New York , Oct. 26, 2023 (GLOBE NEWSWIRE) -- The global ethylene vinyl acetate (eva) market size is projected to grow at a CAGR of over 3% from 2023 to 2035. The market is expected to garner a revenue of USD 15 billion by the end of 2035, up from a revenue of USD 9 billion in the year 2022. The rising need for saving crops from pests and other plant diseases is expected to drive market growth. According to the estimates from the Food and Agriculture Organization, pests are said to take up to 40% of worldwide crop productivity each year.
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Plant diseases cost the world economy more than USD 220 billion per year, and invading insects cost a minimum of USD 70 billion. This will increase the demand for pesticides, insecticides, and medicines for crops. Ethylene vinyl acetate is employed in the encapsulation to protect the active ingrediants in insecticides and pesticides. The EVA encapsulation helps in the controlled release of the active substrate, this increases the efficacy of the product and also minimizes the impact on the environment, and improves the quality of the plant by mining the direct contact of the chemical with the soil or the plant.
Ethylene Vinyl Acetate (EVA) Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth
- The Solar Cell Encapsulation segment to garner the highest growth
- Market in North America to grow at a highest rate
Rising Demand for Packaging is to Boost the Growth of the Ethylene Vinyl Acetate (EVA) Market
The packaging industry is continuously rising owing to the growing e-commerce sector, and rising preference for processed food. Moreover, the transition of businesses and consumers towards sustainable packaging is also raising the demand for the packaging. In 2022, around USD 980 billion worth of packaging is consumed in the world. Asia was the largest consumer of packaging followed by North America and Europe. EVA polymers are often used for extrusion coating and as co-extruded heat seal layers in multilayer structures such as cheese wrap with other polymers such as PET, cellophane, and biaxially-oriented PP films due to their simplicity of processing and high adherence.
Ethylene Vinyl Acetate (EVA) Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Use of Packaging is to Boost the Market Growth in Asia Pacific Region
In ethylene vinyl acetate (eva) market the Asia is expected to have the fastest growth in packaging use, driven by China and India. This is mainly due to increasing numbers of people, rising disposable incomes, and a shift away from traditional marketplaces and towards the buying of packaged consumer goods, particularly in the food category. China is expected to account for over 48% of global packaging consumption increase through 2022, with India responsible for the remaining 8.5%. Furthermore, the demand for paperboard packaging is also growing owing to the growth of the e-commerce sector, developments in retail infrastructure, and supply chain distribution systems.
Rising Approvals of New Drugs is to Elevate Market Growth in North America
In 2022, the FDA authorized 37 new pharmaceuticals that had never been approved or marketed in the United States previously, termed "novel" drugs. We additionally authorized previously authorized medications for use in new contexts, such as new indications and patient demographics. Ethylene vinyl acetate copolymer (EVA) has a long commercial experience as a controlled-release additive in the pharmaceutical sector. The application spans a wide range of parenteral uses, including transdermal drug distribution, contraceptive insertions, systemic implants, and oral contact forms.
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Ethylene Vinyl Acetate (EVA) Segmentation by Type
- Low Density
- Medium Density
- High Density
Ethylene Vinyl Acetate (EVA) Segmentation by Application
- Solar Cell Encapsulation
- Film Manufacturing
- Wire & Cable
- Adhesive & Sealants
- Coatings
- Plasters & Cement Renders
The solar cell encapsulation segment is expected to garner the major share of the market in the projected time frame. The growth of the segment is majorly attributed to rising demand for solar panels. Global cumulative solar PV capacity was 1,177 gigatonnes in 2022, with approximately 239 gigatonnes of additional PV capacity installed in the same year. Solar PV installed power capacity is expected to exceed coal by 2027, making it the world's largest. In our prediction, cumulative solar PV capacity nearly triples, increasing by nearly 1 500 GW over the period, overtaking natural gas by 2026 and coal by 2027. For the next five years, annual solar PV capacity additions will grow.
Ethylene Vinyl Acetate (EVA), Segmentation by End User
- Pharmaceutical
- Packaging
- Building & Construction
- Agriculture
- Footwear
On the basis of end user, the building & construction segment is expected to gain the highest market revenue over the forecasted period. The rising development of buildings and infrastructures is the major factor to boost the segment growth. The globe has an estimated 100 million buildings. The number of buildings has increased quickly in recent years and is anticipated to increase further in the future. According to the United Nations, the world population will reach 9.7 billion by 2050, necessitating an increase in the number of structures to handle this development. It is anticipated that 1.6 billion new buildings will be constructed by 2050, for an overall number of 2.6 billion buildings worldwide.
A few of the well-known market leaders in the global ethylene vinyl acetate (EVA) market that are profiled by Research Nester are The Dow Chemical Company, ExxonMobil Corporation, Arkema, SABIC, Hanwha Solutions Chemical Division, LG CHEM Ltd., China Petrochemical Corporation, Versalis S.p.A., Braskem S.A., and TotalEnergies.
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Recent Developments in the Ethylene Vinyl Acetate (Eva) Market
- The Dow Chemical has introduced two new sustainable ionomer grades, SURLYNTM REN and SURLYNTM CIR, which innovate the utilization of renewable and circular feedstocks. These new ratings represent a watershed point in the cosmetics industry's packaging. The new SURLYNTM grades will allow cosmetic businesses and manufacturers to design high-quality, sustainable cosmetic packaging that distinguishes out on store shelves.
- Celanese Corporation, a global chemical and specialty materials company, announced recently entered into a memorandum of understanding for a multi-year business-related agreement with Anhui Wanwei Group Co., Ltd., based in Chaohu, China, aimed at providing Wanwei with Celanese's green technology-based, ethylene-based vinyl acetate monomer (VAM) to support around fifty per cent of the company's captive
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