The global ethylene vinyl acetate (EVA) market size was valued at USD 1,349.71 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 4.89% from 2022 to 2030. The ethylene vinyl acetate (EVA) market is growing on the account of increasing demand from electrical & electronics, packaging, and solar power industries. Solar power is one of the cleanest renewable energy resources available and is widely used in many industries. Solar energy is being aggressively promoted in both developed and developing countries. EVA is a thermoplastic polymer that is used as an encapsulating agent in solar modules. The resulting film has low degradation under the influence of sunlight and provides good radiation transmission.
Global Ethylene Vinyl Acetate (EVA) Market: Regional Insights
Regionally, North America is expected to dominate the global ethylene vinyl acetate (EVA) market over the forecast period owing to the increasing number of solar PV plant in the US. According to a report released by the Solar Energy Industries Association (SEIA), the total installed solar power capacity in the country was projected to increase by 47% in 2020, with nearly 20 GW of new installations expected by the end of the year. Also, rise in packaging industry in Canada is again anticipated to fuel regional market growth.
At the same time, Asia Pacific is also projected to witness significant growth over the forecast period owing to the strong presence of packaging industry in the region. The Indian Packaging Industry in India was valued at USD 75.95 billion in 2019. According to the Packaging Industry Association of India (PIAI), the sector is growing at 22% to 25% per annum. The Indian packaging industry has made a mark with its exports and imports, thus driving technology and innovation growth in the country and adding value to the various manufacturing sectors. The packaging industry is enacting the role of catalyst in promoting the huge growth of EVA market in India as plastic packaging makes up nearly ~40% of India’s annual plastic consumption (14 million ton).
Figure 1. Global Ethylene Vinyl Acetate (EVA) Market Value Share (%), By Region, 2021
Global Ethylene Vinyl Acetate (EVA) Market Drivers:
Growing demand from packaging industry is a prime factor propelling growth of the ethylene vinyl acetate (EVA) market. It is widely used in industrial packaging of rubber, tire, and additives. They are used in paper bag assembly, carton box sealing, and book-binding applications. Moreover, they are also used in labeling beverage bottles and bonding tags and labels. The growing organized retail sale, processed food products, FMCG product sales, and e-commerce sales are creating demand for EVA based hot-melt adhesives.
Increasing demand from Solar PV industry is again projected to foster market growth. It act an encapsulant for solar cells or modules. Moreover, it is basically a copolymer film that acts as an important sealant of photovoltaic solar modules for safeguarding reliability and performance. It is the most common encapsulation used is cross-linkable EVA. According to the International Energy Agency (IEA), in 2019, PV developers across the world installed 114.9 Giga Watts (GW) of new solar power, representing 12% growth from 2018. In terms of the total new solar capacity installed, China represented the largest PV market for the third year in a row in 2019, with total installed solar capacity of 30.1 GW, followed by the United States with 13.3 GW and Japan with 7.7 GW.
Global Ethylene Vinyl Acetate (EVA) Market Opportunities:
Growing application in agriculture industry is projected to present lucrative opportunities in the market. They are used to protect and preserve agricultural harvests in all types of weather. Moreover, EVA is also beneficial in preventing damage in the field while handling, reducing the risk of waste and spoilage. Furthermore, these films increase moisture retention, offer temperature management, and safeguard crops from environmental elements. Thus, these films help farmers increase their efficiency to feed more people, while helping to conserve resources, such as nutrients, water, and fertilizer.
Emerging application of EVA in toy, automobile bumpers, sealants in meat and dairy packaging structures, and athletic goods is projected to serve major growth opportunities for key players in the near future. Moreover, EVA are also gaining traction from other applications such as pipes, corks, and medical packaging.
|Base Year:||2021||Market Size in 2021:||US$ 1,349.71 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||4.89%||2030 Value Projection:||US$ 20,100.00 Mn|
Arlanxeo, Asia Polymer Corporation, Benson Polymers Limited, Braskem, Celanese Corporation, Clariant AG, Dow, ExxonMobil Corporation, Hanwha, Solutions/Chemical Corporation, Innospec Inc., LyondellBasell Industries Holdings BV, Repsol, Sipchem, SK Global, Sumitomo Chemical Co. Ltd, and Tosoh Corporation
|Restraints & Challenges:||
Global Ethylene Vinyl Acetate (EVA) Market Trends:
Growing sports market due to rising health and wellness trend is creating demand for EVA in sports equipment application. According to the Coherent Market Insights analysis, the sports market in the United States has been growing steadily as well, and it is expected to reach approximately USD 79 billion by 2021. The demand for sporting goods has been increasing over the past decade. The sporting goods market revenue is projected to reach USD 20.9 billion in 2024, as compared to the USD 17.8 billion in 2019.
