Polyvinylpyrrolidone Market size was 161.8 kilo tons in 2015 and is anticipated to reach USD 2.75 billion by 2024. The Polyvinylpyrrolidone (PVP) market is expected to witness growth owing to rising demand from end user industries including pharmaceutical, cosmetics, personal health care, adhesives and beverage industry. Rising awareness regarding the varied applications such as dissolving assistant for injection, a dispersant for liquid medicine, flows assistant for a capsule, medicine for brain-memory recovery, the raw material for making ceramic products, and moisture preserving agent are anticipated to propel the PVP industry growth over the next eight years.
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The key driving factors responsible for the growth of Polyvinylpyrrolidone
market :
Few other applications including
stabilizer for an enzyme, antitoxic assistant for eye drug, viscosity
enhancement agent for printing ink, film forming agent in shaping products, and
solvent for agricultural pesticide are projected to fuel the market demand over
the forecast period. The pharmaceutical industry is projected to contribute the
major market share in the overall growth of the PVP sector by 2024 owing to
rising use of PVP in medicines as a binder for tablets, a stabilizer for heat
sensitive drugs, and antiseptic injection for surgical operations.
The pharmaceutical sector is
anticipated to see the growth of more than 30% CAGR over the next eight years,
owing to increasing R&D efforts by companies in developing PVP medicines
that could be used as dietetic tablets in nutritional products and as a
disinfectant for maintaining hand hygiene, thus augmenting the end user market
of PVP products. On the other hand, Cosmetics industry and personal care
industries are expected to see growth of more than 6% CAGR and 10% CAGR
respectively and thus augmenting the Polyvinylpyrrolidone market demand over
the forecast period primarily owing to increasing application scope and rising
adoption of Polyvinylpyrrolidone products as raw material in shampoo, cleaning
products, shave lotion and body lotion.
Polyvinylpyrrolidone (PVP) is a
water-soluble, amorphous and hygroscopic polymer, supplied as a clear aqueous
solution or as a free-flowing powder. It is characterized by K-value and thus
also referred as Povidone or Polyvidone. It has different grade products that
are manufactured from the N-vinylpyrrolidone monomer and thus having wide
application scope in various industries primarily due to its binding and
adhesive agent properties. Their increasing use in electrical industry as a
cotton defoliator has also enabled the market to anticipate significant growth
by 2024. Few other uses such as food stabilizers, emulsifiers, metal quenchers
and adhesives are also anticipated to boost the market demand over the next eight
years.
North America and Europe are
anticipated to report major growth over the next eight years owing to growing
demand from end user industries including pharmaceutical and personal care, and
rising awareness about the PVP advantages in healthcare applications. The US is
likely to witness considerable growth in the market owing to the approval from
the US Food and Drug Administration (FDA) for the application of PVP as a safe
chemical in numerous medical drugs. Other countries including Germany, France,
Italy, and the UK are projected to account for highest growth in the region due
to increasing R&D endeavors by the companies to produce varied PVP products
that aim to deliver improved product quality with excellent water soluble
properties. The presence of numerous market players dedicated in researching
and developing PVP products for companies such as Novartis, Pfizer, Roche,
Merck & Co., Unilever, Procter & Gamble and Kimberly-Clark are also
expected to bolster the PVP market demand over the forecast period.
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