LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global polyvinyl alcohol (PVA) market predicts a CAGR of over 3% during the period 2017-2021.
The report segments the global polyvinyl alcohol (PVA) market by end-user (food packaging, paper, construction, and electronics) and by geography (APAC, Europe, North America, and ROW). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global polyvinyl alcohol market, according to Technavio researchers:
- Growth of the processed food industry: a major market driver
- The food packaging segment dominated the market with approximately 33% share in 2016
- APAC dominated the global polyvinyl alcohol market with a share of 73% in 2016
- Chang Chun, Dupont, SEKISUI CHEMICAL, Sigma-Aldrich, and The Nippon Synthetic Chemical Industry are the leading players in the market
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Growth of the processed food industry: a major market driver
The growth of the processed food industry and the change in the pattern of consumer behavior are expected to drive the growth of the global PVA market. Convenience foods and fast food are positively influencing the global PVA market as they have lightweight packaging and better water solubility and biodegradable properties. Processed foods require easy and flexible packaging materials, which would be convenient for customers and ensure product safety. Innovative solutions such as easy-to-use, lightweight packaging, and innovative paperboard packaging are being developed by packaging manufacturers to tap into the growing organized retail and processed food.
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Electronics industry in APAC driving the market
The major revenue contributor to the global polyvinyl alcohol market is credited to APAC. Most of the production of electronics in situated in the APAC region. Countries such as South Korea, Japan, China, and Taiwan are the top electronic fabrication material manufacturers. APAC is expected to grow faster than Europe and Central and South America.
According to Kshama Upadhyay, a lead analyst at Technavio for research on plastics, polymers, and elastomers, "The increasing demand for smartphones, tablets, televisions, wireless communications, network hardware, computers, and electro-medical devices is driving the demand for semiconductors. Countries such as India, Singapore, Malaysia, Philippines, and other Southeast Asian countries are significantly contributing to the growth of the electronic fabrication materials market."
Competitive vendor landscape
The global PVA market is one of the growing markets and is moderately fragmented. Its major vendors are situated in the APAC region. Global vendors such as Chang Chun, DuPont, SEKISUI CHEMICAL, Sigma-Aldrich, The Nippon Synthetic Chemical Industry dominate the market. The vendors imply a bottom-up and cost-effective approach to integrating their business. High investments in R&D activities will extend the product portfolio of the companies. As vendors are competing, based on factors such as the cost of production, innovation in products, price, operational cost, R&D cost, and product quality, the competitive environment in the market will intensify over the forecast period.
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