The research study covers the present scenario and growth prospects of the global PVB market for 2016-2020. To determine the market size, the study considers revenue generated from the sales of PVB products for applications such as films and sheets, adhesives, paints and coatings, and others (wash primers, binders, and inks).
"PVB films and sheets are mainly used in the manufacturing of automotive windshields. As the market for automotive is increasing in the China and India, due to growing disposable income, the market for PVB will also increase in APAC. APAC dominated the PVB market and accounted for a market share of around 38% in 2015. The market in this region is projected to experience the highest growth in Japan, China, and other APAC countries, such as India and South Korea, during the forecast period," says Swapnil Tejveer Sharma, a lead analyst at Technavio for plastics, polymers, and elastomers research.
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Technavio analysts chemicals and materials highlight the following three factors that are contributing to the growth of the global PVB market:
- Rise in demand for PVB films and sheets in APAC
- Increase in investments in construction industry
- Increase in applications in automotive sector
Rise in demand for PVB films and sheets in APAC
Different end-use segments such as the automotive and construction sectors have increased the consumption of PVB films and sheets, which is driving the global PVB market. APAC is experiencing high growth in consumption of PVB resins as compared to North America and Western Europe due to the growing automotive industry and rapid infrastructure development. There is a tremendous scope for growth in the region, as leading companies, such as Eastman Chemicals and Kuraray, are investing in the high-growth application sectors such as the automotive sector.
The PVB films and sheets industry in China and Japan are creating remarkable opportunities for these companies. Companies, such as Sekisui Chemical and Chang Chun PetroChemical, have a strong hold on the APAC market and provide PVB films and sheets to many industries, including automotive, and food and beverage.
Increase in investments in construction industry
The global construction industry is anticipated to be a USD 12 trillion market during the forecast period and is expected to grow at a CAGR of 4.5%. APAC is home to four of the world's foremost emerging economies, namely China, India, Indonesia, and the Philippines. Apart from these countries, Malaysia and Vietnam too, are potential emerging markets, whereas Singapore is one of the leading markets with respect to quality infrastructure. All these countries are investing heavily in infrastructure development to maintain their competence with other economies of the world.
Increased spending on various infrastructure projects that use PVB-laminated materials will drive the global PVB market. PVB laminated glass is used in the construction of window panes. These PVB-laminated glasses provide high tensile strength and flexibility to these windows and prevent window panes from shattering. These PVB-laminated window panes also provide security, safety, and noise reduction. Therefore, with the growth in the construction industry, the consumption of PVB-laminated glasses in window panes will also increase and will drive the market for PVB during the forecast period.
Rapid increase in the construction industry, especially in the Middle East and Africa (MEA), has been attracting investors. For instance, the UAE government provides investors with incentives, which further attracts them to the Middle East. The Middle East will be a host of events such as the FIFA World Cup 2022 to be held in Qatar and Dubai Expo 2020, which will create demand for the non-residential construction sector. "This increased investment in the construction industry across emerging economies will drive the global PVB market," says Swapnil.
Increase in applications in automotive sector
The automobile sector has observed tremendous growth in recent years. PVB is used in various auto components such as windshields, rear and front view mirrors, windows, and dashboard displays. Robust demand is estimated for PVB-laminated glass in the premium automotive sector due to its properties such as heat and noise reduction, durability, and chemical stability.
Major car manufacturers such as Audi, BMW, and Daimler are using PVB resins in their vehicles for windshields, rear view mirror, windows and sunroofs. These PVB-laminated structures have the ability to reduce heat while preserving views, and improve indoor air quality. The increase in the commercial use of PVB products by automobile manufacturers will be a major growth driver during the forecast period.
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