Ethylene Vinyl Acetate (EVA) Market to Grow at a CAGR of 4.84% by 2030
According to ChemAnalyst report, “Ethylene Vinyl Acetate (EVA) Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Ethylene Vinyl Acetate market witnessed a steady growth in the past five years and is projected to achieve a CAGR of 4.84% over the forecast period. In terms of volume, the demand for ethylene Vinyl Acetate (EVA) was approximately 3.84 million Tons in 2020 and is anticipated to reach 6.09 million Tons by 2030 owing to its characteristics such as low price, light weight and its application as replacement of rubber in footwear industry.
Ethylene Vinyl Acetate is a copolymer of vinyl acetate and ethylene with the gloss and mild odor. It is an elastomer that creates products exhibiting hardness along with rubber like softness and flexibility. On the basis of the percentage of vinyl acetate content, EVA market is segmented into various grades that are specific in their applications and end uses. The major four categories are Below 18% VA, 18% VA and 28% VA and above 28% Vinyl Acetate. Owing to the properties, such as low-temperature resistance to UV radiation, high flexibility, toughness, high electrical and stress-crack resistance etc. it is employed in various applications as adhesives utilized in Packaging, bonding plastic films in book binding, textiles, metal surfaces, coated papers; as foams in footwear, martial art gloves, hockey pads and other sports items due to its shock absorbing property; as an encapsulation material for crystalline solar cells in the production of Photovoltaic modules; in the manufacturing of wires and cables and Others.
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Footwear industry holds the major share of demand for Ethylene Vinyl Acetate and is expected to propel its market in the forecast years due to the increasing popularity of EVA sandals, Shoes and Slippers as it is lightweight, comfortable and cheaper than its substitutes. Moreover, with the surging demand for EVA from Packaging sector due to the growth in e commerce, is also expected to drive the market for Ethylene Vinyl Acetate in the forthcoming years.
The unprecedented outbreak of COVID-19 pandemic across the globe in the 2020, drastically impacted several industries, owing to the nationwide lockdowns imposed by the government of global economies to prevent spread of the novel corona virus, resulted into demand and supply chain disruption. A decline in the demand for Ethylene Vinyl Acetate was observed from the major end users such as footwear, electronics and electricals coupled with the scarcity of raw material due to hinderance in transportation in the first half of 2020, amid covid that resulted into an evident effect on its market. However, a rise in the demand for Ethylene Vinyl Acetate has been witnessed from the Packaging sector due to more online purchasing during the covid crisis that somehow minimize the impact on its market amid covid. Moreover, since there is relaxation in the lockdown and after the resumption of the industrial operations, a strong recovery has been witnessed due to the high demand from various end use industries.
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Region wise, Asia Pacific holds the major share of global demand for Ethylene Vinyl Acetate owing to the presence of end use industries in abundance such as Packaging, Electronics and Electricals, Agriculture etc. Moreover, growing Renewable Energy sector and footwear industry in the region are expected to drive its market in the forecast period. Similarly, in Europe and North America rising demand of EVA in Packaging and Renewable Energy sectors are expected to accelerate its market at a significant pace in the upcoming years.
According to ChemAnalyst report, “Ethylene Vinyl Acetate Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”, Some of the major players operating in Global Ethylene Vinyl Acetate market include Braskem, Dow, Celanese, Dupont-Mitsui Polychemicals, Dairen Chemical, ENI Versalis S.p.A., Exxon Mobile, Formosa Plastic Corporation. Looking at the vast market potential, players are coming up with capacity expansion plans and heavily investing in advanced technologies to expand their current product portfolios.
“Being directly linked to Footwear and Packaging sectors, global Ethylene Vinyl Acetate market has shown a robust growth alongside growing population, rise in per capita income and changing customers preferences. A significant growth is witnessed in the demand for EVA to produce solar cell modules driven by the increasing demand of solar power systems owing to the rising awareness about renewable and sustainable energy sources. Moreover, rapidly growing Packaging industry and its gaining popularity in food packaging would further augment the consumption of Ethylene Vinyl Acetate and boost its market in the forecast period. With new competitors emerging across the Asian Ethylene Vinyl Acetate market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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