Ethylene Vinyl Acetate Market: Global Industry Forecast (2023-2029)

Ethylene Vinyl Acetate Market was valued at US$ 7.81 Bn. in 2022 and the total Ethylene Vinyl Acetate revenue is expected to grow at 6.5% from 2023 to 2029, reaching nearly US$ 12.14 Bn.
Ethylene Vinyl Acetate Market Overview:
Ethylene vinyl acetate market growth is expected to be supported by rising demand for multipurpose solutions for adhesives, sealants & coatings in a many applications including flexible hose, footwear components, automobile bumpers, moulded automotive parts, toys & athletic goods, flexible packaging, and various others. The need for numerous medical and healthcare products, including temperature guns, pharmaceutical packaging & others, has surged in light of the global COVID-19 pandemic crisis. The demand for ethylene vinyl acetate copolymer (EVA) copolymer in the medical & healthcare and packaging end-use industry segments is ultimately being driven by this.
Ethylene Vinyl Acetate Market Report Scope:
The ethylene vinyl acetate market is segmented based on type, end-use industry and region. The growth of various segments helps report users in acquiring knowledge of the many growth factors expected to be prevalent throughout the market and develop different strategies to help identify core application areas and the gap in the ethylene vinyl acetate market. The report provides an in-depth analysis of the market and contains meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies.

A bottom-up approach has been used to estimate the market size. Key Players in the ethylene vinyl acetate market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research included a review of annual and financial reports of leading manufacturers, while primary research included interviews with important opinion leaders and industry experts such as skilled front-line personnel, entrepreneurs, and marketing professionals. Some of the leading key players in the global Ethylene Vinyl Acetate market include BASF SE, Exxon Mobil Corporation, The Dow Chemical Company, Formosa Plastic Corporation, and Celanese Corporation.

The report is not only a representation of global players but also covers the market holding of local players in each country. Market structure by country with market holding by market leaders, market followers, and local players make this report a comprehensive and insightful industry outlook. The report has covered the mergers and acquisitions, strategic alliances, joint ventures, and partnerships happening in the market by region, by investment, and their strategic intent.To know about the Research Methodology:-Request Free Sample Report
Ethylene Vinyl Acetate Market Dynamics:
The packaging industry's growing demands is driving the ethylene vinyl acetate (EVA) market's growth. It is extensively utilised in the industrial packaging of additives, tyres, & rubber. They are used in book binding, carton box sealing & paper bag assembly processes. Additionally, they are utilised for gluing tags and labels as well as marking beverage bottles. Demand for EVA-based hot-melt adhesives is being driven by growing organized retail sales, processed food product sales, FMCG product sales, and e-commerce sales.

Growing demand from solar PV manufacturing is expected to boost the market growth.

Rising demand from the Solar PV industry is expected to fuel market growth. It serves as a cap for solar modules or cells. Additionally, it is essentially a copolymer film that serves as a crucial sealer for photovoltaic solar modules to maintain performance and reliability. Cross-linkable EVA is the encapsulation that is most frequently employed. MMR reports that 114.9 Giga Watts (GW) of new solar energy were installed globally in the year 2019, a 12% increase over 2018. With 30.1 GW of installed solar capacity, China led the world's PV markets for the third consecutive year in 2019. The United States came in second place with 13.3 GW and Japan came in third.

Growing applications in the agricultural sector are expected to present lucrative opportunities in the market during the forecast period.

In all weather conditions, they are utilised to safeguard & preserve agricultural produce. EVA is also helpful in preventing damage while handling in the field, lowering the chance of waste and spoiling. These films also improve moisture retention, provide temperature control, & protect crops from the outdoors. By increasing their productivity, farmers can feed more people while conserving resources like fertiliser, water, and nutrients. The emerging applications of EVA in toys, auto bumpers, sealants in structures used to package dairy and meat products, and sporting goods would provide significant growth prospects for key players. EVA are also becoming more used in other industries, like as pipes, corks, and medical packaging.

Market restraints for ethylene vinyl acetate (EVA):

Unfavorable circumstances caused by the COVID-19 impact are expected to partially impede market growth. According to MMR reports, the rate of global economic growth fell by 3% in 2022, the greatest level since the Great Depression of the 1930s. The pandemic has caused a slump in the worldwide economy. Another important factor expected to impede market growth is the growing threat posed by substitutes such linear low-density polyethylene (LLDPE) resin and biodegradable plastic alternatives.

