The global PVP market is expected to reach USD 2.75 billion by 2024, according to a new report by Grand View Research, Inc. Growing demand for the product in the pharmaceutical industry as an excipient and binder is expected to be a key driver for the market growth.
The product exhibits various properties such as superb film forming, good solubility and physiological impermissibility, which makes it suitable for manufacturing various drugs. The product is widely used in manufacturing tablets, particles, capsules, oral liquids, injections and sterilization disinfectant, thus promoting its growth over the projected period.
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The increasing use of the polymer in brew beverages as a stabilizer is expected to propel demand over the forecast period. Furthermore, rising application scope of the polymer in various non-alcoholic drinks including, vinegar, tea drinks, and fruit juices are expected to drive the marker growth. The product has the ability to prevent turbidity phenomenon in liquids and helps to improve flavor, stability and storage time of the concerned beverage. Growing use of the product, especially cross-linked polyvinylpyrrolidone in alcoholic drinks such as wine is likely to open new avenues for the product over the projected period.
Rising application scope of polymer in other applications including textile, agrochemicals, pulp & paper, coatings and consumer goods industry is anticipated to fuel growth. In the paper industry, polyvinylpyrrolidone is used to increase paper strength and improve paper gloss. Rising demand for the product as a molding binder in industrial and civil applications is projected to spur demand for PVP over the next eight years.
Further key findings from the report suggest:
Pharmaceuticals was the largest application segment for the polymer and is expected to witness the fastest growth, growing at a CAGR over 8.5% from 2016 to 2024. Growing demand for PVP as a film former, particularly in ophthalmic solutions is expected to have a positive impact on the market over the next eight years. Rising demand for the product in the formulation of the novel drug as well as generic development process is likely to have a positive impact on the industry growth.
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PVP demand in the adhesive application as valued at over USD 150.0 million in 2015. Rising application scope of the product in manufacturing solid glue sticks, re-humidified and pressure sensitive adhesives. PVP offers superior bonding strength, low toxicity, and longer lifespan as compared to other water-soluble polymers, which is expected to offer the product a distinctive competitive advantage as compared to its counterparts. Rising use of the product in manufacturing solid glue sticks, re-humidified and pressure sensitive adhesives is expected to propel growth over the forecast period.
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Polyvinylpyrrolidone demand in Europe accounted for over 27.0% market share in 2015. Germany is one of the major cosmetics consumers in the world and dominated the European market in terms of volume. Growing demand for skin care products such as body lotions and creams and hair care products such as shampoo, conditioners and hair sprays is expected to have a positive impact on market growth over the next eight years.
Key players in the industry include BASF SE, Ashland Inc., Zhangzhou Huafu Chemical Co. Ltd., Hangzhou Motto Science & Technology Co. Ltd., Shanghai Yuking Water Soluble Material Tech Co., Ltd, and Shanghai Qifuqing Material Technology Co., Ltd.
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