Global Polyvinyl Butyral Resin Market Overview
As per MRFR analysis, the Polyvinyl Butyral Resin Market Size was estimated at 1.55 (USD Billion) in 2022.The Polyvinyl Butyral Resin Market Industry is expected to grow from 1.61(USD Billion) in 2023 to 2.2 (USD Billion) by 2032. The Polyvinyl Butyral Resin Market CAGR (growth rate) is expected to be around 3.54% during the forecast period (2024 - 2032).
Key Polyvinyl Butyral Resin Market Trends Highlighted
The Polyvinyl Butyral Resin Market is shaped and restricted by several global factors. One of the factors driving the market is the rising demand from the automotive industry – in case of safety glass applications, for example. There are other industries such as electronics and construction where demand for PVB resin is also growing because of its high transparency, adhesion, and UV resistance. The growing number of smart technologies and self-driving vehicles also enhances the demand for improved safety systems, which in turn supplements the growth of PVB resin market in automotive applications.
Asia-Pacific and Latin America are some of the regions that offer a potential increase in the consumer market as these regions contain developing automotive and construction industries. There is a growing demand for energy efficient and environmental effective building materials which presents opportunities for PVB resin used in architectural glazing contracts. Furthermore, the enhancement in technology with regard to PVB resin components for example low V. O. C and high-performance grades expansion is equally a source of growth to the niche.
Latest moves show a change in using eco-friendly and high performance PVB resins. Exporters are in the process of creating new formulations with less damage on the environment for advanced applications in various industry niches. There is also an improvement of the PVB resin functions with the use of nanotechnology and other forms of surface alteration which enhance the opportunities for increased market share and diversification.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Global Polyvinyl Butyral Resin Market Drivers
Increasing Demand for Safety Glass
Polyvinyl Butyral (PVB) resin is a key component in the production of safety glass, which is used in a wide range of applications such as automotive windshields, architectural windows, and electronic device screens. The growing demand for safety glass is driven by increasing safety regulations and standards, as well as the rising popularity of large glass structures in buildings and vehicles. The Global Polyvinyl Butyral Resin Market Industry is expected to benefit from this trend, as PVB resin is essential for the production of laminated safety glass.
Expansion of the Automotive Industry
The automotive industry is a major consumer of PVB resin, as it is used in the production of windshields and other safety glass components. The growth of the automotive industry, particularly in emerging markets, is expected to drive demand for PVB resin. Additionally, the increasing adoption of advanced driver assistance systems (ADAS) and autonomous vehicles is likely to further boost demand for safety glass, which will benefit the Global Polyvinyl Butyral Resin Market Industry.
Rising Demand for Electronic Devices
PVB resin is also used in the production of electronic devices, such as smartphones, tablets, and laptops. The growing popularity of these devices, along with the increasing demand for larger and more durable screens, is expected to drive demand for PVB resin. The Global Polyvinyl Butyral Resin Market Industry is well-positioned to benefit from this trend, as PVB resin is a key material for the production of touchscreens and other display components.
Global Polyvinyl Butyral Resin Market Segment Insights
Polyvinyl Butyral Resin Market Application Insights
The Global Polyvinyl Butyral Resin Market is segmented by applications such as Automotive, Construction, Electronics, Packaging, and Others. As of the year 2023, the Automotive segment is anticipated to hold the significant share in the market owing to increasing demand for Polyvinyl Butyral Resin in the automotive industry for its lightweight and durable features. The Construction segment is also expected to witness the considerable growth over the period on account of increasing use of Polyvinyl Butyral Resin in building and construction applications.
The Electronics segment is anticipated to grow at a moderate rate as a result of increasing use of Polyvinyl Butyral Resin in manufacturing of electronic devices. The Packaging segment is also anticipated to grow as a result heightened demand for flexible and transparent packaging materials. The Others segment includes use of Polyvinyl Butyral Resin in manufacturing of other products such as furniture, medical devices and sports equipment. The Global Polyvinyl Butyral Resin Market is anticipated to grow from USD 1.61 billion in the year 2023 to USD 2.2 billion by the year 2032, at 3.54 % CAGR.
The growth in market is a result of increased demand for Polyvinyl Butyral Resin in different applications. As of the year 2023, the Automotive segment is anticipated to hold the largest share of the market with the Construction segment being in second place. Whereas the Electronics segment is anticipated to be the fastest growing segment during the forecast period. The Global Polyvinyl Butyral Resin Market is highly competitive with several key players operating in the market. The key companies of the market include Eastman Chemical Company, Other Key Companies, Kuraray Co., Ltd., Sekisui Chemical Co., Ltd., and Evonik Industries AG.
These companies are continuously investing in R to develop and come up with newer products in the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Polyvinyl Butyral Resin Market Form Insights
The form segment of the global Polyvinyl Butyral Resin market is segmented into sheets, films, liquids, powders, and others. Among these, the sheets segment is expected to hold the largest market share in 2023, accounting for around 45% of the global Polyvinyl Butyral Resin market revenue. The films segment is projected to follow, with a market share of approximately 30% in 2023. The liquids segment is estimated to hold a market share of around 15% in 2023, while the powders and other segments are expected to account for the remaining market share.
