Wilmington, Delaware, United States, July 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The EVA resins & films market size was valued at US$ 4.6 Bn in 2022. It is estimated to grow at a CAGR of 6.3% from 2023 to 2031 and reach US$ 6.8 Bn by the end of 2031.
EVA resins and films are manufactured by polymerizing a mixture of vinyl acetate monomers and ethylene. EVA films are widely used in diverse industries such as laminated glass, packaging, solar panel encapsulation, and more. They offer several advantages, such as thermal stability, clarity, resistance to moisture, and good adhesion.
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Competitive Analysis
The global industry is highly consolidated, with a handful of large-scale vendors accounting for the majority of market share. Companies in the EVA resins and films market are investing significantly in comprehensive R&D activities, primarily to develop environmentally-friendly products.
Prominent players in the EVA resins and films market include Arkema S.A., International Polymers Company, LyondellBasell Industries Holdings, The Dow Chemical Company, and Exxon Mobil Corporation.
Key Findings of Study
Growth of Renewable Energy Sector Fueling Market Expansion – Rapid development of the solar energy sector is a key factor driving the EVA resins and films market. Solar panels, which are key components of solar energy systems, need to be encapsulated in order to safeguard the fragile solar cells. EVA films, with their superior adhesion, transparency, and durability properties, are extensively used in the encapsulation of solar cells used in solar panels.
EVA films are used as a protective shield that safeguards solar panels from environmental factors such as UV radiation, moisture, and mechanical stress. Rapid adoption of solar energy is fueling the demand for superior EVA films that adhere to government-set protection and performance standards. According to the International Energy Agency, solar photovoltaic capacity has been increasing globally in the last few years, with 137 GW of new installations recorded in 2022.
Government incentives and favorable policies for the development of solar energy are leading to increased solar installation in both commercial and residential sectors. Governments worldwide are offering tax credits, feed-in-tariffs, and subsidies, which are attracting investments in solar panel manufacturing. This, in turn, has led to increased demand for EVA films, creating lucrative market opportunities.
Technological Advancements and Innovation to Boost Market Value – Improvement in the polymerization process is a significant aspect of the advancement of EVA films. Research and development efforts by manufacturers have led to the optimization of polymerization process, thereby resulting in EVA resins with improved uniformity, purity, and consistency. These resins enable the production of superior EVA films with excellent physical and chemical properties, such as improved tensile strength, clarity, and thermal stability.
Large Volume Demand in Packaging Industry Creating Market Opportunities – In terms of product, the medium VA density EVA products hold key market share due to their versatility, balanced properties, and cost-effectiveness. Packaging, footwear, automotive, and medical products are some key applications of medium VA density products.
These films are widely used in the packaging of food, primarily due to their excellent flexibility, transparency, and barrier properties. EVA polymers and sheets provide a shield against oxygen and moisture and thus serve to effectively maintain the quality and freshness of packaged food.
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Growth Drivers
- Key applications of EVA resins and films in packaging and solar panel industry segments are fueling the EVA resins and films market
- Advancements in polymerization processes, blending techniques, and film processing methods, resulting in the development of improved EVA resins, are augmenting market growth
Regional Landscape
The EVA resins and films market in Asia Pacific is expected to display promising growth during the forecast period. China, Japan, Korea, and India are expected to be key contributors to market growth in the region. This can be ascribed to the high volume of industrial activities in these countries.
North America accounted for a significant EVA resins and films market share in 2022. The growth in the region is driven by growing investment in bio-oil projects in the U.S.
The global EVA resins and films market is segmented as follows:
Global EVA Resins and Films Market, by Type
- Vinyl acetate-modified polyethylene (low VA density)
- Thermoplastic ethylene vinyl acetate (medium VA density)
- Ethylene vinyl acetate rubber (high VA density)
Global EVA Resins and Films Market, by Application
- Packaging
- Solar Panels Encapsulation
- Laminated Glass
- Adhesives
- Sports Equipment
- Others
Global EVA Resins and Films Market, by End-use
- Consumer and Packaging
- Renewable Energy
- Food and Beverages
- Sports
- Others
Global EVA Resins and Films Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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