Polyvinyl Alcohol (PVOH) Market

Updated on : March 19, 2024

Polyvinyl Alcohol Market

The global Polyvinyl Alcohol (PVOH) market was valued at USD 3.7 billion in 2023 and is projected to reach USD 5.0 billion by 2028, growing at 6.1% cagr from 2023 to 2028. The market is mainly led by the significant usage of polyvinyl alcohol in various end-use industries. The growing demand from the medical and personal care along with the paper, packaging and textile industries, and concerns for reducing the environmental impact are driving the market for polyvinyl  alcohol.

Attractive Opportunities in the Polyvinyl Alcohol Market

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Polyvinyl Alcohol Market Dynamics

Driver: Polyvinyl Butaryl(PVB) resin to drive the demand for PVOH market.

Due to their excellent adhesion, transparency, and impact resistance, these films are widely utilized in laminated safety glass, such as automotive windshields and architectural glass. As a result, the demand for PVB films and resins is closely linked to the demand for PVOH resins.

The cosmetic and personal care industry drive the demand for PVOH during the forecast period.

The growth of the cosmetics and personal care industry is expected to continue as consumers increasingly seek new and innovative products for their beauty and grooming routines. The cosmetics and personal care industry is driving the demand for PVOH (polyvinyl alcohol) due to its unique properties and versatility in various product applications. PVOH is used as a film-forming agent, thickener, and binder in various cosmetic and personal care products such as face masks, hair styling agents, eye  makeup, skin care products and nail polish.

The textile packaging and paper  industries to drive the demand of PVOH:

PVOH offers numerous advantages in the textile industry, including its water solubility, film-forming properties, adhesion, and flexibility. Its applications range from yarn sizing and dyeing/printing to fabric finishing and fiber spinning, making it a versatile polymer in textile processing. Polyvinyl alcohol (PVOH) is widely utilized in the packaging industry due to its exceptional film-forming and barrier properties. PVOH films can be manufactured with different thicknesses and characteristics, making them suitable for a wide range of packaging applications.  Polyvinyl alcohol (PVOH) offers a range of applications in the paper industry for its unique properties such as paper coatings, surface sizing, fibre reinforcement, paper coatings for packaging, release liners, decorative laminates and moulding applications.

Restraint: Environmental concerns may  lead to stringent regulations.

PVOH may face competition from bio-based and biodegradable materials due to factors like sustainability, biodegradability, and regulatory pressures. To remain competitive, PVOH manufacturers must consider developing sustainable and eco-friendly alternatives, focusing on innovation, and highlighting the unique properties and benefits of PVOH in various applications.

Bio  based and biodegradable materials are gaining traction in various industries due to their environmental friendly nature and ability to reduce the dependence  on petroleum based products.The growing demand for  sustainable  materials  can pose  a threat to the PVOH demand in specific applications. PVOH’s water soluble  nature can pose concerns when it enters  aquatic  ecosystems. If PVOH takes longer time to  degrade it can accumulate in water  bodies, potentially affecting the water  quality causing harm  to the aquatic  life. In addition to  that PVOH with higher degree of hydrolysis and molecular weight may degrade slowly potentially persisting in the environment and raising concerns about its environmental impact.

Opportunity: Medical applications to create new revenue pockets for the PVOH market

PVOH has excellent biocompatibility, making it suitable for wound care and medical applications. For example, PVOH can be used to develop hydrogel wound dressings that provide a moist environment for wound healing and absorb wound exudate. Additionally, PVOH can be used in drug delivery systems, such as controlled-release tablets, due to its water solubility and biocompatibility. PVOH is used to develop hydrogel-based wound dressings that promote a moist environment for wound healing, facilitate tissue regeneration, and absorb wound exudate. These dressings are particularly beneficial for treating burns, ulcers, and chronic wounds. It is utilized in drug delivery systems, such as controlled-release tablets or hydrogels, to sustain medications’ release. The biocompatibility and water solubility of PVOH make it an ideal candidate for these applications.

Challenge: technological advancement in end use industries.

In recent years, the adhesive industry has seen the development of hybrid adhesive technologies that combine the benefits of two or more adhesive chemistries. For example, silane-modified polyurethanes (SMPs) or MS polymers are hybrid adhesives that combine the strengths of polyurethane and silicone chemistries. These hybrids offer excellent adhesion, elasticity, and environmental resistance, making them suitable for various applications, such as construction, automotive, and industrial assembly. The increasing adoption of such hybrid adhesives may challenge the demand for PVOH-based adhesives.

Advancements in textile coatings have led to the development of materials that can provide improved performance compared to traditional PVOH-based coatings. For instance, some companies have developed waterborne polyurethane dispersions (PUDs) that can be used as textile coatings for improved water resistance, abrasion resistance, and durability. The growing demand for high-performance textile coatings can present a challenge for PVOH-based coatings in the textile industry.

The growing demand for sustainable packaging solutions has led to the development of bio-based and biodegradable materials that can replace traditional petroleum-based materials like PVOH. For example, polylactic acid (PLA) and polyhydroxyalkanoates (PHAs) are biodegradable polymers derived from renewable resources that can be used in packaging films, coatings, and adhesives. The increased adoption of these sustainable materials in the packaging industry can pose a challenge to the demand for PVOH.

