by The global Ethylene Vinyl Acetate Market is estimated to be valued at US$ 1484.94 Mn or million in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ethylene vinyl acetate is a copolymer of ethylene and vinyl acetate which possesses good low-temperature toughness as well as excellent electrical insulation properties. It is used in hot melt adhesives, paper coating, and film products owing to its flexibility and clarity.
Market key trends:
One of the key trends in the ethylene vinyl acetate market is its increasing use in the automotive industry. EVA finds application in various parts of vehicles such as sound deadening applications, interior trims, bumper fascia, and others. It is preferred in the automotive industry due to its high tensile strength, elasticity, durable flexibility, and abrasion resistance properties. EVA helps in reducing noise vibrations and enhances the quality of interiors of automobiles. The growing automotive industry globally is expected to drive the demand for EVA over the forecast period.
SWOT Analysis
Strength: Ethylene Vinyl Acetate has versatile properties that make it suitable for a wide range of applications. It has excellent flexibility, adhesion and chemical resistance properties.
Weakness: EVA is susceptible to thermal and mechanical degradation during processing and usage. It has lower strength and barrier properties compared to other polymers.
Opportunity: Growing demand for EVA from various end-use industries like packaging, solar panels, wires & cables etc. is opening up new opportunities. Rising need for sustainable and bio-based polymers also presents an opportunity.
Threats: Strict environmental regulations over the use of plastics pose a major threat. Fluctuating crude oil prices which affects the raw material costs is another challenge.
Key Takeaways
The Global Ethylene Vinyl Acetate Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand from packaging industry. EVA finds wide application as sealant layers for food packaging. It provides moisture and gas barrier along with flexibility and clarity required for packaging films and laminates.
Regional analysis: Asia Pacific region dominates the global Ethylene Vinyl Acetate market and is expected to maintain its lead over the forecast period. Abundant availability of raw materials, cheap labor and favorable government policies are driving the market growth in the region. China accounts for over half of the global EVA demand largely driven by packaging and solar industries. North America and Europe are other major consumers, however, their market is relatively mature as compared to Asia Pacific.
Key players operating in the Ethylene Vinyl Acetate market are Arlanxeo, Asia Polymer Corporation, Benson Polymers Limited, Braskem, Celanese Corporation, Clariant AG, Dow, ExxonMobil Corporation, Hanwha, Solutions/Chemical Corporation, Innospec Inc., LyondellBasell Industries Holdings BV, Repsol, Sipchem, SK Global, Sumitomo Chemical Co. Ltd, and Tosoh Corporation. The industry is fragmented in nature with top players accounting for around one-third of the total market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
