Polyvinyl Alcohol (PVOH) Market Forecasted to Attain $5.0 Billion Valuation by 2028
The polyvinyl alcohol market is projected to reach USD 5.0 billion by 2028, at a CAGR of 6.1% from USD 3.7 billion in 2023. The market growth is driven by factors such as the water solubility of Polyvinyl Alcohol which makes it highly versatile and the increasing demand for the use of biodegradable products.
The key players in this market are Kuraray Co Ltd (Japan), Anhui Wanwei Group Co Ltd (China), Chang Chun Petrochemicals Co Ltd (Taiwan), Ningxia Dadi Circular Development Corp Ltd (China), Sinopec Sichuan Vinylon Works (China), Sekisui Specialty Chemicals (Japan), Mitsubishi Chemical Corporation (Japan), Japan Vam and Poval Co Ltd (Japan), Merck Kgaa (Germany), Wacker Chemie AG (Germany), Denka Company Ltd (Japan). These companies are strong in their home regions and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and other expansions.
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Kuraray Co Ltd
Kuraray is a market pioneer in functional materials and specialty chemicals. Its subsidiary Kuraray Europe GmbH, which was established in 1991, it is based in Germany and is a top polyvinyl alcohol manufacturer in Europe. Kuraray was founded in 1926, and its headquarters are in Japan. Kuraray was established to commercialize synthetic rayon, which was a cutting-edge technology at the time. The company was the first in the world to commercialize Polyvinyl Alcohol (PVOH) fiber. It offers PVOH through its vinyl acetate segment.
Kuraray has offices all over the world in addition to having two facilities in the United States and production facilities in Germany, Singapore, and Japan. Kuraray Co Ltd has more than 10,000 employees globally. Globally, the company is having presence in Asia, Europe, and American regions.
Anhui Wanwei Group Co Ltd
Anhui Wanwei Group Co., Ltd. is a large enterprise under the direct control of State-owned Assets Supervision and Administration Commission of Anhui Provincial Government. It is a large-scale enterprise group based in Anhui Province, China. The company is primarily engaged in the research, development, production, and sale of plastic packaging materials and products. Anhui Wanwei Group has grown into a leading producer of plastic packaging products in China, with a wide range of products including plastic bags, films, sheets, and pipes.
In addition to its core business of plastic packaging, Anhui Wanwei Group Co. Ltd, has diversified into other areas, including real estate development, financial investment, and healthcare. The company has four basic segments including chemical products, synthetic hair products, new materials and building material products. The company’s annual production capacity of water-soluble PVOH fiber products is 10,000 tons, which has solved the technical problems that affect the processing performance such as oil selection and insoluble content. The company has built several large-scale residential and commercial projects in Anhui Province and has established a number of investment funds focusing on high-growth industries such as healthcare and technology.
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The company’s plastic packaging products are sold both domestically and internationally, with a wide customer base that includes major corporations in the food and beverage, pharmaceutical, and chemical industries. Anhui Wan Wei High Tech Materials belonging to the Wan Wei Group is a SOE with an annual capacity of 350 000 tons/year, accounting for 28 % of the nominal domestic PVOH production capacity and 40 % of the actual production capacity. It is also the largest PVOH producer in China, next to Sinopec and Inner Mongolia Shuangxin. Mengwei, another company belonging to the Wan Wei Group, is actively promoted to become a major PVOH producer as part of the industrialization project of Inner Mongolia.
The company has several production facilities and subsidiaries located in different parts of China, including Anhui, Jiangsu, Shandong, Zhejiang, and Guangdong provinces. In addition to its operations in China, Anhui Wanwei Group has also established a subsidiary in the United States, which is primarily engaged in the sale and distribution of plastic packaging products to customers in North America.
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