Dublin, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The "Ethylene Vinyl Acetate (EVA) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global ethylene-vinyl acetate (EVA) market is projected to exhibit a Compound Annual Growth Rate (CAGR) exceeding 4% during the forecast period, as analyzed in a new comprehensive report. The study delves into the intricacies of the current market landscape, while also offering insights into anticipated future growth trajectories.
Key Highlights:
- In the short term, the packaging industry's escalating demand for ethylene-vinyl acetate (EVA) and its increasing application in the solar sector are set to drive market growth.
- Nonetheless, the proliferation of substitutes poses a challenge to market expansion.
- The rise in demand for agricultural applications holds promising growth opportunities for the market throughout the forecast period.
- The Asia-Pacific region is poised to assume market dominance, projected to exhibit the highest CAGR during the forecast period. Economic development in the region is bolstering market growth and consumer spending capacities.
Ethylene Vinyl Acetate (EVA) Market Trends:
Growing Usage in Films Application: Ethylene vinyl acetate, commonly known as EVA, is a thermoplastic copolymer of ethylene and vinyl acetate. EVA boasts exceptional elasticity, toughness, clarity, and gloss, while emitting minimal odor. This versatile material demonstrates notable resistance against flex cracking and punctures. It adheres effectively to various substrates and offers heat sealability, making it an attractive option for film applications.
While EVA finds applications across diverse film uses, it is often combined with other film resins rather than being used independently. The flexible packaging sector, accounting for around 20% of total packaging, constitutes a significant market segment. Films and resins comprise over 66.67% of total flexible packaging material purchases. Although EVA's gas and moisture barrier capabilities are average, making it less preferred for food packaging, it remains essential for non-food applications.
Asia Pacific's Dominance: The Asia-Pacific region, particularly driven by China and India, is expected to be the principal player in the ethylene-vinyl acetate (EVA) market, maintaining this position throughout the forecast period. EVA's demand is propelled by applications in the adhesive and packaging industries. Additionally, EVA is witnessing increased utilization in sports goods such as footwear, hockey pads, and martial art gloves due to its shock-absorbing properties.
China, a prominent player in the global packaging industry, is experiencing consistent growth, driven by customized packaging for food segments like microwaveable foods, snacks, and frozen goods. The Chinese Adhesives Market, valued at USD 11.33 billion in 2022, is projected to achieve a CAGR of 6.90% to reach USD 16.90 billion by 2028. Similarly, the Indian market for paper and paperboard packaging materials is set to register a CAGR of 6.63%, reaching USD 15.69 billion by 2027. With a substantial portion of India's packaging industry utilizing flexible packaging, EVA's significance remains prominent.
Furthermore, India's export of packaging materials has surged from USD 844 million in FY 2018-19 to USD 1,119 million in 2021-2022, achieving a CAGR of 9.9%. These trends, combined with an increasing preference for Indian packaging materials overseas, are expected to bolster the EVA market's demand.
Ethylene Vinyl Acetate (EVA) Market Competitor Analysis:
The global ethylene-vinyl acetate market displays a fragmented nature, with top players accounting for approximately 30% of the total market share. Key players in the market, arranged in no particular order, include:
- Hanwha Solutions
- Dow
- Exxon Mobil Corporation
- Celanese Corporation
- Sipchem Company
Market Dynamics:
Drivers:
- Escalating Demand from the Packaging Industry
- Increased Usage in the Solar Industry
Restraints:
- Escalating Threat of Substitutes
Competitor Landscape:
A selection of companies featured in the report include:
- Arlanxeo
- Asia Polymer Corporation
- Benson Polymers Limited
- Braskem
- Celanese Corporation
- Clariant AG
- Dow
- ExxonMobil Corporation
- Hanwha Solutions/Chemical Corporation
- Innospec Inc.
- Kemipex
- LyondellBasell Industries Holdings BV
- Repsol
- Sipchem
- SK Global
- Sumitomo Chemical Co. Ltd
- Tosoh Corporation
Insightful Analysis for Informed Decisions:
The comprehensive "Ethylene-Vinyl Acetate (EVA) Market Report" serves as a guiding light, providing readers with profound insights into market dynamics, trends, and industry players. As the global EVA market gears up for impressive growth, this report empowers businesses with invaluable information to make strategic decisions and capitalize on emerging opportunities.
For more information about this report visit https://www.researchandmarkets.com/r/odaof3
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
