Market Trends of Polyvinyl Alcohol (PVA) Films Industry
This section covers the major market trends shaping the Polyvinyl Alcohol Films Market according to our research experts:
Growing Demand for Unit-dose Packaging
- Polyvinyl alcohol films are widely used in single-use packaging applications, and they are expected to be the fastest-growing market during the forecast period.
- Polyvinyl alcohol films are bio-degradable plastics films, and they are free from halogens, such as chlorine. PVA films start disintegrating when they come in contact with water. Due to their chemical composition, polyvinyl alcohol films break down into harmless compounds with less impact on the environment when compared to any other ordinary plastic film.
- Polyvinyl alcohol films are used in single-use packaging units, such as detergents. Films are compatible with detergents and are decomposed when contacted with water. North America is the largest market for detergent marketing, and it is expected to grow further during the forecast period.
- In 2019, the global laundry detergent market was valued at around USD 120 billion. The market's value is projected to keep growing with each consecutive year, reaching about USD 180 billion by 2026 which in turn is likely to drive the demand for polyvinyl alcohol films in the market.
- PVA films are used for the packaging of dyes, pigments, cement additives, and other harmful chemicals, to limit human contact with harmful materials, and the films decompose when contacted with water. The growing textile and building and construction industries are expected to drive the market.
- The growing need to restrict materials that pollute the environment, along with government policies to promote green initiatives, is expected to drive the market for polyvinyl alcohol films during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for polyvinyl alcohol films during the forecast period, due to an increase in demand from countries, like China, South Korea, and India.
- India and China are the leading markets for agrochemical packaging. Growing innovations in agriculture and increasing usage of pesticides and fertilizers are expected to drive the market for PVA films during the forecast period. India is the fourth-largest producer of agrochemicals in the world.
- According to FICCI India Report 2020, India is the fourth-largest producer of agrochemicals in the world. The Indian agrochemicals industry was valued at around INR 42,000 crore in FY20, out of which domestic consumption was worth around INR 20,000 crore, while exports during the same period were worth around INR 22,000 crore. The industry is expected to grow at a CAGR of 8-10% till 2025 and will be driven by several growth levers like increasing population, decreasing arable land, increasing demand for high-value agricultural products and increasing efforts from the industry and the Government to promote awareness and technology penetration which in turn will drive the market demand for Polyvinyl films.
- The polarized panels manufactured from polyvinyl alcohol films are used in LCD panels, lenses, and others. South Korea is the leading manufacturer of displays and home for the largest electronic spearheads in the industry, like Samsung and LG. The production of displays is expected to drive the market during the forecast period. As per the Korea Electronics Association, South Korea made about USD 20,715 million in revenue through displays in 2020.
- The aforementioned factors, coupled with government support, are likely to contribute to the increasing demand for polyvinyl alcohol films in the Asia-Pacific during the forecast period.
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