New York, USA, Nov. 02, 2021 (GLOBE NEWSWIRE) -- According to a new report published by Research Dive, the global ethylene vinyl acetate resins market is expected to garner a revenue of $15,300.3 million and rise at a healthy CAGR of 6.9% from 2021-2028.
As per our analysts, with the increasing demand for ethylene-vinyl acetate resins in the packaging industry, the global ethylene vinyl acetate resins market is projected to observe significant growth during the analysis period. Ethylene-vinyl acetate resins are widely utilized in the packaging industry because of their numerous beneficial properties like flexibility, chemical resistant, resistance to UV radiation, crack resistance, and many more. Besides, the utilization of bio-based ethylene-vinyl acetate resins, which are more environmentally and health-friendly is expected to boost the market over the estimated timeframe. However, the presence of substitutes such as linear low-density polyethylene may hinder the growth of the market during the analysis period.
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The Segments of the Market
The report has been classified the market into various segments based on type, application, end-user, and region.
Type: Thermoplastic Ethylene Vinyl Acetate Sub-Segment to be Most Lucrative
The thermoplastic ethylene-vinyl acetate sub-segment is expected to garner a revenue of $ 10,603.7 million over the analysis period. There are several advantages of using thermoplastic ethylene-vinyl acetate, as these have good drop resistance and also are a great source of the shock absorber. In addition, the increasing construction activities in buildings and infrastructures worldwide are further predicted to augment the ethylene-vinyl acetate resins market sub-segment during the forecast timeframe.
Application: Foam Sub-Segment to be Most Profitable
The foam sub-segment is projected to garner a revenue of $8,878.6 million during the analysis period. This is mainly due to the high resistance property of ethylene-vinyl acetate (EVA) to chemicals. These are biocompatible and latex-free which becomes very much beneficial for the medical industry. Furthermore, the increasing demand for ethylene-vinyl acetate for footwear and medical industries is further predicted to bolster the market sub-segment during the analysis period.
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End-User: Footwear Sub-Segment to Have the Largest Market Share
The footwear sub-segment is estimated to garner a revenue of $5,967.5 million during the forecast period. The usage of ethylene-vinyl acetate in the footwear industry is much beneficial due to its shock-absorbing nature, being lightweight and cost-effective. Moreover, the growing demand for both traditional, as well as fashionable footwear, are further expected to foster the growth of the ethylene-vinyl acetate resins market sub-segment over the estimated timeframe.
Region: Asia Pacific Region Anticipated to Have Vast Growth Opportunities
The Asia Pacific region is predicted to generate a revenue of $7,827.6 million during the analysis period. This is mainly because of the increasing demand for photovoltaic panel-based electricity in this region. Additionally, the expeditious increase in per capita income and development of industrial infrastructures are further expected to amplify the growth of the market sub-segment throughout the forecast period.
COVID-19 Impact on the Market
Though the outbreak of the Covid-19 pandemic has devastated several industries it has had a positive impact on the ethylene-vinyl acetate resins market. The increasing demand for protective packaging during the pandemic and the growing consumption of food products and beverages all across the world has contributed to a tremendous rise in the growth of the market. Moreover, the implementation of technologies like the Industrial Internet of Things (IIOT) is further expected to cause desirable growth of the market during the analysis period.
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The Key Players of the Market
The major players of the market include
- Arkema S.A.
- Celanese Corporation
- China Petroleum & Chemical Corporation.
- LyondellBasell Industries Holdings B.V.
- Eastman Chemical Company
- DuPont de Nemours, Inc.
- Honeywell International Inc.
- The Dow Chemical Company
- Ineos Group Holdings S.A.
- Exxon Mobil Corporation and many others.
These players are broadly working on adopting various business tactics and strategies such as merger and acquisition, collaboration and partnerships, to attain leading positions in the global industry.
For instance, in 2020, LyondellBasell Industries N.V. LYB and SUEZ have jointly announced the acquisition of TIVIACO. TIVIACO is a plastic recycling company and is located in Blandain, Belgium. LyondellBasell Industries N.V. LYB is one of the largest and leading plastics, chemicals, and refining companies in the world and SUEZ is a French-based company that especially focuses on the water and waste management sector. With this acquisition, TIVIACO has become part of the QCP, which is the 50/50 plastics recycling joint venture of the mentioned companies. After this acquisition, the QCP has risen up the production capacity of recycled materials to around 55.000 tons per year and TIVIACO has the processing capability of recycled plastic of around 22,000 tons per year, which is undoubtedly a big step towards ending plastic waste in the environment.
Furthermore, the report also summarizes various other important aspects such as SWOT analysis, product portfolio, key strategic moves, and financial performance of key players.
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
Related Article Links:
- 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
- Explained: EVA Foams and Their Applications
