PVB Interlayers Market, Business Trends, Global Segments, Business Opportunities, Industry Profit Growth and Forecast to 2025
iCrowd Newswire - Jan 22, 2021
The Global PVB Interlayers Market was valued at USD 3 billion in 2018 and is expected to cross USD 5 Billion by 2025 at a CAGR of 7.5%.
This growth comes as a direct result of the growth of the automotive industry, the increasing global demand for renewable sources of energy, and rapid urbanization in developing countries leading to a construction boom. These factors, coupled with the excellent adhesive and protective qualities and transparency provided by PVB interlayers, shall ensure market growth during the forecast period.
Cost-effective utility in photovoltaic cells and widespread use in the manufacturing of safety glass for the automotive industry.
Structural PVB Interlayer: Used when rigidity and integrity of the adhesive qualities of PVB are a must. Structural PVB interlayers are used in safety glass in high-rise buildings and other construction applications. The segment is expected to showcase the higher growth rate in developing countries with rapid urbanization.
Standard PVB Interlayer: The segment accounting for the majority of the market share can be attributed to the wide use of standard PVB interlayers in the automotive industry and in the fast-expanding photovoltaic cell industry.
Automotive: The largest segment due to the increasing demand for passenger and commercial vehicles, the demand for PVB interlayers in the automotive industry is high. The strength and UV-reflecting properties of safety glass reinforced with PVB interlayers have led to widespread use in automobile production. The segment is expected to showcase growth in major car manufacturing hubs such as China, Japan, the US, and Germany.
Construction: The growth of the construction industry and increasing development of multi-story buildings is fueling the demand for safety glass, a key component of which is PVB interlayers.
Photovoltaic Cells: The fastest-growing segment due to the global increase in demand for renewable energy, especially in developing countries with a focus on reducing dependence on fossil fuel. The segment is expected to register growth in China, India, and Saudi Arabia.
North America: Market growth is driven by the demand for alternative sources of energy.
Europe: A well-established market.
Asia-Pacific: The largest and fastest-growing regional market.
Latin America: A small but growing automotive industry is fueling the demand for PVB interlayers in Latin America.
Middle East & Africa: Availability of the maximum number of sunshine hours is fueling the demand for photovoltaic cells.
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