Albany, NY -- (SBWIRE) -- 01/09/2017 -- The global polyvinyl butyral films and sheets market is highly competitive in nature and is expected to witness intense competition in the next few years, states a research report by Transparency Market Research (TMR). The prominent players operating in the global polyvinyl butyral films and sheets, namely Sekisui Chemical Co., Ltd., Kingboard Chemical Holdings Ltd., Zhejiang Pulijin Plastic Co., Ltd., Eastman Chemical Company, Li & Fung Group Co., Ltd., and Kuraray Co., Ltd. are expected to collectively hold a key share of the overall market in the near future. To sustain in the competitive environment, these players are focusing on innovations and expansion of the application base. In addition, with the rising number of strategic collaborations and mergers and acquisitions, the market is expected to witness high growth in the next few years.

According to the research report by Transparency Market Research, the global market for polyvinyl butyral films and sheets is projected to reach a value of US$4,633 mn by the end of 2023. The market is expected to register a healthy 7.40% CAGR between 2015 and 2023.

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Asia Pacific to Witness Most Significant Growth

From a geographical viewpoint, in 2014, Asia Pacific led the global PVB films and sheets market and is anticipated to remain in the leading position in the coming years. The high growth of this region can be attributed to the growing demand for PVB films and sheets from the ground transportation industry. In addition, the high contribution from India, China, and ASEAN countries is expected to encourage the growth of the overall market in the next few years. Furthermore, Europe and North America are anticipated to witness progressive growth in the next few years, thanks to the recovery from the economic slowdown.

On the basis of end use, the ground transportation segment is projected to account for a massive share of the global market throughout the forecast period. The primary use of PVB films and sheets in the manufacturing process of automotive windshields is one of the important factors expected to encourage the growth of this segment in the next few years. Moreover, the rising demand for PVB films and glasses for car rooftops is likely to accelerate the growth of the market. The building and construction segment, on the other hand, is expected to witness significant growth in the near future.

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Growing Demand from Automotive Industry to Encourage Growth

The rising demand for PVB films and sheets from the automotive industry is one of the important reasons predicted to fuel the development of the global market throughout the forecast period, says a TMR analyst. The tremendously rising number of cars across the globe is expected to accelerate the growth of the market. In addition, the rising focus of governments, especially in developing economies to improve their infrastructure is projected to generate potential opportunities for the market players.

Furthermore, the growing number of construction activities and the expansion of product portfolio along with its applications are some of the other factors estimated to augment global PVB films and sheets market in the next few years.

High Cost of Storage to Curtail Growth of Global PVB Films and Sheets Market

The global PVB films and sheets market, on the contrary, is expected to witness a downward trend in the next few years owing to some of the few challenges being faced by the market players. The difficulty in product handling, low shelf life, and high cost of storage are some of the key factors estimated to restrict the growth of the market in the coming years. In addition, the easy availability of application specific substitutes is anticipated to hamper the growth of the global PVB films and sheets market in the coming years. Nonetheless, a significant growth in the photovoltaic industry is likely to drive the demand for PVB films and sheets, thus fuelling the growth of the market.

Global Polyvinyl Butyral (PVB) Films and Sheets Market, by End Use
-Building & construction
-Ground transportation
-Solar energy
-Others (Including infrastructure, etc.)

This information is based on the findings of a research report published by Transparency Market Research (TMR), titled "Polyvinyl Butyral (PVB) Films and Sheets Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."