Dublin, March 29, 2023 (GLOBE NEWSWIRE) -- Fact. MR's study of the ethylene vinyl acetate market offers in-depth knowledge of the driving forces behind the industry's rising demand. In terms of product type, end-use industry, and region, it reveals potential that will support market expansion across numerous categories throughout the next decade.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global ethylene vinyl acetate (EVA) market is expected to skyrocket at a worth of US$ 11.37 billion by 2032. It is projected to uptick at a CAGR of 2.4% throughout the forecast period. In 2022, the market was valued at a sum of US$ 8.99 billion.
Use of ethylene vinyl acetate (EVA) in packaging applications is growing rapidly due to its favorable properties. A few of its properties include excellent flexibility, clarity, and resistance to wear. The need for lightweight and sustainable materials has made ethylene vinyl acetate an attractive choice for packaging solutions.
This trend is expected to continue to accelerate, as companies focus on sustainability initiatives and cost reduction strategies. With high demand for lightweight and sustainable packaging materials, demand for ethylene vinyl acetate will continue to increase in the next ten years.
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As per the India Brand Equity Foundation, sales of packaging materials climbed at a CAGR of 9.9%, from US$ 844 million in 2018 to US$ 1,119 million between 2021 to 2022. The top export destination for the packaging industry is still the USA.
Solar energy is becoming increasingly popular, creating a need for ethylene vinyl acetate to help with the production of solar panels. As technology advances, demand for ethylene vinyl acetate increases as it can be used to manufacture reliable, high-performance solar cells and modules.
The emergence of new technologies such as flexible and transparent photovoltaic (PV) materials is also expected to boost demand for ethylene vinyl acetate. It provides superior physical and chemical properties, as well as robust adhesion to various substrates.
Very low-density ethylene vinyl acetate is a unique material that offers excellent durability and flexibility for a variety of applications. Its lightweight nature makes it particularly suitable for use in the production of medical devices, electronics, and automotive components. Ethylene vinyl acetate is used in the production of packaging materials due to its low-cost and environmental friendliness.
North American market for ethylene vinyl acetate is likely to experience rapid growth over the forecast period. It is due to increasing demand from packaging, solar energy, and other industries.
Development of new technologies, increased sustainability efforts, and growing preferences are set to drive demand in the market. This region has large reserves of ethylene vinyl acetate raw materials, thereby allowing for competitive pricing and further aiding growth in the market.
Key Takeaways:
- North America accounted for 31.5% share in 2022 and is set to soar at a CAGR of 2.3% in the global ethylene vinyl acetate market by 2032.
- The USA is likely to expand at a CAGR of 2.3% from 2022 to 2032, and it is currently holding about 89% shares in North America ethylene vinyl acetate market.
- China is expected to showcase 3.1% CAGR and hold about 42.7% share in the global ethylene vinyl acetate market between 2022 and 2032.
- Based on end use, the footwear & foam segment is set to surpass US$ 2.8 billion and increase at 3% CAGR from 2022 to 2032.
- By product type, the low-density ethylene vinyl acetate segment held more than 31% of shares in 2021.
Growth Drivers:
- Burgeoning demand in the agriculture sector would drive sales of ethylene vinyl acetate during the forecast period.
- Increasing use of ethylene vinyl acetate in the footwear industry for making shoe soles as it provides cushioning and support, would boost demand.
Restraints:
- Ethylene vinyl acetate composites begin to produce acetic acid when exposed to ultraviolet (UV) rays or ambient water, which might increase surface corrosion.
- Ethylene vinyl acetate's inadequate acid durability and barrier qualities might limit expansion in the market.
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Competitive Landscape:
Key companies hold a significant share in the global ethylene vinyl acetate market due to their high production capacity and broad product portfolios. These companies are also engaged in research and development activities to introduce novel products to the market.
For instance,
- In May 2022, a Brazil-based petrochemical company named Braskem unveiled its three most recent green 3-dimension printing filament materials. They are designed for the additional industrial sector. They comprise bio-based ethylene vinyl acetate fiber to 3D printing filament based on reclaimed polypropylene and polyethylene (PE/PP) blend filaments.
- In May 2022, for the construction of an ethylene vinyl acetate production plant in India with a planned ton annually of 100,000 tons, Asian Paints invested US$ 261.22 million.
Key Companies Profiled by Fact.MR
- Arkema Group
- ARLANXEO Holding B.V.
- Asia Polymer Corporation
- Braskem S.A.
- Celanese Corporation
- Clariant AG
- Dow Chemical Company
- ExxonMobil Corporation
- Formosa Plastic Corporation
- Hanwha Total Petrochemical Co. Ltd
- Lyondell Basell industries N.V.
- Sahara International Petrochemical Company
- SIPCHEM
More Valuable Insights on Ethylene Vinyl Acetate Market
In the latest study, Fact.MR offers a detailed study on the global ethylene vinyl acetate (EVA) market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of ethylene vinyl acetate through detailed segmentation as follows:
By Product Type:
- Very Low-Density EVA
- Low Density EVA
- Medium Density EVA
- High Density EVA
By End-use Industry:
- Footwear & Foam
- Packaging
- Agriculture
- Photovoltaic Panels
- Pharmaceuticals
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Key Questions Covered in the Ethylene Vinyl Acetate Market Report
- What is the projected value of the ethylene vinyl acetate market in 2023?
- At what rate will the global ethylene vinyl acetate market grow until 2032?
- Which are the factors hampering the growth in the ethylene vinyl acetate market?
- Which region is expected to lead in the global ethylene vinyl acetate market during 2022 to 2032?
- Which are the factors driving the ethylene vinyl acetate market during the forecast period?
- What is the expected market value of the ethylene vinyl acetate market during the forecast period?
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