Increasing Penetration Of Photovoltaics Is Expected To Fuel Polyvinyl Butyral Market Demand Over The Next Eight Years
Polyvinyl butyral (PVB) resin is extensively used as an interlayer in laminated safety glasses on account of its superior properties including optical clarity, strong binding, excellent adhesion, flexibility, toughness, durability, noise reduction, resistance to UV radiation and harsh weather. These laminated glasses find their application in automobile windshields and architectural glasses.
Growing construction spending owing to rapid urbanization coupled with government infrastructural plan is expected to increase industry size over the upcoming years. Moreover, the increasing number of hospitals, schools, office buildings, government accommodation and defense infrastructure will propel market size. Rising government efforts to promote the development of Foreign Direct Investment (FDI) and Public Private Partnership (PPP) projects in infrastructure sector will create new market avenues over the forecast period.
The demand for renewable sources of energy is increasing owing to the depletion of fossil fuel and environmental pollution caused by non-renewable sources of energy. Rising PVB usage in the thin-film solar modules in light of lower production costs will create immense market potential over the forecast period.
An increasing number of solar harnessing projects in Asia Pacific will augment demand for PVB over the forecast period. Furthermore, PVB resins manufacturers are focusing on improving the efficiency of thin films and innovating manufacturing techniques to increase the production capacity of solar panels which is likely to create opportunities for industry growth. However, fluctuating prices of raw materials along with difficulty in sourcing them are expected to serve as the major challenge for manufacturers, which in turn will restrict market growth over the next eight years.
Asia Pacific was the dominant market and is expected to show the significant rise over the forecast period on account of growing automobile production in China, India, Japan and South Korea. Increasing construction activities, vehicle production coupled with increasing solar power projects in the region is expected to spur product demand. Rapid industrialization in Southeast Asia in light of increasing government spending along with FDI will stimulate demand over the forecast period. Furthermore, favorable political and economic scenario in Latin America has encouraged automotive manufacturers to invest in the region, which will open new growth opportunities over the forecast period.
Key industry players include Eastman Chemical Company, DuPont, Chang Chun Petrochemical, Sekisui Chemicals, Kuraray, Huakai Plastic, Everlam, DuLite, Zhejiang Pulijin Plastic, Guangzhou Aojisi New Materials, Qingdao Haocheng Industrial, Jiangxi Rongxin New Materials and Huzhou Xinfu New Materials. In December 2015, Sekisui Chemicals Ltd. announced the development of innovative interlayer film technology called “luminous PVB” for laminated glass, which will create immense growth potential over the forecast period.
In-depth report on polyvinyl butyral (PVB) market by Grand View Research:
https://www.grandviewresearch.com/industry-analysis/polyvinyl-butyral-pvb-market