New York, USA, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global ethylene vinyl acetate resins market. According to the report, the global market is projected to surpass $15,300.3 million and grow with a CAGR of 6.9% in the estimated period, 2021–2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of COVID-19 Pandemic on the Ethylene Vinyl acetate resins Market
The abrupt rise of the COVID-19 pandemic in 2020 has had an optimistic impact on the growth of the global ethylene vinyl acetate resins market. During the pandemic, people started preferring packed products to avoid infections and stay safe. Thus, the growing demand for packed products boosted the need for packaging materials in the food & beverages industries, which propelled the demand for ethylene vinyl acetate resins-based packaging materials. These factors significantly fueled the market growth amidst the pandemic.
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Factors Impacting the Ethylene Vinyl Acetate Resins Market Growth
The key factor boosting the growth of the global ethylene vinyl acetate resins market is a significant rise in the demand for ethylene vinyl acetate resins from the packaging and paper industries. Furthermore, the development of bio-based ethylene vinyl acetate resin, which is an eco-friendly material, is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the growing availability of low-pr iced alternatives such as linear low-density polyethylene (LLDPEs) is anticipated to deter the market’s growth.
The report segments the global ethylene vinyl acetate resins market into type, application, end user, and region.
Thermoplastic Ethylene Vinyl Acetate (Medium VA Density) Sub-Segment to Grab a Notable Share of the Market
The thermoplastic ethylene vinyl acetate (medium VA density) sub-segment of the type segment is foreseen to observe leading growth and garner $10,603.7 million in the forecast period. This growth is mainly owed to the increasing number of construction projects and growing developments in building infrastructure.
Solar Cell Encapsulation Sub-Segment to Observe Significant Growth
The solar cell encapsulation sub-segment of the application segment is expected to hold a leading share of the market and surpass $1,352.0 million in the forecast period. This is primarily due to the growing use of ethylene vinyl acetate resins for the encapsulation process of solar panels.
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Photovoltaic Panels Sub-Segment to Witness Rapid Growth
The photovoltaic panels sub-segment of the end user segment is predicted to grow enormously and hit $1,348.5 million in the forecast period. This growth is mainly owed to the growing demand for solar panel-based electricity generation. Moreover, the usage of ethylene vinyl acetate resins in photovoltaic panels offers various benefits such as good elasticity, low processing temperature, improved light transmittance, enhanced melt fluidity, and adhesive properties. This is expected to boost the growth of the sub-segment in the forecast period.
Asia-Pacific Region to Observe Leading Growth
The report analyzes the global ethylene vinyl acetate resins market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe signifcant growth and hit $7,827.6 million in the estimated period. This growth is mostly due to the rapid economic development and growing industrialization owing to increased per capita income in this region.
Key Players of the Global Market
The report states some of the foremost players operating in the global ethylene vinyl acetate resins market including
- Exxon Mobil Corporation
- DuPont de Nemours, Inc.
- Celanese Corporation
- Honeywell International Inc.
- LyondellBasell Industries Holdings B.V.
- The Dow Chemical Company
- Arkema S.A.
- China Petroleum & Chemical Corporation.
- Ineos Group Holdings S.A.
- others
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in August 2018, Braskem, a Brazilian resin supplier, launched an ethylene vinyl acetate (EVA) copolymer derived from sugarcane. Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Ethylene Vinyl Acetate Resins Market:
- Ethylene Vinyl Acetate Resins: Properties, Advantages, Applications, and Their Recyclability
- Global Ethylene Vinyl Acetate Resins Market to Experience Accelerating Growth by 2028, Due to Increasing Use of Ethylene Vinyl Acetate Resin-based Materials in the Packaging Sectors Across the World
