Global Ethylene Vinyl Acetate (EVA) Market Size is Estimated to Reach USD 14.61 billion by 2031, Growing at a CAGR of 5.2%: Straits Research

Ethylene-vinyl acetate can make films, glues, foams, and solar cell covers, among other things. The growing demand from the packaging industry and rising usage in the solar industry will likely drive the demand for the studied market.

New York, United States, Feb. 27, 2024 (GLOBE NEWSWIRE) — The co-polymerization of vinyl acetate monomer and ethylene in a high-pressure reactor produces – ethylene vinyl acetate, a thermoplastic resin. There are numerous applications for ethylene-vinyl acetate, including films, adhesives, foams, and solar cell encapsulation. The packaging industry’s increasing need and the solar industry’s increasing utilization are anticipated to fuel the market’s demand.

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Growing Demand from the Packaging Industry to Drive the Global Ethylene Vinyl Acetate (EVA) Market

 According to Straits Research, “The global ethylene vinyl acetate (EVA) market was worth USD 9.26 billion in 2022 and is estimated to reach an anticipated value of USD 14.61 billion by 2031, registering a CAGR of 5.2% during the forecast period (2023-2031).” In most cases, ethylene vinyl acetate (EVA) is coextruded with polyethylene. EVA’s primary function is to reduce polyethylene film’s softening and melting points. Additionally, it increases the impact resistance and puncture resistance of films. EVA is a weak gas barrier and an average moisture barrier. PE EVA films are utilized in the industrial packaging of rubber, tires, and additives. In the packaging business, EVA-based hot-melt adhesives play a crucial role. They are applied to paper, cardboard, and plastic packaging substrates. Applications include carton box closing, paper bag assembling, and bookbinding. They are also utilized for marking beverage bottles and adhering to tags and labels. Increasing organized retail sales, FMCG product sales, processed food product sales, and e-commerce sales are anticipated to enhance demand for hot-melt adhesives based on EVA.

Rising Demand from Agricultural Applications to Provide Opportunities for the Global Ethylene Vinyl Acetate (EVA) Market

 EVA products reduce unit costs through substantial gauge reduction while preserving performance at the thinner gauge. They protect and preserve agricultural harvests in all types of weather by preserving their integrity under rigorous conditions. This minimizes the danger of waste and spoiling by preventing damage in the field and during processing. These films enhance the retention of moisture, provide temperature control, and protect crops from external factors. They assist farmers in increasing their productivity to feed more people while conserving water, fertilizers, and fertilizer resources.

Due to their exceptional resistance to damage, these films aid farmers in protecting and cultivating their crops, vegetables, and flowers throughout the year. In addition, these films have various features, including low seal-initiation temperatures, strong hot-tack, excellent impact strength, outstanding optical qualities for extrusion film techniques, and high transparency for solar cell encapsulation.

Due to the expanding population, it is anticipated that the certainty of agriculture would maintain the demand for agricultural films/plastics, consequently increasing the market’s consumption.

Key Highlights

  • By grade, the global ethylene vinyl acetate (EVA) market is bifurcated into low density, medium density, and high density. The low-density segment dominated the market and is estimated to register a CAGR of 5.1% during the forecast period. 
  • By application, the global ethylene vinyl acetate (EVA) market is segmented into films, adhesives, solar cell encapsulation, foams, and other applications. The film segment dominated the market and is estimated to register a CAGR of 5.2% during the forecast period.

Regional Insights

By region, the global ethylene vinyl acetate (EVA) market is segmented into Asia-Pacific, North America, Europe, South America, the Middle East, and Africa. 

Asia-Pacific dominated the market and is estimated to register a CAGR of 6.2% during the forecast period. China has the world’s second-largest packaging industry. Due to the rise of customized packaging in the food segment, such as microwave meals, snack foods, and frozen foods, as well as rising exports, the country is anticipated to have continuous growth over the projection period. Ethylene vinyl acetate copolymers (EVA) replace Polyvinyl chloride as the most widely utilized resin in packaging applications. EVA copolymers are odorless and do not require curing or plasticizer. As a result of their advantages over conventional packaging plastics, the use of EVA in the packaging industry is rising at a phenomenal rate. Moreover, China is a center for various manufacturing activities and, as a result, exports various items in quantity to many worldwide destinations. This situation increases the need for EVA in the country’s packaging applications.

North America is the second largest region. It is estimated to reach an expected value of USD 380 million by 2031, registering a CAGR of 3.7%. The food and beverage business is vital to the United States economy. E-commerce and delivery are gaining popularity as well. Due to the high rate of internet penetration and the rising need for convenience, consumers increasingly order groceries and other food products online. Increasing numbers of services, such as Amazon Fresh, let users buy fresh fruit without leaving their homes. In addition, most food and beverage processing plants in New York are involved in bakery production, followed by wineries and animal slaughter and processing industries. The United States installed 13.3 GW of solar PV capacity in 2019, bringing the total capacity to 77.7 GW, enough to power 14.5 million homes. In 2019, solar energy accounted for forty percent of all new electric generating capacity added to the grid. More than 2,8 GW of residential solar panels were installed in 2019, setting a new record for the industry. According to a survey conducted by the Solar Energy Industries Association (SEIA), the nation’s total installed solar power capacity will increase by 47% by 2020. The installed solar capacity is expected to quadruple by the end of the forecast period, with annual installations estimated to reach 20,4 GW in 2021. This is anticipated to present enormous opportunities for the EVA sector in the country over the next five years. After the COVID-19 outbreak subsides, it is projected that the abovementioned factors will increase demand for EVA across various end-user sectors, driving the market in the country throughout the forecast period.

Competitive Landscape

The major companies in the global ethylene vinyl acetate (EVA) 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, Tosoh Corporation.

Market News

  • July 2022 – Arlanxeo is currently collaborating with partners on an ISCC mass balance strategy to produce a broader selection of more sustainable elastomers by the fourth quarter of 2022.
  • September 2022 – Sumitomo Chemical has decided to establish a new company in Texas in the U.S. through Dongwoo Fine-Chem Co., Ltd., a wholly-owned subsidiary located in South Korea, and to build at the company a high-purity semiconductor process chemical manufacturing plant.

Global Ethylene Vinyl Acetate (EVA) Market: Segmentation

By Grade

  • Low Density
  • Medium Density
  • High Density

By Application

  • Films
  • Adhesives
  • Foams
  • Solar Cell Encapsulation
  • Other Applications

By Region

  • Asia-Pacific
  • North America
  • Europe
  • South America
  • Middle-East and Africa

Get Detailed Market Segmentation @ https://straitsresearch.com/report/ethylene-vinyl-acetate-market/segmentation

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