Portland, OR, July 22, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the ASEAN ethylene vinyl acetate (EVA) resins market generated $769.00 million in 2019, and is estimated to reach $1.27 billion by 2027, registering a CAGR of 6.5% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Rapid industrialization, rise in application in the automotive industry across the Thailand and Indonesia, and increase in demand for EVA resins from the foam and footwear markets drive the growth of the ASEAN ethylene vinyl acetate (EVA) resins market. However, presence of substitutes in the market hinder the market growth. On the other hand, growing technological advancements in the development of bio-based ethylene vinyl acetate (EVA) resins is expected to create new growth opportunities for market players during the forecast period.
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Covid-19 scenario:
- The demand for EVA resin is expected to experience a downfall during the Covid-19 pandemic due to the negatively-affected supply chain amid the lockdown. Moreover, various end-users such as automotive, building & construction, and photovoltaic panel industries across the ASEAN countries have halted their operations.
- The demand for EVA resins from footwear manufacturers is expected decline during Covid-19 pandemic due to decrease in sale of footwear products across the ASEAN countries during the pandemic.
- The lockdown restrictions in countries such as China and India have been eased off, and the industrial activities have been started up to certain extent. This is likely to present a huge opportunity for several EVA resin producers having presence in these countries to grow and generate maximum revenue.
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The report offers a detailed segmentation of the ASEAN ethylene vinyl acetate (EVA) resins market based on type, end-user, application, and country.
Based on type, the thermoplastic ethylene VA segment contributed to the largest share in 2019, accounting for more than two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period. However, the ethylene VA rubber segment is estimated to portray the highest CAGR of 6.8% during the forecast period.
Based on end-user, the footwear segment accounted for the largest share in 2019, holding more than one-third of the total share, and is expected to maintain the largest share throughout the forecast period. However, photovoltaic panels segment is expected to register the highest CAGR of 10.3% from 2020 to 2027.
Based on country, Vietnam contributed the highest share, accounting for more than one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Malaysia is expected to grow at the highest CAGR of 8.0% from 2020 to 2027.
Leading market players analyzed in the research include Braskem S.A., Arkema S.A., DOW Inc., Celanese Corporation, ExxonMobil Corporation, Innospec Inc., Hanwha Chemical Co, Ltd., Plastics Corporation, Lyondell Basell Industries N.V, and Total SA.
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