According to a new research report by Global Market Insights, Inc. Polyvinyl Butyral Market size will exceed USD 3.9 billion by 2024.The increasing demand for automobiles has favorably impacted polyvinyl butyral market size, owing to the escalating use of PVB in automotive windshields. In this regard, it is prudent to mention that one of the well-known behemoths in polyvinyl butyral (PVB) market, Eastman, has been investing heavily in product portfolio enhancement for laminated safety glasses.
The growth is driven by the rising demand from the automotive industry in developing countries in Asia Pacific, contributing a major share to the global polyvinyl butyral market by 2024. The demand is positively influenced by a wide range of applications and superior properties of polyvinyl butyral such as better security, high strength, toughness & high clearness that make it suitable for the transportation industry.
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The building & construction sector is one of the fastest growing industries as the infrastructure & building activities are rapidly increasing in Europe and Asia Pacific owing to the government initiatives for building a better and improved infrastructure in countries, enhancing market growth over the forecast timeframe. This industry consumes the highest volume of the product owing to the demand from various raw material manufacturers for constructing overhead glazing, stairs and floors, balustrades, etc., further providing an extra boost to market demand over the coming years.
The market is hindered by the growing recycling processes in a few emerging economies including China and India, which will negatively impact the global polyvinyl butyral market over the coming years. Further, the availability of alternative products, such as lime PVA, will restrain the overall market growth.
Rapid industrialization and urbanization have led to a rise in pollution levels and landfills pertaining to the increasing wastage from urban and industrial processes. Taking into account the hazardous impact of non-recyclable waste products on the environment as well as on human health, several regulatory bodies and energy management organizations have taken initiatives to promote the usage of recyclable raw material to manufacture various end-use products such as glasses, paints, primers, and adhesives.
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The market is majorly driven by growing applications of polyvinyl butyral for lamination purposes, which will positively expand the market share during the forecast timeframe. Growing lamination application is accelerating the demand for laminating glass across automobiles & construction industries, which will foster the market demand for the product during the forecast timeframe.
The end-user is growing rapidly in developing economies of Europe as well as Asia. Building and construction segment is one of the fastest growing industries dominating the overall consumption and revenue of global polyvinyl butyral market, followed by the defense sector. The market growth in these industries will be majorly driven by laminating glass & acoustic protection glass demand increase, which will significantly attribute toward the substantial growth of the market over the forecast period.
Asia Pacific market is one of the fastest growing markets and will show a healthy growth by the end of 2024. Rising consumption by various end-user industries, such as transportation, defense, and building and construction, will significantly grow the market over forecast spell. Asia Pacific is followed by Europe, which holds a potential market share with over USD 500 million in 2016 owing to the rapidly growing construction and building activities in the country. Polyvinyl butyral demand from automobile industry is increasing due to rising automobile sale in the region.
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The market is led by prominent players such as Sekisui, Eastman, and Kuraray. Few other players include Huakai Plastic, Chang Chun Petrochemical, and Kingboard.