The growth of the sheets segment can be attributed to the increasing demand for Polyvinyl Butyral Resin in the automotive industry, where it is used in the production of laminated safety glass. The films segment is also expected to witness significant growth, owing to the rising demand for Polyvinyl Butyral Resin in the packaging industry.
Polyvinyl Butyral Resin Market Grade Insights
The Global Polyvinyl Butyral Resin Market is segmented by Grade into Standard, Automotive, Optical, and Others. The Automotive segment held the largest market share in 2023. The Optical segment is expected to witness the highest growth rate during the forecast period. The increasing demand for lightweight and durable materials in the automotive industry is driving the growth of the Polyvinyl Butyral Resin Market. Polyvinyl Butyral Resin is used in the production of laminated glass, which is widely used in the automotive industry due to its safety features.
The Optical segment is also expected to witness significant growth due to the increasing demand for Polyvinyl Butyral Resin in the production of optical films and lenses.
Polyvinyl Butyral Resin Market End-Use Industry Insights
The end-use industry segment plays a crucial role in shaping the Global Polyvinyl Butyral Resin Market revenue and segmentation. Among the key end-use industries, the automotive sector holds a significant share, driven by the rising production of vehicles and the increasing use of Polyvinyl Butyral Resin for laminated safety glass in windshields and windows. The construction industry is another major consumer of Polyvinyl Butyral Resin, utilizing it in architectural glazing and laminated glass for buildings and skyscrapers. Electronics is a growing end-use industry for Polyvinyl Butyral Resin, particularly in display panels and electronic devices.
The packaging industry also has a notable demand for Polyvinyl Butyral Resin for flexible packaging and protective films. Other emerging end-use industries include medical devices, aerospace, and solar energy, contributing to the overall market growth.
Polyvinyl Butyral Resin Market Processing Method Insights
The global Polyvinyl Butyral Resin market is segmented based on Processing Method into Extrusion, Injection Molding, Coating, and Others. The Extrusion segment accounted for the largest market share in 2023 and is projected to continue to dominate the market during the forecast period. The growth of this segment can be attributed to the increasing demand for Polyvinyl Butyral Resin in the automotive industry, where it is used in the production of laminated safety glass for windshields and side windows. The Injection Molding segment is expected to witness significant growth over the forecast period, due to the increasing use of Polyvinyl Butyral Resin in the production of plastic parts for various applications, such as automotive components, electronics, and consumer goods.
The Coating segment is also expected to grow at a steady pace, driven by the demand for Polyvinyl Butyral Resin in the construction industry, where it is used as a protective coating for roofs, walls, and other surfaces.
Polyvinyl Butyral Resin Market Regional Insights
The Global Polyvinyl Butyral Resin Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in the coming years. The region is home to a large number of automotive and construction companies, which are the major consumers of polyvinyl butyral resin. The growing demand for automobiles and construction projects in the region is expected to drive the growth of the polyvinyl butyral resin market in APAC. North America and Europe are also expected to witness significant growth in the polyvinyl butyral resin market.
The presence of a large number of automotive and construction companies in these regions is expected to drive the demand for polyvinyl butyral resin. Additionally, the growing demand for energy-efficient buildings is expected to boost the demand for polyvinyl butyral resin, which is used in the production of laminated glass for windows and skylights. South America and MEA are expected to witness moderate growth in the polyvinyl butyral resin market. The growing demand for automobiles and construction projects in these regions is expected to drive the demand for polyvinyl butyral resin.
However, the market growth in these regions is expected to be constrained by the lack of infrastructure and skilled labor.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Global Polyvinyl Butyral Resin Market Key Players and Competitive Insights
Polyvinyl Butyral Resin Market industry’s prominent players are overtly adopting tactics like product innovation, merger, and acquisition and geographical expansion. The leading companies in Polyvinyl Butyral Resin Market are heavily investing in research and development activities to provide the high-performance and enhanced functional solutions. Similarly, the leading companies are also focusing on providing advanced and sustainable and eco-friendly meaning solutions to the customers. The high demand for high-performance materials in end-use industry is the key driver for the growth of the Polyvinyl Butyral Resin Market. The Polyvinyl Butyral Resin Market competitive landscape is likely to be quite dynamic, with the leading companies and new entrants competing for the market share.
Henkel is the leader in the Global Polyvinyl Butyral Resin Market. The company has a comprehensive set of risks and an extensive portfolio of products. Similarly, the company’s Polyvinyl Butyral Resin business is sustained by its innovative and extremely advanced manufacturing and distribution systems. Henkel is deeply committed to maximize customer satisfaction by providing high-quality sustainable solutions to the customers.
Asahi Kasei is another well-known competitor in the Global Polyvinyl Butyral Resin Market. The company holds a noticeable presence in the emerging market. Asahi Kasei is known for its high-quality innovative solutions, including Polyvinyl Butyral Resin. Similarly, the company’s Polyvinyl Butyral Resin business is well-supported with its integrated production facilities and worldwide product distribution system. Asahi Kasei is deeply committed to translating its research and development activities into innovative solutions and into new applications.
