Polyvinyl Butrayl (PVB) Films for Automobile Market Expected to Reach $277.8 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Polyvinyl Butrayl (PVB) Films for Automobile Market," The polyvinyl butrayl (PVB) films for automobile market was valued at $189.18 million in 2021, and is estimated to reach $277.8 million by 2031, growing at a CAGR of 4.7% from 2022 to 2031.

Polyvinyl butyral (PVB) is formulated from polyvinyl alcohol by reaction with butyraldehyde. PVB films are widely employed in automotive applications as an interlayer in the windshield. These films are also used in luxury cars to make side and roof glass to improve safety and lessen noise and light transfer. PVB films are excellent for manufacturing thermoplastic prepregs for usage in motorsports industries.

The growth of the global polyvinyl butrayl (PVB) films for automobile market is majorly attributable rise in use in automobile windshields and window glasses. In addition, growth of the automotive industry propels the market growth. Rise in middle-class income and a huge youth population are expected to result in robust demand for automobiles across the globe. For instance, in 2020, the U.S. produced 8.8 million vehicles, a 19% drop from 2019. In addition, in the same year, the revenue of U.S. motor vehicle and parts dealers was $1.249 trillion. Further, China continues to be the world’s largest vehicle market by both annual sales and production output, with domestic production expected to reach 35 million vehicles by 2025. As per the data from the Ministry of Industry and Information Technology, more than 25 million vehicles were sold in 2020, including 19.99 million passenger vehicles, down 6.5% from 2019. Commercial vehicle sales reached 5.23 million units, an increase of 20% from 2019. In addition, the Indian auto industry contributes almost 6.4% of India's GDP and 35% of manufacturing GDP. In April 2022, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles was 1,874,461 units. The Indian passenger car market was valued at $32.7 billion in 2021, and it is anticipated to reach $54.84 billion by 2027, registering a CAGR of over 9% between 2022 and 2027. Moreover, the electric vehicle (EV) market is calculated to reach $ 7.09 billion in India by 2025.

However, availability of alternative is projected to hinder expansion of the market. On the contrary, rising government support, coupled with rising popularity of electric vehicles among the populace is expected to offer ample growth opportunities for the polyvinyl butrayl (PVB) films for automobile industry. Governments across the globe are taking crucial initiatives to propel development of the automotive sector. For instance, in September 2021, the government of India issued a notification regarding a Production Linked Incentive (PLI) scheme for automobile and auto components worth $ 3.49 billion. Further, The Automotive Mission Plan 2016-26 is a mutual initiative by the Government of India and the Indian automotive industry to lay down the roadmap for growth of the automotive industry. Further, rise in popularity of electric vehicles among consumers is projected to boost the polyvinyl butrayl (PVB) films for automobile market. For instance, according to IBEF, electric vehicle (EV) sales reached a new high of 5,592 units. Overall, in 2021, 329,190 EVs were sold in India, indicating a 168% YoY growth over last year’s sales of 122,607 units.

The global polyvinyl butrayl (PVB) films for automobile market is segmented on the basis of application and region. On the basis of application, the market is categorized into windshields, rear & front view mirrors, windows & dashboard displays, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The polyvinyl butrayl (PVB) films for automobile market share is analyzed across all significant regions and countries. 

Major players operating in the global polyvinyl butrayl (PVB) films for automobile market include Eastman Chemical Company Company; Kuraray Co., Ltd.; SEKISUI CHEMICAL CO., LTD.; Chang Chun Group; DuLite PVB FILM; Huakai Plastic（Chongqing） Co., Ltd.; EVERLAM; Kingboard Holdings Limited; Jiaxing Fuying Composite Materials Co., Ltd.; and Jiaxing Willing Lamiglass Material GmbH (W.M.C). These players have been adopting various strategies to gain higher share or to retain leading positions in the market. Expansion and product launch are the most adopted strategies by the players including Eastman Chemical Company and Everlam. Top winning strategies analyzed by performing a thorough study of the leading players in the polyvinyl butrayl (PVB) films for automobile market. Comprehensive analysis of recent developments and growth curves of various companies help understand the growth strategies adopted by them and their potential effect on the market. For instance, in March 2021, Eastman Chemical Company expanded its extrusion capabilities for the manufacturing of interlayer product lines at its Springfield, Massachusetts, manufacturing facility. This investment bolstered the company's supply capacity in order to meet the demand for Saflex PVB products in the automotive as well as architectural markets across the globe.

COVID-19 Analysis:

The COVID-19 moderately impacted the global polyvinyl butrayl (PVB) films for automobile market. During the COVID-19 pandemic, automotive manufacturing activities were halted temporarily during the lockdown in order to restrain the spread of new COVID-19 cases. This declined the demand for PVB films for manufacturing impact-resistant automotive windshields. However, governments across the globe have taken steps to bolster automobile consumption, which is anticipated to propel demand for PVB films globally. For instance, the government of China has taken measures including postponing implementation of the China Six Emission Standard to January 2021, offering fiscal and taxation support, speeding up the elimination of obsolete diesel trucks, and optimizing secondhand vehicle trading channels. Thus, due to these factors, demand for polyvinyl butrayl (PVB) films in the automotive sector is expected to surge during the pandemic.

Key findings of the study: 

• The report outlines the current polyvinyl butrayl (PVB) films for automobile market trends and future scenario of the market from 2022 to 2031 to understand the prevailing opportunities and potential investment pockets.
• The polyvinyl butrayl (PVB) films for automobile market size is provided in terms of revenue.
• A comprehensive polyvinyl butrayl (PVB) films for automobile market analysis of the factors that drive and restrain the market growth is provided.
• By application, the windows & dashboard displays segment was the highest revenue contributor to the market in 2021.
• Region wise, Asia-Pacific was the highest revenue contributor growing with a CAGR of 5.2% during the forecast period.
• China was the highest revenue contributor and is estimated to grow with a CAGR of 5.7%. 
• South Korea and Japan are expected to witness considerable CAGRs of 5.0%, and 3.9% respectively, during the forecast period.