Rapid urbanization and industrialization is also acting as a trend for EVA market. According to the United Nation, all over the world, a growing proportion of the population lives in cities. In 2010, 51.6 per cent lived in urban areas. By 2020, the share of urban population increased to 56.2 per cent
Global Ethylene Vinyl Acetate (EVA) Market Restraints:
Unfavorable conditions arising due to the Covid-19 impact is expected to hamper the market growth to some extent. Based on the reports by the International Monetary Fund, the global economic growth decreased by 3% in 2020, which was the highest since the 1930 Great Depression. The pandemic has pushed the global economy into recession.
Growing threat from substitute such as linear low-density polyethylene (LLDPE) resin and bio-degradable plastic alternatives is another major factor expected to hinder the market growth.
Figure 2. Global Ethylene Vinyl Acetate (EVA) Market Value Share (%), By Technology, 2021
Global Ethylene Vinyl Acetate (EVA) Market Segmentation:
The global ethylene vinyl acetate (EVA) market report is segmented into Grade, Application, and Geography
Based on Grade, the market is segmented into Low Density, Medium Density, and High Density. Out of which, Low Density is expected to dominate the global market over the forecast period and this is attributed to their flexibility and softness property. They are widely used in films applications.
Medium Density segment is also expected to witness significant growth in the near future owing to the growing demand for emulsions and adhesives. They are tough and exhibit low temperature properties.
Based on Application, the market is segmented into Films, Adhesives, Foams, Solar Cell Encapsulation, and Other Applications. Out of which, Films is expected to dominate the global market over the forecast period and this is attributed to their excellent elastic and tough thermoplastic properties. It has high usage in packaging industry.
Adhesives segment is also expected to witness significant growth in the near future owing to the growing demand for hot-melt adhesives. Also, increasing use of EVA in water-based adhesives formulations is again propelling segment growth.
Global Ethylene Vinyl Acetate (EVA) Market: Key Developments
In May 2020, Arlanxeo established it’s headquarter in Hague, to forge ties with its parent company. The Corporate Center consists of the CEO, CFO, General Counsel, CHRO, Global Controller, and Head of Communications and is expected to be co-located with Aramco Overseas Company, its parent company.
In August 2019, Braskem launched its application of bio-based EVA in children's footwear. In the production process of Brazil-based Tnin Shoes, the renewable EVA, supplied under a partnership between Braskem and Lamiclas, was used to develop an insole that debuted in the first three sneaker models of the new children’s footwear brand, which uses recycled raw materials originating from textile scraps and PET bottles.
Global Ethylene Vinyl Acetate (EVA) Market: Key Companies Insights
The global ethylene vinyl acetate (EVA) market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global ethylene vinyl acetate (EVA) market are Arlanxeo, Asia Polymer Corporation, Benson Polymers Limited, Braskem, Celanese Corporation, Clariant AG, Dow, ExxonMobil Corporation, Hanwha, Solutions/Chemical Corporation, Innospec Inc., LyondellBasell Industries Holdings BV, Repsol, Sipchem, SK Global, Sumitomo Chemical Co. Ltd, and Tosoh Corporation
*Definition: Ethylene-vinyl acetate, more commonly referred to as poly, is a compound that is a copolymer of two different chemical compounds. Ethylene and vinyl acetate each contribute ten to forty percent of the total weight. As a result, ethylene-vinyl acetate is used in a variety of applications. It is used to produce a variety of thermoplastic materials. It is similar to low-density polyethylene and has applications in many industries. Examples include automobile bumpers, sports equipment, flexible packaging, and toys. Ethylene-vinyl acetate is often used in plastics manufacturing to create a variety of products from toys to footwear.
Ethylene-vinyl acetate (EVA) is a copolymer of two organic compounds, ethylene and vinyl acetate. The proportion of vinyl acetate to ethylene varies from 10 to 40%. This type of polymer is used in many applications including plastics, coatings, and adhesives. EVA is commonly used for packaging and in various plastic goods applications. It is used as a sealant in dairy and meat packaging, as well as for pipes and wire insulation. It also has a variety of medical uses and is a popular ingredient in thermoplastic mouthguards. In addition, it is used in hot melt adhesives and for the lamination of glass to improve impact resistance.
Demand for Ethylene Vinyl Acetate is expected to rise in the coming years as the demand for solar panels grows. This material is used in the encapsulation of solar panels. Its low degradation rate and high radiation transmission make it ideal for a variety of solar panel applications. Further, a growing awareness of energy conservation and favorable government regulations are likely to drive EVA consumption in alternative end uses. All these factors are projected to augment Ethylene Vinyl Acetate (EVA) market growth.
On contrary, threat from substitute like bio-degradable plastic alternatives is expected to hamper market growth over the forecast period.
Key features of the study: