Polyvinyl Formal Resins Market Size, Share, Growth, and Industry Analysis by Type (Formvar and Vinylec) By Application (Wire Coatings, Thermal Adhesives, Plasticized Compositions and Others) Regional Forecast to 2029

Updated On: 22 April 2024

REPORT OVERVIEW

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The global polyvinyl formal resins market size expanded rapidly in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with the polyvinyl formal resins market experiencing higher than anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2029, exhibiting a CAGR during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The polyvinyl formal resins market refers to the global market for synthetic resins made from the polymerization of formaldehyde and vinyl acetate. These resins are used in a wide range of applications, including coatings, adhesives, films, and molded parts.

The market for polyvinyl formal resins is driven by a number of factors, including the increasing demand for lightweight and high-performance materials in the automotive and aerospace industries, as well as the growing need for corrosion-resistant coatings in the construction and infrastructure sectors. In addition, the use of polyvinyl formal resins in the production of biodegradable plastics is also contributing to market growth.

COVID-19 Impact: Disrupted Supply Chain and Delay in Clinical Trials to Hinder the Market Demands

The global lockdowns and restrictions on international trade and travel have led to significant disruptions in the supply chain of polyvinyl formal resins. This has resulted in delayed delivery of raw materials and finished products, and increased transportation costs. The pandemic has also led to temporary closures of manufacturing facilities, which has further hampered the supply of polyvinyl formal resins.

Furthermore, the decreased demand for polyvinyl formal resins has been attributed to the slowdown in construction and automotive industries, which are key consumers of polyvinyl formal resins. The restrictions on movement and social distancing measures have reduced the demand for automobiles and construction activities, leading to a decline in demand for polyvinyl formal resins.

LATEST TRENDS

Growing Demand for Packaged Food and Beverages to Propel the Market Growth

The construction industry is a major consumer of polyvinyl formal resins due to their use in laminated safety glass for windows and doors. With the growing construction industry worldwide, the demand for these resins is expected to increase. Polyvinyl formal resins are used as a coating material for food packaging to improve their shelf life and prevent contamination. The increasing demand for packaged food and beverages is expected to drive the growth of the market. The development of new and advanced production techniques is expected to increase the efficiency of the manufacturing process and reduce the cost of production, thereby making the product more affordable and accessible. The government regulations on the use of hazardous chemicals and materials are expected to have a significant impact on the market. The increasing focus on sustainable and eco-friendly products is expected to drive the demand for bio-based polyvinyl formal resins.

Segmentation

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• By Type Analysis

By type, market is segmented into formvar and vinylec. The formvar type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into wire coatings, thermal adhesives, plasticized compositions and others. The wire coatings segment will lead the global share through 2028.

DRIVING FACTORS

"Increasing Demand for Eco-Friendly and Sustainable Materials to Impel the Market"

Polyvinyl formal resins are widely used in the packaging industry due to their excellent barrier properties, which help to prevent moisture and gas transmission. As the demand for packaged goods continues to grow, the demand for polyvinyl formal resins is also expected to increase. Polyvinyl formal resins are considered to be eco-friendly and sustainable materials as they can be easily recycled. As the focus on sustainability and reducing carbon footprint increases, the demand for polyvinyl formal resins is expected to grow. Polyvinyl formal resins are used in the construction industry as adhesives and coatings for various applications. With the growth of the construction industry, the demand for polyvinyl formal resins is also expected to increase.

"Increasing Urbanization to Boost the Market Growth"

With advancements in technology, polyvinyl formal resins are becoming more versatile and finding new applications in various industries. The development of new products and applications is expected to drive the demand for polyvinyl formal resins. With the increasing urbanization, the demand for products that provide durability, flexibility, and easy maintenance is increasing. Polyvinyl formal resins offer these properties and are thus expected to be in high demand in the coming years.

Overall, the above factors are expected to drive the growth of the global polyvinyl formal resins market in the coming years.

RESTRAINING FACTORS

"Volatility in Raw Material Prices to Slow the Market Growth "

The prices of raw materials used in the production of polyvinyl formal resins are subject to fluctuations due to various factors such as supply-demand dynamics, natural calamities, and geopolitical tensions. These price fluctuations can affect the profitability of manufacturers and hinder market growth. The production and use of polyvinyl formal resins are regulated by various government bodies to ensure environmental and human safety. Compliance with these regulations can add to the cost of production and restrict market growth. There are several substitutes available for polyvinyl formal resins such as polyvinyl acetate (PVA) and polyvinyl butyral (PVB) which can affect market demand and growth.

REGIONAL INSIGHTS

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"North American Market to Grow Exponentially with the Forecasted Period"

The North American region has a significant demand for polyvinyl formal resins due to the presence of several end-use industries such as automotive, packaging, and construction. The United States is a major contributor to the demand for polyvinyl formal resins in this region.

The Asia-Pacific region is the largest market for polyvinyl formal resins due to the presence of several emerging economies such as China, India, and Japan. The growing demand for polyvinyl formal resins from various end-use industries such as automotive, construction, and packaging is driving the growth of the market in this region.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Dorf Ketal Chemicals (India)
• SIVA CHEMICAL INDUSTRIES (India)
• Suketu Organics (India)
• JNC Group (Japan)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.