The market for Polyvinylpyrrolidone (PVP) had a global size of $1785.65M in 2021, and it is predicted to show a revenue compound annual growth rate (CAGR) of 6.2% during the forecast period, according to a report by Research & Markets.
The growth of the market is mainly attributed to the increasing demand for PVP in bioengineering and pharmaceutical applications, as well as in various end-user industries such as cosmetics, personal healthcare, adhesives, and beverage industries. The product is extensively used in the manufacture of nail enamels, lipsticks, skin creams, sunscreens, and mascara, which also contributes to the growth of the market.
PVP is a hydrophilic polymer with excellent binding properties, high solubility in different solvents, and can stabilize suspensions and emulsions. It is widely used as a carrier in pharmaceutical, biomedical, and nutraceutical industries. Moreover, PVP helps to cover resultant granules and governs their surface properties in pharmaceutical granulation .
The rising demand for the research and development of various drugs and medicines, and the increasing requirement for pharmaceuticals due to the rising prevalence of Noncommunicable Diseases (NCDs), are some of the other factors that are expected to drive revenue growth of the market. The World Health Organization (WHO) reported that NCDs account for 41 million deaths each year, which is equivalent to 74% of all deaths globally.
The global Polyvinylpyrrolidone (PVP) market has a vast potential for research and new product development, and many companies are currently working towards developing new drugs to eliminate and cure diseases. Governments in several countries are also funding various research and development projects, further driving the growth of the market.
For instance, the U.S. Department of Health and Human Services has allocated nearly USD 10 billion for research and development of various therapeutic doses. The PVP market is witnessing several opportunities due to the increasing number of clinical research and trial pipeline, which is driving revenue growth of the market.