Ethylene vinyl acetate is a polymeric biomaterial with a wide range of applications. The properties of ethylene vinyl acetate have increased its appeal for biomedical applications. It has been tested for controlled drug release, as well as harsh human departments. EVA18 nanocomposites exhibit enhanced mechanical properties. Moreover, they are extremely durable and flexible.
Market Statistics:
The global Ethylene Vinyl Acetate (EVA) Market is estimated to account for US$ 1,349.71 Mn in terms of value by the end of 2021.
Global Ethylene Vinyl Acetate (EVA) Market: Drivers
The global ethylene vinyl acetate market is growing on the account of rising demand from footwear industry. EVA is used in the footwear industry to impart resilience and softness to footwear and provide comfort and cushioning. The demand for this material is expected to continue to grow due to growing demand from end users, as ethylene vinyl acetate being used in many industries from the automotive industry to packaging and agriculture.
Global Ethylene Vinyl Acetate (EVA) Market: Opportunities
Increasing application of EVA in packaging of food and beverage industry for packaging of meat and dairy packaging is expected to present significant growth opportunities for market players. Moreover, it is also used in wire and cable insulation, footwear, and lamination of glass to enhance impact resistance. This is in turn is again fostering market growth.
Global Ethylene Vinyl Acetate (EVA) Market: Restraints
Challenges associated with ethylene vinyl acetate photovoltaic encapsulation is projected to hamper market growth.
To know the latest trends and insights prevalent in The Global Ethylene Vinyl Acetate (EVA) Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/ethylene-vinyl-acetate-market-5278
Covid-19 Impact Analysis:
Major players in the market, such as Hanwha, ExxonMobil, and Dow, faced short-term operational issues, due to supply chain constraints and lack of site access due to the COVID-19 outbreak. 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.
Key Takeaways:
The global Ethylene Vinyl Acetate (EVA) market was valued at US$ 1,349.71 Mn in 2021 and is forecast to reach a value of US$ 20,100.00 Mn by 2030 at a CAGR of 4.89% between 2022 and 2030.
Low Density segment held dominant position in the global Ethylene Vinyl Acetate (EVA) market in 2021, accounting for 48.31% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Ethylene Vinyl Acetate (EVA) Market Trends:
High density Ethylene Vinyl Acetate is gaining traction in the market due to its advantages offered. They exhibit clarity, range of colors, surface hardness, good surface quality, easy maintenance, lightweight, and easy fabrication properties. All these advantages make them ideal for wide range of industrial application.
Growing initiatives by key players to increase production capacity of Ethylene Vinyl Acetate is a growing trend in the market. This trend is expected to continue in the market. For instance, in Feb 2020, Dow Inc. The company had announced the expansion of Canada based ethylene production facility by 130 kilotons.
Global Ethylene Vinyl Acetate (EVA) Market: Competitive Landscape
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
Global Ethylene Vinyl Acetate (EVA) Market: Recent Developments
- In March 2019, Celanese Corporation increased its selling prices for Ateva EVA Polymers. This price increase is for orders shipped to Asia. The price of Ateva EVA in Asia increased to USD 80/mt.
- In January 2020, Celanese Corporation announced preliminary plans to expand its emulsion polymers derivatives business, to extend the value of its global acetyl chain. Celanese may further expand its EVA production capacity at its Geleen facility by 50,000 metric ton per annum, with an additional EVA reactor, by early 2023.
- In September 2020, Celanese Corporation announced an increase in its September EVA prices in China. Thus, the company's EVA prices rose by CNY700/mt for China.
- In January 2020, Hanwha Chemical merged with Hanwha Q CELLS and Advanced Materials and renamed Hanwha Solution