Polyvinyl Alcohol Films Market Size, Share & Trends Analysis Report By Region (North America, APAC), By Application (Detergent Packaging, Agrochemical Packaging), And Segment Forecasts, 2021 - 2028

Polyvinyl Alcohol Films Market Size, Share & Trends Analysis Report By Region (North America, APAC), By Application (Detergent Packaging, Agrochemical Packaging), And Segment Forecasts, 2021 - 2028

Polyvinyl Alcohol Films Market Growth & Trends

The global polyvinyl alcohol films market size is expected to reach USD 551.59 million by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.3% from 2021 to 2028. Sustainable packaging is in high demand on account of its ability to aid in the reduction of landfills and compliance with stringent regulations related to packaging. In addition, sustainable packaging solutions have gained importance on account of safety, performance, and convenience in the packaging of products.

PVA films are widely used as eco-friendly polymers and have contributed significantly to the growth of the sustainable packaging industry. Increasing government initiatives to support green packaging is also expected to be the key driving factor for the market. However, volatile raw material prices are expected to be a key challenge to the growth over the forecast period. The increasing global population, coupled with growing disposable income is offering high Purchase Power Parity (PPP) that has resulted in an improved standard of living. This is resulting in additional services being adopted, such as laundry services, in their daily routine.

The bags used in laundries are mostly manufactured using PVA films as it becomes easier for disposal. As a result, the booming laundry service industry is projected to contribute to the steady growth of the market. Growing hygiene consciousness among the consumers coupled with rising standards of living is propelling demand for detergents. In addition, the growth witnessed by the hospitality industry is also contributing significantly to the production of detergents. This, in turn, is augmenting the overall demand for PVA films in the detergent packaging industry.

Agrochemical packaging is another major driver for the market. Agrochemicals, such as pesticides, insecticides, herbicides, fertilizers, and other chemicals, are witnessing high demand in the agricultural sector. Thus, creating lucrative growth opportunities for PVA films.

Polyvinyl Alcohol Films Market Report Highlights

• The global market was valued at USD 367.31 million in 2020 and is estimated to grow at a CAGR of 5.3% from 2021 to 2028
• Detergent packaging emerged as the leading product segment and accounted for over 37% of the total market revenue in 2020
• North America accounted for 32.1% of the total demand for PVA films in 2020 due to the high demand for detergent packaging, which is driven by the increased penetration of automatic washers in the region
• Product demand in Asia Pacific is slated to grow at a CAGR of 6.2% over the forecast period. China was the largest producer and consumer of PVA films in Asia Pacific in 2020 and this trend is expected to continue over the forecast period