United States, Rockville MD, June 30, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Fact.MR - market research and competitive intelligence provider, the global ethylene vinyl acetate market is expected to reach the valuation of USD 11,374.4 million by the end of 2032 and to grow at a CAGR of 2.4% over the assessment period.
The high demand from footwear and foam industry is to flourish the demand curve in near future. Since it is highly been utilized for manufacturing of outsole and insole. Moreover, significant demand from packaging, agriculture and pharmaceutical end use vertical to provide abundant opportunities to the manufacturers over the assessment period.
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Additionally, shifting consumer interest towards sustainable packaging for daily consumer goods products to push the demand in next couple of years. Ethylene vinyl acetate is considered as an environment friendly material which does not utilize chlorine in its manufacturing process. Due to this market scenario and versatile end use application market players are anticipated to surge their production to cater the dynamic demand from end use verticals.
Which End Use is Set to Drive High Demand for Ethylene Vinyl Acetate?
Growth in end-use verticals and rising application of EVA has created abundant opportunities for manufacturers to raise their production volumes over the past few years. Versatile applications of EVA in footwear & foam, packaging, agriculture, photovoltaic panels, pharmaceuticals, and other end-use industries is predicted to aid market expansion going forward.
According to Fact.MR research, EVA application in footwear & foam is the most lucrative segment. This segment is anticipated to generate a valuation of US$ 2.8 billion expanding at a CAGR of 3% during the assessment period.
Why is Low Density EVA Gaining Noteworthy Traction?
Low density EVA captured more than 31% of the market in 2021, and is expected to expand at a CAGR of ~2.5% during the forecast period. This segment is anticipated to reach a valuation of 3.6 billion by the end of 2032.
Medium density ethylene vinyl acetate has multiple end-use applications in footwear & foam, packaging, and pharmaceuticals; however, packaging & pharmaceuticals are anticipated to remain pivotal for the demand for medium-density EVA. This sub-segment is set to capture around 28% market revenue share and generate an absolute $ opportunity of US$ 600 million by 2032.
High density EVA accounts for nearly ~19% market share and is likely to follow a stagnant trend over the assessment period.
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Key Segments Covered in the Ethylene Vinyl Acetate Industry Survey
- Ethylene Vinyl Acetate Market by Product Type :
- Very Low Density EVA
- Low Density EVA
- Medium Density EVA
- High Density EVA
- Very Low Density EVA
- Ethylene Vinyl Acetate Market by End-use Industry :
- Footwear & Foam
- Packaging
- Agriculture
- Photovoltaic Panels
- Pharmaceuticals
- Other End-use Industries
- Footwear & Foam
- Ethylene Vinyl Acetate Market by Region :
- North America
- Latin America
- Europe
- APAC
- MEA
- North America
Competitive Landscape
The global market for EVA is highly consolidated with only a few tier-1 manufacturers occupying a large share of the market. The focus of major players across the world is mostly on product development and distribution network expansion.
Prominent players in the market follow the competitive market pricing strategy in the ethylene vinyl acetate market. Companies are entering into collaborations and partnerships with end-use industries to bolster their consumer base.
- ExxonMobil Corporation, in 2019, acquired Materia, Inc. The high structural performance company is a Nobel prize-winning firm for the technology for manufacturing a new class of materials.
- Celanese Corporation, in 2019, announced the acquisition of Next Polymers Ltd. This acquisition is likely to lead to rapid growth in the Indian business and broaden the company’s ability to serve nylon and other engineered materials coupled with offering a wide range of polymer products over the coming years.
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Key players in the Ethylene Vinyl Acetate Market
- Arkema Group
- ARLANXEO Holding B.V.
- Asia Polymer Corporation
- Braskem S.A.
- Celanese Corporation
- Clariant AG
- Dow Chemical Company
- ExxonMobil Corporation
Key Takeaways from Ethylene Vinyl Acetate Market Study
- Global ethylene vinyl acetate market is poised to expand at a CAGR of 2.4% reaching the valuation of USD 11,374.4 million by the end of 2032
- On the basis of type, low density EVA is projected to dominate the global market in terms of revenue generation. This sub-segment is poised to account for 31.7% of market share by the end of 2032
- Footwear & foam end use industry to generate the valuation of USD 2,827.0 million and to capture around 1/4th of market by the end of 2032
- North America region is likely to be most attractive region and is projected to reach the valuation of USD 3,544.3 million by the end of assessment period
- Packaging end use industry is estimated to generates USD 1,890.5 million of valuation by 2022 and to surpass the mark of USD 2,467.8 million by the end of 2032 at a considerable growth 2.7% over 2022-2032
- Medium density EVA, by type is likely to account for more than 1/4rd of revenue share is set to create an absolute $ opportunity of USD 599.4 million over the assessment period
- European region is expected to register a CAGR of 2.1% over the forecast period, to be valued at USD 2,945.3 million by 2032 end
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