New York, USA, July 05, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global ethylene vinyl acetate resins market is projected to register a revenue of $15,300.3 million at a CAGR of 6.9% during the forecast period (2021-2028), increasing from $8,893.9 million in 2020. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: The ethylene vinyl acetate resins is used in the packaging and paper industry because of its many advantages such as flexibility, crack resistance, UV resistance, chemical resistance, and endurance for low temperature. This is the primary reason behind the growth of the market.
Restraint: Availability of low-cost alternatives such as linear low-density polyethylene (LLDPEs) is one of the main restraining factors behind the growth of the market.
Opportunity: Bio-based ethylene vinyl acetate resins are going to create many opportunities for the market in upcoming years. Bio-based resins are eco-friendly and are in high demand by the end-users.
Segments of the Market
The report has been divided into different segments based on type, application, end-user, and regional analysis.
Type: Thermoplastic Ethylene Vinyl Acetate Sub-Segment Expected to be the Most Lucrative
The thermoplastic ethylene vinyl acetate (medium VA density) sub-segment is predicted to register a revenue of $10,603.7 million during the forecast period. The main attributor behind the growth is the increasing adoption of thermoplastic ethylene vinyl acetate by the construction industry for its electric shock resistance properties.
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Application: Foam Sub-Segment Expected to be the Most Profitable
The foam sub-segment is expected to garner the highest revenue of $8,878.6 million by the end of 2028 increasing from $5,276.8 million in 2020. EVA foam is used in the medical industry extensively for its amazing properties such as biocompatibility, high resistance to chemicals, and latex free. This is the main factor enhancing the growth of the market segment.
End-User: Footwear Sub-Segment Predicted to be the Most Profitable
The footwear sub-segment is expected to garner the highest revenue of $5,967.5 million during the forecast period. The ethylene vinyl acetate resins is used in footwear manufacturing industry extensively due to its properties such as capability of preventing impact shock, cost-effective, and light weight. These factors are going to surge the market segment growth.
Regional Insights: Asia-Pacific Expected to Dominate the Industry
The Asia-Pacific regional market is expected to garner the maximum revenue of $7,827.6 million by the end of 2028 increasing from $4,422.9 in 2020. One of the factor enhancing the growth of the market is the high demand of photovoltaic panel-based electricity in the countries of the region. Rising urbanization in the regional countries is another factor contributing to the market growth.
Key Players of the Market
For instance, in June 2021, Eastman, a global leader in advanced materials and specialty additives, launched the Eastman Cristal™ One, a portfolio of Resin Identification Code 1 (RIC1) resins. This portfolio is designed in order to meet the surging demands of thick-walled packaging for luxury cosmetics.
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The most significant players of the global ethylene vinyl acetate resins market include
- Celanese Corporation
- DuPont de Nemours, Inc.
- Exxon Mobil Corporation
- The Dow Chemical Company
- LyondellBasell Industries Holdings B.V.
- China Petroleum & Chemical Corporation.
- Arkema S.A.
- Eastman Chemical Company
- Ineos Group Holdings S.A.
- Honeywell International Inc
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Covid-19 Impact Analysis
The coronavirus pandemic has impacted the ethylene vinyl acetate resins market in a positive way. The demand of catering services has been increased during the pandemic as the virus affects every family member leaving them dependent upon food services. This has increased the need of proper packaging need with safety precautions. This is main factor behind the growth of the market during the pandemic.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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