Trends in the global ethylene vinyl acetate (EVA) market:

Demand for EVA in sports equipment applications is growing as a result of the increasing health and wellness trend in the sports industry. The sports market in the United States has also been continuously increasing, and MMR estimates that it will reach around USD 79 Bn. by the end of 2023. Over the last ten years, there has been an increase in the demand for sporting items. Compared to the USD 17.8 Bn. in revenue in the year 2019, the sporting goods market is expected to generate USD 20.9 Bn. in 2024. Rapid industrialization & urbanization are trends in the market for ethylene vinyl acetate. The United Nations reports that an increasing percentage of people live in cities globally. In 2010, 51.6% of people resided in cities. The percentage of urban residents rose to 56.2% by 2020.
Ethylene Vinyl Acetate Market Segment Analysis:
In the year 2022, the vinyl acetate modified polyethylene type segment dominated the market & was held for more than xx% of global sales. The product's characteristics, such as its low molecular weight, which makes it a useful packaging material for consumer goods, food & beverages, and industrial packaging applications, are responsible for this sizeable proportion. Vinyl acetate modified polyethylene (EVA copolymer) contains a small amount of vinyl acetate. Foam blister packs, insulation foams, football shoe bottoms, pipes, adhesives, and other products are predominantly made using it. The material's demand in a variety of applications is driven by its capacity to create a moisture and gas barrier.

In the year 2022, the photovoltaic cell application category dominated the market & held more than xx% of total revenue. The increased need for clean energy in both public and private infrastructures is to blame for this substantial percentage. Between 2019 and 2024, it is expected that photovoltaic cell energy production would increase by 50s%. Over the forecast period, these factors are expected to fuel product demand in solar cell applications.

EVA foam has qualities that make it excellent for a variety of end-use sectors, including automotive, medical & healthcare, building, packaging, marine, electronics, sports equipment cushioning, footwear, and other ones. It also quickly recovers from compressions and absorbs colours. EVA foam is also utilised in transdermal nicotine patches, high-efficiency particulate air filters, and cold-flow enhancer for diesel fuel. During the forecast period, the market is expected to be driven by the increasing applications of foams.
Ethylene Vinyl Acetate Market Regional Insights:
Due to the growing number of solar PV plants in the US, North America is expected to lead the global ethylene vinyl acetate (EVA) market during the forecast period. The total installed solar power capacity in the nation was expected to rise by 21% in the year 2022, with approximately 20 GW of new installations expected by the end of the year. Additionally, it is expected that Canada's growing packaging sector would support regional market growth.

Due to the region's considerable packaging industry presence, Asia Pacific is also expected to have significant growth during the forecast period. In the year 2022, the Indian packaging market was worth USD 75.95 Bn. The packaging industry association of India (PIAI) estimates that the industry is growing by 22% to 25% annually. With its exports & imports, the Indian packaging industry has earned a name for itself, propelling technological advancement and innovation in the nation & enhancing the numerous manufacturing sectors. Given that plastic packaging accounts for approximately 40% of India's yearly plastic consumption, the packaging industry is playing the role of a catalyst in fostering the enormous growth of the EVA market in that country (14 million ton).
Ethylene Vinyl Acetate Market Scope: Inquire before buying



Ethylene Vinyl Acetate Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 7.81 Bn.


Forecast Period 2023 to 2029 CAGR:
6.5%
Market Size in 2029:
US $ 12.14 Bn.


 Segments Covered:
by Type
• Low Density Ethylene Vinyl Acetate (LEVA)
• Medium Density Ethylene Vinyl Acetate (MEVA)
• High Density Ethylene Vinyl Acetate (HEVA)


by End-Use Industry
• Footwear & Foam
• Packaging
• Photovoltaic Panels
• Pharmaceutical
• Others


by Application
• Film
• Foam
• Hot Melt Adhesives
• Wire & Cable
• Extrusion Casting
• Solar Cell Encapsulation
• Others


by Grade
• Low Density
• Medium Density
• High Density



Ethylene Vinyl Acetate Market, by Region
● North America (United States, Canada and Mexico)
● Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
● Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
● Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
● South America (Brazil, Argentina, Columbia and Rest of South America)
Ethylene Vinyl Acetate Market, Key Players are:
• BASF SE
• Exxon Mobil Corporation
• The Dow Chemical Company
• Formosa Plastic Corporation
• Celanese Corporation
• Hanwha Total Petrochemical Co. Ltd.
• LyondellBasell Industries N.V.
• ARLANXEO Holding B.V.
• Braskem S.A.
• Asia Polymer Corporation
• Arkema Group
• Clariant AG
• Hanwa Solution Chemical Division Corporation.
• Sumitomo Chemical
• Others

FAQs:

1. Which region has the largest share in Global Ethylene Vinyl Acetate Market?
Ans: Asia Pacific region holds the highest share in 2022.

2. What is the growth rate of Global Ethylene Vinyl Acetate Market?
Ans. The Global Ethylene Vinyl Acetate Market is growing at a CAGR of 6.5% during forecasting period 2023-2029

3. What is scope of the Global Ethylene Vinyl Acetate market report?
Ans. Global Ethylene Vinyl Acetate Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period

4. What is the projected market size & growth rate of the Ethylene Vinyl Acetate Market?
Ans. Ethylene Vinyl Acetate Market size was valued at US$ 7.81 Billion in 2022 and the total Ethylene Vinyl Acetate revenue is expected to grow at 6.5% through 2023 to 2029, reaching nearly US$ 12.15 Billion.

5. What segments are covered in the Ethylene Vinyl Acetate Market report?
Ans. The segments covered are Type, End-Use Industry and Region.