Key Companies in the Polyvinyl Butyral Resin Market Include:
- SABIC
- Evonik Industries AG
- Kuraray Co., Ltd.
- Arkema S.A.
- Asahi Kasei Corporation
- PPG Industries, Inc.
- Sekisui Chemical Co., Ltd.
- Huzhou Huayi Advanced Materials Co., Ltd.
- Elementis PLC
- The Dow Chemical Company
- DIC Corporation
- DuPont
- Dow Silicones Corporation
- Eastman Chemical Company
- Sika AG
Polyvinyl Butyral Resin Market Industry Developments
The global Polyvinyl Butyral Resin Market is projected to reach a value of USD 2.2 billion by 2032, exhibiting a CAGR of 3.54% during the forecast period (2023-2032). The market is primarily driven by the increasing demand for PVB in the automotive sector, particularly in the production of laminated safety glass for windshields and side windows. The rising number of vehicle sales, coupled with stringent safety regulations, is fueling the demand for PVB.
Additionally, the growing construction industry, particularly in emerging economies, is expected to contribute to market growth. The use of PVB in architectural glazing, such as skylights and curtain walls, is gaining traction due to its exceptional impact resistance and UV protection properties. Furthermore, the growing demand for PVB in the solar industry, where it is used as an encapsulant in photovoltaic modules, is expected to provide further impetus to market growth.
Polyvinyl Butyral Resin Market Segmentation Insights
Polyvinyl Butyral Resin Market Application Outlook
- Automotive
- Construction
- Electronics
- Packaging
- Others
Polyvinyl Butyral Resin Market Form Outlook
- Sheets
- Films
- Liquids
- Powders
- Others
Polyvinyl Butyral Resin Market Grade Outlook
- Standard
- Automotive
- Optical
- Others
Polyvinyl Butyral Resin Market End-Use Industry Outlook
- Automotive
- Construction
- Electronics
- Packaging
- Others
Polyvinyl Butyral Resin Market Processing Method Outlook
- Extrusion
- Injection Molding
- Coating
- Others
Polyvinyl Butyral Resin Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.55(USD Billion) |
| Market Size 2023 |
1.61(USD Billion) |
| Market Size 2032 |
2.2(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.54% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
SABIC, Evonik Industries AG, Kuraray Co., Ltd., Arkema S.A., Asahi Kasei Corporation, PPG Industries, Inc., Sekisui Chemical Co., Ltd., Huzhou Huayi Advanced Materials Co., Ltd., Elementis PLC, The Dow Chemical Company, DIC Corporation, DuPont, Dow Silicones Corporation, Eastman Chemical Company, Sika AG |
| Segments Covered |
Application, Form, Grade, End-Use Industry, Processing Method, Regional |
| Key Market Opportunities |
Increasing demand for laminated glass Growing automotive industry Rising construction activities Development of new and sustainable products Expanding applications in electronics |
| Key Market Dynamics |
Increased demand for safety glass Technological advancements Growing automotive industry Burgeoning construction sector Stringent government regulations on safety |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global Polyvinyl Butyral Resin market size was valued at USD 1.61 billion in 2023 and is projected to reach USD 2.2 billion by 2032, exhibiting a CAGR of 3.54% during the forecast period.
Asia-Pacific is expected to dominate the global Polyvinyl Butyral Resin market, accounting for the largest market share and is projected to maintain its dominance throughout the forecast period.
Polyvinyl Butyral Resin finds applications in various industries, including automotive, construction, and electronics. In the automotive industry, it is used in the production of laminated safety glass for windshields and side windows. In construction, it is used in laminated glass for windows, doors, and skylights. In electronics, it is used as an insulating material in capacitors and transformers.
The key competitors in the global Polyvinyl Butyral Resin market include Eastman Chemical Company, Kuraray Co., Ltd., Sekisui Chemical Co., Ltd., and Evonik Industries AG.
The growth of the global Polyvinyl Butyral Resin market is primarily driven by the increasing demand for laminated safety glass in the automotive industry. The rising demand for energy-efficient buildings is also contributing to the market growth.
The global Polyvinyl Butyral Resin market faces challenges such as the volatility in the prices of raw materials and the stringent environmental regulations.
The global Polyvinyl Butyral Resin market presents opportunities for growth in emerging economies, where the demand for laminated safety glass is expected to increase in the coming years.
The global Polyvinyl Butyral Resin market is witnessing trends such as the increasing adoption of lightweight materials and the development of new applications in the electronics industry.
The COVID-19 pandemic had a negative impact on the global Polyvinyl Butyral Resin market in the short term, due to the disruptions in supply chains and the slowdown in the automotive industry. However, the market is expected to recover in the long term as the demand for laminated safety glass is likely to rebound.
The global Polyvinyl Butyral Resin market is expected to witness steady growth in the coming years, driven by the increasing demand for laminated safety glass in the automotive and construction industries.
