Polyvinyl alcohol (PVA) films market has gained a significant momentum with the sight of mounting heaps of waste disposals of packaging products demanding a sustainable and biodegradable solution. The rising concerns over health hygiene and maintaining clean surrounding has led to an increase in the adoption of sustainable and biodegradable products and packaging. PVA films are basically used for packaging of various hazardous chemicals such as bleaches, dyes, pigments, and detergents. It is also used in agricultural sector for the packaging of insecticides, pesticides, and other chemical fertilizers.Not only films, PVA tapes are as well used in polarizer applications including optical filters, sunglasses, lenses, and LCD panels. The detergents and agrochemical packaging sector takes maximum share of the polyvinyl alcohol films market in terms of volume. Growing awareness among the consumers regarding health & hygiene has subsequently propelled the growth of detergent market.
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Basically, the overall polyvinyl alcohol films industry based on the application landscape is primarily segmented into water-soluble and polarizer. The water-soluble segment includes detergent packaging, embroidery, laundry bags, and agrochemical packaging. In water-soluble application, the detergent PVA films market is projected to grow at a rate of 4.4% over the period of 2016-2024. The detergent packaging is further segmented into industrial and consumer detergents among which the consumer segment occupied for over 59% of the overall detergents market. Low toxicity, biodegradability and water-soluble nature of these PVA films have significantly boosted its adoption in this sector.
Moreover, the global polyvinyl alcohol films industry is also fueled by flourishing laundry services, which make use of PVA made laundry bags for easy disposal. Another booming application of PVA films industry is in agrochemical packaging, which is set to expand at a rate of 4.2% over the period of 2016-2024. The growth is projected to surge from 5,546 tons to over 8,033 tons over the period of 2016-2024.
Strong industrialization trends and rising production rate in North America has shown significant growth prospects for the regional polyvinyl alcohol films market. Accounting for the maximum share in consumption, the regional water soluble polyvinyl alcohol films market utilized more than 5000 tons in 2015. The high-profile packaging industry in U.S. is also one of the prominent key drivers behind the regional growth.
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The global market share for water soluble PVA films in 2015 which was valued USD 241 million, is fairly consolidated in nature. As per estimates, water soluble polyvinyl alcohol films market is set to cross a market valuation of USD 376 million by 2024. Some of the prominent players accumulating over 65% of global industry share include Nippon Gohsei, Monosol LLC, and Sekisui Specialty Chemicals.
Accounting for more than 94% of the overall industry share, polarizer is another thriving segment of polyvinyl alcohol films market in terms of value. In 2015, the polarizing application of polyvinyl alcohol films market collected revenue worth USD 5 billion, and is set to escalate over the coming years. The polarized films which find extensive usage in LCD panels, laptops, cellphones, and optical filters, is foreseen to grow at an annual rate of 4.8% over 2016-2024. Concerns over health pertaining to harmful radiations emitted from electronic waste has triggered the use of biodegradable polarized PVA films in electronics products. Significant growth in the production as well as the obsolescence of electronic gadgets have fueled the polarized polyvinyl alcohol films industry share.
The waste management officials are facing a major challenge in curbing E-waste in landfills as they are not properly collected and recycled. The toxics generated from this waste can leak into soil and water and consequently have a devastating effect on the surrounding. The biodegradable products and use of PVA films will most certainly provide a better scope of improvement to combat these environmental worries. The need to opt for biodegradable solutions pertaining to these electronic products is likely to keep the global polarized PVA films market valuation towering.
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Asia Pacific PVA films industry is likely to be the forthcoming region as countries such as Japan, South Korea, and China are witnessing a major inflation in the consumer electronics market. These countries are the major suppliers of electronic products and are thus expected to have maximum polyvinyl alcohol films industry share in terms of volume. APAC market is set to grow at a rate of 5% over the period of 2016-2024.
Prominent players in polyvinyl alcohol films industry include Kuraray and Nippon Gohsei. As per Global Market Insights, Inc., the overall polyvinyl alcohol (PVA) films market is foreseen to surpass a valuation of USD 9 billion by 2024.
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