The global polyvinyl butyral (PVB) market size is likely to reach USD 3.43 million by 2024, according to a new report by Grand View Research, Inc., progressing at a CAGR of 5.4% during the forecast period. Flourishing automotive industry in countries such as China, Japan, U.S., Germany, and Brazil is one of the key factors driving the market.
Polyvinyl butyral (PVB) is a resin that is primarily used in automotive and architectural applications, owing to its various properties including optical clarity, strong binding, excellent adhesion, flexibility, and toughness. Upswing in product demand in end-use industries is stoking the growth of the market.
PVB is substantially utilized in the ceramics industry owing to various properties including wear-resistance, thermal insulation, hardness, brittleness, chemical stability, and oxidation resistance. The demand for PVB in the ceramics industry is projected to exhibit a substantial growth over the coming years owing to its rising consumption in electrical and electronics.
High availability of PVB in various sizes and shapes is poised to augment its demand in the near future. However, price fluctuations of raw materials including polyvinyl alcohol and butyraldehyde are estimated to have a negative impact on the growth of the market. For example, In April 2015, Sekisui Specialty Chemicals, one of the major polyvinyl alcohol manufacturers, announced price hike of polyvinyl alcohol by USD 100 per metric ton.
Some of the prominent industries utilizing PVB adhesives are construction, transportation, consumer products, labelling, assembly, and packaging. Key properties of PVB adhesives include low water content, high boiling point, and hydrophobicity. Some of the leading market players are 3M Company, Bostik China Co., Ltd., Henkel AG & Company, and HB Fuller CO. Spiraling demand for adhesives in the automotive and building & construction industries in developing countries such as India, China, and Thailand is anticipated to fuel growth prospects.
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Further key findings from the report suggest:
- Sheets & films application is expected to reach 435.95 kilo tons by 2024, at a CAGR of 4.5% from 2016 to 2024
- In terms of revenue, the paints & coatings segment is likely to register a 4.3% CAGR over the upcoming years
- Adhesives are projected to witness significant growth in the global polyvinyl butyral market over the coming years. In 2015, the segment accounted for approximately 4.5% of the overall market
- The U.S. PVB market is poised to exceed 96 kilo tons by 2024
- North America is estimated to experience a CAGR of 4.2% over the forecast period, owing to favorable demographic trends in North America.
- Asian countries, especially China, Vietnam, India, and Indonesia, are anticipated to observe remarkable growth in next few years
- The market is fragmented in nature, wherein major market participants are headquartered in Taiwan, U.S., China, and Japan
- Some of the key companies present in the market are Eastman Chemical Co., Chang Chun, Sekisui Chemicals, Huakai Plastic, Kuraray, Kingboard Specialty Resins, Qingdao Haocheng, Everlam, Zhejiang Pulijin Plastic, and Jiangxi Rongxin Materials