Polyvinyl Butyral (PVB) Films and Sheets Market to Rise owing to Increasing Demand in Ground Transportation and Construction
Polyvinyl butyral (PVB) is a specialty resin utilized mainly as a raw material in laminated safety glass sheet owing to properties such as high impact resistance, tensile strength, elasticity, and transparency. PVB is utilized as a precursor in producing PVB-based films and sheets. The increasing demand for PVB films and sheets is due to the absence of similar high-quality substitutes in the market and the rise in utilization in the photovoltaic modules.
The global PVB films and sheets market was estimated at US$2,452.5 million in 2014 and is predicted to reach US$4,633 million in 2023, growing at a 7.4% CAGR from 2015 to 2023.
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Ground Transportation End-Use Segment Held Biggest Market Share in 2014
On the basis of end user, the PVB films and sheets market is segmented into ground transportation, solar energy, building and construction, and other infrastructure. Amongst these, in 2014, ground transportation represented a share of more than 45% and thus was the biggest end-use segment of the market for PVB films and sheet. In the making of automotive windshields, PVB films and sheets play a major role. Thus, the increasing demand for automotive windshields and the rising utilization of PVB films and sheets in making glass rooftops in cars are poised to fuel their demand from the segment of ground transportation.
Solar Energy is the Most Rapidly Developing End-Use Segment
The segments of solar energy, infrastructure, and building and construction will represent a substantial share in the market for PVB films and sheets in the forthcoming future. Solar energy is the most swiftly developing segment, growing at a 6% CAGR from 2015 to 2023. Solar energy is being highly used nowadays, thus augmenting the demand for photovoltaic modules, wherein PVB films and sheets are utilized. The recent increase in demand for photovoltaic modules will boost the demand for PVB films and sheets in the near future.
Asia Pacific PVB Films and Sheets Market Surfaced as the Biggest Market in 2014
On the basis of geography, the global PVB films and sheets market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa (MEA), and Latin America. In 2014, Asia Pacific held the biggest share in the PVB films and sheets market owing to increased demand from the ground transportation industry. On the basis of volume, Asia Pacific represented a share of 35% in the market owing to increasing demand from India and China.
There will be considerable growth of the PVB films and sheets market in MEA and Latin America in the coming eight years owing to rising demand from the prominent end-use industries of building and construction and ground transportation. Europe and North America will recover from economic slowdown and are expected to show favorable growth in the market in the coming years.
Eastman Chemical Company, SEKISUI CHEMICAL CO., LTD., KURARAY CO., LTD., Li & Fung Group Co., Ltd., Huakai Plastic (Chongqing) Co., Ltd., Kingboard Chemical Holdings Ltd., Zhejiang Decent Plastic Co., Ltd., Jiangsu Daruihengte Technology & Science Co., Ltd., Zhejiang Pulijin Plastic Co., Ltd., and Tiantai Kanglai Industrial Co., Ltd., among others, are the key players operating in the market.
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