Polyvinyl Acetate Market Size
The global Polyvinyl Acetate market size is poised to grow at a CAGR of 4.5% between 2023 and 2032 to reach a valuation of USD 7.4 billion by 2032 owing to increasing demand for adhesives from key industries such as Construction, Electrical & Electronics, and Industrial. Additionally, the increasing demand for paint and coatings from the construction industry will further boost the global Polyvinyl Acetate market.
Polyvinyl Acetate (PVAc) is a flammable volatile liquid with a fruity smell also commonly known as wood glue, Elmer’s glue, white glue, PVA glue, carpenter’s glue, etc. It is manufactured by the polymerization of vinyl acetate monomer. Polyvinyl Acetate is widely used in adhesives to bond and seal surfaces such as paper, cartons, particularly in woodworking and paper bonding. Polyvinyl Acetate is also used in construction adhesives for bonding materials like drywall, tiles, and other building materials as they offer good adhesion and flexibility.
Global Polyvinyl Acetate Demand, By Application 2016-2032 (KT)
Source: Secondary & Primary Research and Prismane Consulting estimates
Polyvinyl Acetate Demand by Application
The global Polyvinyl Acetate market by application is segmented into: Adhesives, Surface Coatings, Textile, Paper Coatings, and Other applications. Adhesives application dominates the global Polyvinyl Acetate market as these adhesives are used in packaging applications such as corrugated cardboard boxes, paper bags, and other paper-based packaging materials. These adhesives are favored for their ability to bond various porous surfaces such as wood, paper, cardboard, and fabric.
Polyvinyl Acetate is widely used in the formulation of woodworking adhesives, commonly known as "white glue" or "wood glue." These adhesives are used for bonding wood in carpentry, cabinetry, furniture manufacturing, and other woodworking applications as they offer strong bonds, ease of use, and relatively fast drying times.
More than 80% of global Polyvinyl Acetate consumption is dedicated to construction, wood, and paper adhesive applications. The remaining portion is utilized in paper and textile coatings. In the textile industry, Polyvinyl Acetate serves as a key component in textile sizing agents. These agents are employed to enhance the weaving process by imparting strength and stiffness to the yarn, contributing to improved overall textile quality.
Global Polyvinyl Acetate Demand, By Region 2023 (KT)
Source: Secondary & Primary Research and Prismane Consulting estimates
Polyvinyl Acetate Demand, By Region
In 2023, the global Polyvinyl Acetate demand was estimated to be over 3,900 kilotons which is further projected to cross 5,700 kilotons by 2032 growing at a healthy CAGR of 3.4%. Asia Pacific dominates the Polyvinyl Acetate market on the back of China accounting for over 25% of the global Polyvinyl Acetate demand. China is the world’s largest construction market and China’s 14th Five-Year Plan highlights new infrastructure projects in transportation, energy, water systems, and new urbanization which will further boost the Polyvinyl Acetate market during the forecast period.
Geographically, Asia Pacific holds the largest share in the global Polyvinyl Acetate market, accounting for over 60% of the market share, followed by Western Europe and North America together accounting for around 35% of the global Polyvinyl Acetate market.
In North America, the United States is the major Polyvinyl acetate market accounting for 70% share in the regional Polyvinyl acetate market. The Polyvinyl acetate demand in the USA is projected to grow at an average rate of 2% between 2023 and 2032. Polyvinyl acetate-based adhesives are used in construction and packing which will provide strong growth opportunities in the country. The United States is one of the fastest-growing packaging markets in North America.
Key Polyvinyl Acetate Manufacturers
Celanese, Wacker, VINAVIL, Brenntag Specialties, Foreverest Resources Ltd., and Jiangsu Yinyang Gumbase Materials are some of the key manufacturers of Polyvinyl Acetate in the world with China dominating the Polyvinyl Acetate capacities accounting for over 40% of the global capacity.
Polyvinyl Acetate Market dynamics
Driver: Growing demand for Adhesives and Coatings
The Polyvinyl Acetate demand is driven by the rising use for adhesives and paints & coatings. Polyvinyl-based coatings are widely used due to their film-forming, emulsifying, and solubility characteristics. Polyvinyl Acetate is used as wood glue or carpenter's glue in furniture manufacturing due to its high tensile and bonding strength which is expected to drive the global Polyvinyl Acetate market. Polyvinyl Acetate is used in the construction industry for the reinforcement of concrete structures, bonding of metal and concrete, and the repair of cracks since they have high bonding strength, low shrinkage, corrosion resistance, and heat & humidity resistance.
Polyvinyl Acetate is also used as an emulsion adhesive for food packaging, bags, sacks, and carton making because the adhesive has no odor and is less toxic. With the increase in government spending on infrastructure, industrialization, and manufacturing activities in countries like India, China, and South Korea the global polyvinyl acetate market is poised to grow at a healthy growth rate.
Restraint: Limited Moisture Resistance and Temperature Sensitivity
Polyvinyl Acetate is widely used in adhesives and coatings. These adhesives have limitations in terms of moisture resistance and may not be the ideal choice for applications exposed to constant water or high humidity, as their bond strength can be compromised in such conditions. Polyvinyl Acetate adhesives may not adhere well to certain plastics and metals, limiting their use in bonding materials.
Polyvinyl Acetate adhesives can also be sensitive to temperature changes and high temperatures which may affect the performance of these adhesives, limiting their application in certain environments which will hinder the Polyvinyl Acetate market in the forecast period.
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