzhou United Chemical Co.,Ltd., MonoSol LLC., Aicello Chemicals, and Sekisui Specialty Chemicals.
 



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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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