By 2024, the polyvinyl butyrals market is expected to be worth approximately USD 4.30 billion on a global scale. Throughout the forecast period, a compound annual growth rate (CAGR) of 6.90% is expected, with an estimated market size of USD 8.40 billion in 2034.
The significance of polyvinyl butyral (PVB) has substantially increased in various industries in the last few years. The global automotive sector, for instance, is adopting PVB for laminated safety glass, which provides enhanced safety by preventing shattering upon impact. The demand for laminated safety glass is also rapidly increasing in architectural applications, with PVB interlayers providing impact resistance and improved structural integrity.
Advancements in PVB technology, such as improvements in optical clarity, adhesion strength, and resistance to yellowing, are leading to PVB market expansion. PVB is also used extensively in the renewable energy sector, especially in solar energy, which encapsulates solar panels. This helps protect solar cells from external factors, such as moisture and UV radiation.
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Businesses involved in the photovoltaic industry are extensively using PVB for encapsulating solar panels due to the need for durable and weather-resistant encapsulation materials. The sales of PVB are also touching the skies among companies specializing in safety glass production. Besides this, the expansion of the electronics industry in countries like China, India, and South Korea, particularly in encapsulation applications, is further driving the sales of PVB-based components.
“To achieve sustainability goals, companies in the polyvinyl butyral market must develop and implement strategies to promote the reuse, recycling, and repurposing of PVB-based products and waste materials to reduce the resource consumption and waste generation,” – says an Analyst at Future Market Insights, Inc.
Key Takeaways from the Market Study
- The films and sheet segment dominates the global polyvinyl butyral market with a projected CAGR of 6.70% through 2034.
- Based on the end-user, the automotive segment is likely to lead the polyvinyl butyral market with a CAGR of 6.50% till 2034.
- The polyvinyl butyral market in the United Kingdom is anticipated to expand at a modest CAGR of 8.10% through 2034.
- The polyvinyl butyral market in China is estimated to rise at a 7.60% CAGR through 2034.
- The polyvinyl butyral market in Japan is likely to increase at 8.60% CAGR through 2034.
- The United States polyvinyl butyral market is predicted to rise at a 7.20% CAGR through 2034.
- The polyvinyl butyral market in South Korea is very likely to develop at a CAGR of 9.00% through 2034.
Competitive Landscape
- The global market for polyvinyl butyrals is highly competitive and comprises domestic and international players catering to various industries and sectors.
- Prominent companies in the market include Kuraray Co. Ltd, Eastman, Sekisui., Ltd., Tiantai Kanglai Industrial Co., Ltd., Zhejiang Decent Plastic Co., Ltd.
- Companies in the market are investing heavily to tap emerging markets in the developing and underdeveloped parts of the world, and governments are promoting the use of PVB-based films and sheets to spread awareness about its benefits.
- The demand for PVB-based films and sheets is increasing due to its excellent optical properties and safety features, and it is being widely used in the construction, automotive, and solar industries.
Top Key Companies in the Polyvinyl Butyral Market
- Kuraray Co. Ltd.
- Eastman Chemical Company
- Sekisui Chemical Co., Ltd.
- DuPont de Nemours, Inc.
- Kingboard Chemical Holdings Ltd.
- Huakai Plastic (Chongqing) Co., Ltd.
- Tiantai Kanglai Industrial Co., Ltd.
- Zhejiang Decent Plastic Co., Ltd.
- Chang Chun Petrochemical Co., Ltd.
- Jiangxi Rongxin New Materials Co., Ltd.
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Polyvinyl Butyral Market by Segmentation
By Application:
- Films & Sheet
- Paint & Coating
- Adhesive & Sealants
- Printing Inks
- Others
By End User:
- Automotive
- Building & Construction
- Electrical & Electronics
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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