The global PVA films market size is expected to reach USD 476.14 million by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at CAGR of 4.9% over the forecast period.
Sustainable packaging is in high demand on account of its ability to aid in reducing landfills and compliance with stringent regulations related to packaging. In addition, sustainable packaging solutions have gained importance on account of safety, performance, and convenience.
Polyvinyl alcohol film is widely used 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 the key driving factor for the PVA films market. However, volatile raw material prices are expected to be a key challenge to the growth over the forecast period.
The increasing global population, coupled with growing disposable income is offering high purchase power parity (PPP) that has resulted in an improved standard of living. This is resulting in additional services being adopted, such as laundry services in their daily routine.
The bags used in laundries are mostly manufactured using PVA films as it becomes easier for disposal. As a result, the booming laundry service industry is projected to contribute to the steady growth of the polyvinyl alcohol (PVA) films market.
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, is supplementing overall demand for PVA films in the detergent packaging industry.
Agrochemical packaging is another major driver for the PVA films market. Agrochemicals such as pesticides, insecticides, herbicides, fertilizers, and other chemicals are witnessing augmented demand in the agricultural sector. Thus, creating lucrative growth opportunities for polyvinyl alcohol films during the forecast period.
https://www.grandviewresearch.com/industry-analysis/polyvinyl-alcohol-films-industry
Further key findings from the report suggest:
- Detergent packaging emerged as the leading product segment and accounted for over 36% of total market revenue in 2017.
- In U.S., the demand for PVA films in detergent packaging applications was valued at USD 35.99 million in 2017. The demand for detergent packaging is primarily driven by growing penetration of automatic washers in the country.
- Demand for PVA films in China is slated to expand at a CAGR of 5.0% over the forecast period. China was the largest producer and consumer of PVA films in Asia Pacific in 2017 and this trend is expected to continue over the forecast period.
- Key players operating in the polyvinyl alcohol (PVA) films market are Nippon Synthetic Chemical Industry Co., Ltd., Kuraray Co., Ltd., and Sekisui Chemical Co., Ltd., and others.
For More Information: www.grandviewresearch.com
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