Selbyville, Delaware, May 10, 2022 (GLOBE NEWSWIRE) -- As per the latest report by Global Market Insights Inc., the Vinyl Acetate Monomer (VAM) Market was estimated at USD 8.2 billion in 2021 and is anticipated to reach a valuation of around USD 11 billion by 2028, progressing at a CAGR of 4.7% from 2022 to 2028. The report provides an extensive analysis of wavering market trends, market size & estimations, the competitive scenario, drivers & opportunities, top winning strategies, and major investment pockets.
Vinyl acetate monomer (VAM), a colorless organic monomer, is made through the acetylation of ethylene with oxygen and acetic acid. It is primarily used in the manufacturing of polyvinyl alcohol, ethylene vinyl alcohol, polyvinyl acetate, and ethylene vinyl acetate, among other compounds. Owing to its properties like optical clarity, adhesion, and fiber formation, VAM finds extensive usage in textiles, construction, packaging, and cosmetics industries. Surging utilization in non-woven binders, acrylic fibers, water-based paints, adhesives, and paper coatings is driving product demand. Notable developments in the polymer industry, along with increasing requirement in the production of adhesives, paints & coatings, lues & sealants, binders, paper coatings, elastomers, textiles, and others, are set to facilitate market growth over the forecast period.
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Ethylene-vinyl acetate (EVA) offers several beneficial characteristics, including extra toughness, high tensile elongation, and stress-crack resistance, which makes the polymer ideal for use in the packaging industry. Rising disposable incomes in developing nations and widespread use of the polymer in various end-user industries, such as automotive, photovoltaic panels, and footwear, would boost product demand. Driven by these factors, the ethylene-vinyl acetate (EVA) application segment is slated to reach about USD 1.2 billion in revenue by 2028.
Meanwhile, the polyvinyl acetate (PVA) application segment contributes to a major portion of the global demand in the vinyl acetate monomer (VAM) industry and is expected to witness robust development through the study timespan. Increasing utilization in adhesives, coupled with prevalent application in the textile industry, is foreseen to stimulate the growth of the segment in the forthcoming years.
Key reasons for vinyl acetate monomer market growth:
- High usage in construction activities.
- Growing uptake in cosmetics industry.
- Increasing adoption across textile sector.
- Rising utilization in packaging applications.
2028 forecasts show ‘cosmetics’ segment retaining its dominance:
With respect to end-user industry, the cosmetics segment is estimated to surpass a valuation of USD 1.6 billion by 2028, expanding at a CAGR of above 4.5% over the review timeline. Mounting awareness pertaining to beauty products, changing consumption behavior, increasing purchasing power of consumers, and surging premium on personal grooming, are set to drive product uptake in the cosmetics industry. Vinyl acetate monomer keeps emulsion from separating water and oil components, which supports its application in cosmetic products. Moreover, growing consumer interest in cosmetic ingredients is speculated to further drive segmental adoption in the coming years.
Europe to maintain top status in terms of revenue:
In the regional landscape, the Europe vinyl acetate monomer (VAM) market is set to showcase steady growth to be valued at more than USD 2.6 billion by 2028, progressing at approximately 4% CAGR through the forecast period. Ethylene & vinyl acetates are broadly utilized for making ethylene vinyl acetate (EVA) resins. In Europe, vinyl acetate packaging films, wires & cords, foams, hot melt adhesives, and solar cell encapsulations, are key products made with the monomer.
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Impact of COVID-19 pandemic on vinyl acetate monomer (VAM) market:
After the onset of COVID-19, manufacturers witnessed an upsurge in the prices of vinyl acetate monomer (VAM) owing to worldwide supply chain disruptions and production shutdowns caused by government-imposed lockdown restrictions. On the other hand, there was unprecedented spike in the demand for food and pharmaceutical packaging, which bolstered product demand across packaging applications. Rising product demand has fostered market outlook significantly during the pandemic.
Leading market players:
Some major firms operating in the global vinyl acetate monomer (VAM) industry include 3M Company, Celanese Corporation, ExxonMobil Corporation, Hoehn Plastics Inc., LyondellBasell Industries N.V., Innospec, Inc., Clariant AG, Lotte Chemical Corporation, and BASF SE, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
