New York, USA, May 03, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global ethylene vinyl acetate resins market is expected to garner a revenue of $15,300.3 million by 2028, growing expeditiously at a CAGR of 6.9% during the forecast period 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as 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
Segments of the Market
The report has divided the ethylene vinyl acetate resins market into various segments based on application, end-user, type, and region.
Application: Foam Sub-segment to be Most Profitable
The foam sub-segment is expected to occupy a dominating market share during the forecast period. This sub-segment generated a revenue of $5,276.8 million in 2020, and is further predicted to register a whooping revenue of $8,878.6 million during the forecast period. Ethylene vinyl acetate (EVA) foam is extensively used in the medical and footwear industry, which is expected to drive the growth of the sub-segment during the forecast period. Due to its latex-free properties, EVA foam is an ideal application in the medical industry. In addition to that, they have impeccable characteristics like high resistance to chemicals, biocompatibility, and others. These factors are expected to bolster the growth of the ethylene vinyl acetate resins market sub-segment during the forecast period.
Other sub-segments include solar cell encapsulation, extrusion coating, film, hot melt adhesives, wire & cable and others. The solar cell encapsulation sub-segment is expected to have the fastest growth rate surging at a CAGR of 8.2% in the estimated timeframe. It generated a revenue of $714.3 million in 2020, and is further anticipated to garner a revenue of $1,352.0 million during the forecast period.
End-User: Footwear Sub-segment to be Most Lucrative
The footwear sub-segment is expected to be acquire a commanding market share during the forecast period. This sub-segment is expected to garner a revenue of $5,967.5 million during the forecast period. This is majorly due to the significant surge in the demand for both fashionable as well as traditional footwear across the globe. Ethylene vinyl acetate resins are widely used in the footwear industry mainly due to its immaculate benefits such as light weight, cost-effective material, ability to absorb impact shock, and others. These factors are expected to accelerate the growth of the ethylene vinyl acetate resins market sub-segment during the forecast period.
Other sub-segments include photovoltaic panels, automotive, packaging & paper; paint, coating and adhesives; electronics & electrical, pharmaceutical and others. The photovoltaic panels sub-segment is expected to grow rapidly at a CAGR of 8.1% during the forecast period. It generated a revenue of $713.7 million in 2020, and is further predicted to surpass $1,348.5 million during the forecast period.
Type: Thermoplastic Ethylene Vinyl Acetate (Medium VA Density) Sub-segment to be Most Beneficial
The thermoplastic ethylene vinyl acetate (medium VA density) sub-segment of the ethylene vinyl acetate reins market is expected to generate a revenue of $10,603.7 million during the forecast period. Significant increase in the construction activities in infrastructure development and buildings across the globe is expected to stimulate the growth of the sub-segment during the forecast period.
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Region: Asia-Pacific Region to Dominate the Global Market
The Asia-Pacific region is expected to generate a revenue of $7,827.6 million during the forecast period. Surging demand of photovoltaic panel-based electricity in this region is expected to drive the growth of the market. In addition, extensive economic development along with the development of industrial infrastructure in the private and public domain in this region is further expected to accelerate the growth of the regional ethylene vinyl acetate resins market during the forecast period.
Impact of COVID-19 on the Market
The outbreak of COVID-19 has had a positive impact on the growth of the global ethylene vinyl acetate resins market, owing to the occurrence of lockdowns in numerous countries across the globe. There was a sharp rise in the demand for food and beverages during the pandemic as people increasingly stocked up their supplies through online orders and convenience stores during lockdowns. This subsequently surged the demand for ethylene vinyl acetate resins-based packaging material in the food and beverage industry, leading to a healthy growth of the market.
Dynamics of the Market
Drivers: Extensive application of ethylene vinyl acetate resins-based material in the packaging industry due to its flexibility, crack resistance, resistance to UV radiation, chemical resistance, and others are expected to drive the growth of the market. In addition, ethylene vinyl acetate resin has considerably favoured the development of new products that have increased the number of services to the different industries. This factor is further expected to bolster the growth of the ethylene vinyl acetate resins market during the forecast period.
Restraints: presence of inexpensive substitutes is expected to impede the growth of the market during the forecast period.
Opportunities: Growing prevalence of bio-based ethylene vinyl acetate resins in industries like footwear and automotive is expected to create massive opportunities for the growth of the ethylene vinyl acetate resins market during the forecast period.
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Key Players of the Market
The major players of the ethylene vinyl acetate resins market include
- Eastman Chemical Company
- Honeywell International Inc.
- Exxon Mobil Corporation
- The Dow Chemical Company
- DuPont de Nemours, Inc.
- Ineos Group Holdings S.A.
- Arkema S.A.
- China Petroleum & Chemical Corporation
- Celanese Corporation
- LyondellBasell Industries Holdings B.V.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, December 2020, LyondellBasell Industries Holdings B.V., one of the world's largest plastics, chemicals and refining companies, together with SUEZ, a world leader in environmental services, announced the acquisition of TIVACO, a Belgium-based plastics recycling company. The company will come under Quality Circular Polymers (QCP), and this transaction will help QCP to increase production capacity for recycled materials to approximately 55,000 tonnes per year.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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