Market Ecosystem

A market ecosystem can be defined as the interlinked network of individuals, organizations, and various factors that influence the dynamics and functioning of a specific market or industry. It encompasses all the stakeholders involved in the production, distribution, and consumption of goods or services within that market.

The market ecosystem consists of several elements that interact and rely on each other, forming a complex web of relationships and dependencies

 The key players in this 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).

Polyvinyl Alcohol Market Ecosystem

Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis

"Partially hydrolyzed is the largest type of  polyvinyl alcohol in 2023, in terms of value"

Partially hydrolyzed type PVOH accounted for the largest market share in the global polyvinyl alcohol industry, in terms of value, in 2023.   The segment is also projected to grow at the highest CAGR in value in 2023. It has many applications in textile , paper,packaging, construction industries  among others.  Partially hydrolyzed PVOH is employed in construction materials, including cement modifiers and tile adhesives. It enhances workability, adhesion, and water resistance, improving overall performance. Partially hydrolyzed PVOH acts as a binder in adhesive formulations for various applications. It offers excellent adhesion to different substrates, making it suitable for products like labels, tapes, and laminates. PVOH is increasingly utilized in packaging, particularly for water-soluble pouches and films. These pouches have applications in industries such as detergents, agrochemicals, and food processing. They dissolve in water, reducing packaging waste. Partially hydrolyzed PVOH is employed as a surface-sizing agent in paper manufacturing. It enhances the strength, printability, and water resistance of paper products while improving filler and pigment retention. In the textile industry, partially hydrolyzed PVOH acts as a warp-sizing agent, improving adhesion and enhancing the weaving process. It imparts strength, flexibility, and smoothness to fibers.

"PVB resin was the largest appplication for polyvinyl alcohol market in 2023, in terms of value"

Polyvinyl butyral (PVB) resin is an important component of PVB films. To increase the adhesion of the PVB film to other materials, PVA can also be utilized as a binder in PVB resin. The final PVB film's tensile strength and flexibility can both be increased by adding PVA to the PVB resin. In PVB resin which is commonly used in laminated safety glass application.

Polyvinyl alcohol (PVA) is utilized in a range of applications within polyvinyl butyral (PVB) resin, including as a plasticizer to enhance the flexibility and toughness of the end product.

"Asia Pacific was the largest market for polyvinyl alcoholin 2023, in terms of value."

Asia Pacific was the largest market for the global polyvinyl alcohol industry, in terms of value, in 2023. China is the largest market in the Asia Pacific. It is projected to witness the highest growth during the forecast period considering of growth of paper, packaging, textile and construction industries in the region. The major players operating in the Asia Pacific region 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) among  others

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Polyvinyl Alcohol Market Players

The key players in this 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).

Continuous developments in the market—including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow. Leading manufacturers of polyvinyl alcohol have opted for new product launches to sustain their market position.

Polyvinyl Alcohol Market Report Scope

This report categorizes the global polyvinyl alcohol lmarket based on type, application and region.

On the basis of type, the market has been segmented as follows:

• Fully hydrolyzed.
• Partially hydrolyzed.
• PVOH hydrogels.
• Others.

On the basis of application, the market has been segmented as follows:

• PVB Resin.
• Adhesives  and sealants.
• Textile.
• Paper.
• Builllding and construction.
• Packaging.
• Medical and personal care.
• Others.

On the basis of region, the market has been segmented as follows:

• Asia Pacific.
• Europe.
• North America.
• Middle East & Africa.
• South America.

Recent Developments

• In February 2023 , Kuraray Poval (polyvinyl alcohol, PVOH), polyvinyl butyral (PVB), polyvinyl butyral film, and SentryGlas, four of the company's products manufactured in Europe, have all undergone a Life Cycle Assessment (LCA) by the product sustainability consultancy Sphera Solutions. This evaluation, which uses a cradle-to-gate approach, seeks to examine the sustainability of Kuraray's goods, and identify potential for development..
• In March 2023 Chang Chun Petrochemical Co. Ltd.  announced an expansion project of new copper foil production facility in North America to proactively respond to robust growing consumer demand in electric vehicle market. The plan is to start mass production of copper foil as early as 2026 with capacity of 50,000 tons per annum. 
• In February 2023, The Mitsubishi Chemical Corporation announced that it has decided to establish a new facility at the Okayama Plant to enhance the production capacity of GOHSENX and Nichigo G-Polymer, specialty brands of polyvinyl alcohol resin (PVOH resin). The facility is scheduled to start operation in October 2024.
• In May 2022, A deal for renewable energy over five years has been announced by TXU Energy and SEKISUI Specialty Chemical. The company is now running on renewable energy.
• In June 2022, the world's top manufacturer of carbon negative materials, Origin Materials, Inc., and Kuraray Co., Ltd have announced a strategic alliance to market cutting-edge carbon negative materials for a range of polymer applications. Origin Materials, Inc.'s objective is to facilitate the global transition to sustainable materials.
• In march 2021, Anhui Wanwei Group announced plans to invest 1 billion yuan to build a new PVA production line. The new production line is expected to have an annual output of 80,000 tons and will increase the company's PVA production capacity.
• In 2021, Merck Kgaa to serve its fast expanding reference materials business, Merck, a prominent science, and technology corporation, intends to construct a new laboratory facility in Buchs, Switzerland, costing € 18 million.

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