The global ethylene vinyl acetate (EVA) resin market was valued at $7,442.9 million in 2018, and is projected to reach $12,143.2 million by 2026, growing at a CAGR of 6.3% from 2019 to 2026.
Ethylene vinyl acetate (EVA) resins are manufactured using ethylene and vinyl acetate. They are used in production of packaging film, foam, wire & cable, solar cell encapsulation, and hot melt adhesives, and are composed of 18–40% vinyl acetate. EVA with low melt index (MI) offers high strength, superior viscosity, and hot tack (relative melting and bonding strength) as compared to its high melt index counterparts. EVA resins are widely used in the packaging and paper industries, owing to their properties such as enhanced flexibility and low sealing temperature. In addition, they are used in photovoltaic panels, which are used in solar energy generation.
Rapid industrialization and increase in disposable income of individuals across the emerging economies, such as India and China, are the key factors that have fueled the demand for automobiles. This in turn has boosted the demand for EVA resins, as they are widely applicable in the manufacturing of automobile bumpers and molded parts. Rise in production of lightweight vehicles due to their higher fuel efficiency and increase in demand for electric vehicles owing to implementation of stringent government environmental regulations toward vehicle pollution & fuel efficiency further contribute toward the growth of this market. In addition, development of the packaging film industry across the developing countries, such as India, China, Taiwan, Philippines, is expected to drive the growth of the market.
This is attributed to the fact that EVA resins find their application in the packaging industry, owing to their properties such as superior shock resistance, flexibility, and lower melting points.
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However, factors such as availability of inexpensive substitutes and issues related usage of EVA in photovoltaic packaging are expected to hinder the growth of this market. On the contrary, introduction of bio-based ethylene vinyl acetate materials is anticipated to provide lucrative opportunities for market expansion.
The global EVA resin market is segmented based on type, application, end user, and region. Depending on type, the market is classified into polypropylene (PP) vinyl acetate-modified polyethylene (low VA density), polyethylene (PE) thermoplastic ethylene vinyl acetate (medium VA density), and ethylene vinyl acetate rubber (high VA density).
The applications covered in the study film, foam, hot melt adhesives, wire & cable, extrusion coating, solar cell encapsulation, and others. On the basis of end user, the market is classified into automotive; packaging & paper; paints, coatings, & adhesives; electronics & electrical; pharmaceutical; footwear; photovoltaic panels; and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, and rest of Asia-Pacific), and LAMEA (Saudi Arabia, UAE, Qatar, rest of Middle East, Brazil, South Africa, and rest of LAMEA).
The major key players operating in the ethylene vinyl acetate resin industry include Arkema S.A., Braskem S.A., Celanese Corporation, DOW Inc., Exxon Mobil Corporation, Formosa Plastics Corporation, Hanwha Chemical Co, Ltd., Lyondell Basell Industries N.V., Sinopec Corporation, and Lotte Chemical Corporation.
KEY BENEFITS FOR STAKEHOLDERS
• Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• It outlines the current trends and future scenario of the market from 2019 to 2026 to understand the prevailing opportunities and potential investment pockets.
• Major countries in the region have been mapped according to their individual revenue contribution to the regional market.
• The key drivers, restraints, and opportunities and their detailed impact analysis are elucidated in the study.
• The profiles of key players along with their key strategic developments are enlisted in the report.
KEY MARKET SEGMENTS
• By Type
o Vinyl Acetate-modified Polyethylene (Low VA Density)
o Thermoplastic Ethylene Vinyl Acetate (Medium VA Density)
o Ethylene Vinyl Acetate Rubber (High VA Density)
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• By Application
o Hot Melt Adhesives
o Wire and Cable
o Extrusion Casting
o Solar Cell Encapsulation
• By End User
o Packaging and Paper
o Paints, Coatings, & Adhesives
o Electronics & Electrical
o Photovoltaic Panels
• By Region
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o Saudi Arabia
o Rest of Middle East
o South Africa
o Rest of LAMEA