Market Research Future (MRFR) has revealed in its new study that the global polyvinyl alcohol fiber market is projected to expand at a CAGR of 4.05% during the forecast period 2018 to 2023. Its estimated valuation is expected to grow from USD 322.45 Mn in 2017 to USD 409.14 Mn towards the end of 2023. The growth trajectory of the market is presumed to be dictated by the adoption of water-soluble PVA fiber and robust demand for high strength modulus polyvinyl alcohol (PVA).
Major parts of the world are already moving towards urbanization and industrialization which has led to a drastic rise in the growth of the construction sector. PVA fiber is extensively used in the construction sector for different applications such as fiber cement boards, tiles, pipes, advanced road construction, airport runways, tunnels, and bridges. This, in turn, is projected to aid the proliferation of the global polyvinyl alcohol fiber market in the upcoming years.
PVA fiber has capitalized on the ban on plastic and developed an application in the packaging industry. It is poised to complement the augmentation of the market in the foreseeable future. In addition, the strong value maintained by the textile industry is likely to complement the growth of the polyvinyl alcohol fiber market. Nevertheless, the rising prices of raw materials remains an impediment to the market growth.
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Global Polyvinyl Alcohol Fiber Market – Segmental Analysis:
This MRFR report offers a detailed segmental analysis of the polyvinyl alcohol fiber market based on type and application. By type, the market is segmented into high strength modulus and water soluble segments. Among these, the high strength modulus segment presently holds a larger share of the global market and is poised to maintain its pole position through the forecast period. Its valuation is expected to reach USD 248.34 Mn by 2023-end up from 185.25 Mn in 2017. Meanwhile, the water soluble segment is projected to thrive at 2.68% CAGR over 2023.
By application, the Polyvinyl Alcohol Fiber Market has been segmented into construction, textile and apparel, ropes and fishing nets, paper, filter and non-woven, and others. Among these, the construction segment, at present, accounts for the lion's share of the market. Polyvinyl alcohol fiber is excessively used across the construction sector owing to its molecular bond with mortar and concrete. Thus, the growth of the construction sector is presumed to drive the proliferation of the market in the upcoming years.
By region, the global polyvinyl alcohol fiber market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific resonates significant opportunities owing to the strong economic growth rate witnessed in the region in the recent years. It has led to rapid developments in the industrial and construction sector of the region. This, in turn, has been anticipated to encourage revenue creation in the polyvinyl alcohol fiber market over the next couple of years. The regional market is estimated to secure the foremost position in the global market across the review period.
Europe is prognosticated to hold the second position through the projection period. Its valuation is predicted to grow from USD 75.77 Mn in 2017 to USD 88.76 Mn by the end of 2023. Led by the U.S., North America is expected to expand at a CAGR of 2.94% during the forecast period.
Latin America and the Middle East & Africa are important revenue pockets and are anticipated to grow substantially in the forthcoming years. These regions are expected to expand at relatively higher CAGRs than that of Europe and North America.
Global Polyvinyl Alcohol Fiber Market – Competitive Dashboard:
Some of the prominent players analyzed in this MRFR report are Bouling Chemical Co., Limited, UNITIKA LTD., NYCON, KURARAY CO., LTD., Ningxia Dadi Circular Development Corp. Ltd, Anhui Wanwei Group, Hunan Xiangwei Co., Ltd., Sinopec Sichuan Vinylon Works, Inner Mongolia Shuangxin Environment-Friendly Material Co., Ltd., and MiniFIBERS, Inc.
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