Published: January 2022 | Report Code: CM10107 | Available Format: PDF | Pages: 1329
The global ethylene vinyl acetate market generated $7,060.8 million revenue in 2021, and it is expected to grow at a CAGR of 7.2% during 2021–2030. The key factors responsible for the growth of the industry include increasing solar photovoltaic (PV) installation, surging demand in various industries, and rising agricultural activities.
The covid-19 pandemic has slowed down the progress of the food service industry by 25-30%, which amounted to $925 billion. However, some segments in the industry grew at unprecedented rates, such as online food delivery, which grew by 30% in 2020, compared to the less than 20% growth rate it exhibited in 2019. This propelled the demand for EVA films and adhesives, as they were required in food packaging applications. Hence, it can be concluded that the pandemic had not affected the market much.
The foam category held the largest share in 2021 in the ethylene vinyl acetate market, based on the application segment. This is primarily because of the growing end-use industries, such as furniture, electronics, automotive, and building & construction, in emerging economies like India, Thailand, and China.
The direct/institutional sales category is expected to dominate the market during the forecast period, based on distribution channel. This can be ascribed to the customers' desire to improve their health and appearance and uniquely personalized customer experience provided by distributors, sharing their passion for products.
The renewable energy category is expected to witness the fastest growth in the market during the forecast period, based on the end use segment. This will primarily be due to the rising shift from fossil fuels to renewable energy and increasing technological advancements.
Above 28% VA category is expected to witness the fastest growth in the market during the forecast period, based on grade. This will primarily be due to the sudden increase in the demand for foam and solar cell encapsulation. Increasing installations of solar panels worldwide and technological advances improving functionalities of solar modules are also contributing to the industry growth in this category.
|Base Year Market Size (2021)||$7,060.8 (E) Million|
|Market Size Forecast in 2030||$13,149.7 Million|
|Forecast Period CAGR||7.2%|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling|
|Market Size by Segments||By Grade; By Application; By End Use; By Distribution Channel; By Region|
|Market Size of Geographies||U.S; Canada; Germany; France; U.K.; Italy; Spain; Japan; China; India; Australia; South Korea; Brazil; Mexico; Saudi Arabia; South Africa|
Geographically, APAC is expected to lead the ethylene vinyl acetate market throughout the forecast period. Factors such as increasing commercial and urbanization activities, rising population, and surging disposable income have pushed the industry in the region. Also, the growing regional footwear and packaging industries have triggered the market growth.
With the growing market for EVA, companies are merging with or acquiring similar firms to broaden their product portfolio, gain new customers, and get access to new marketing and distribution channels.
For instance, in December 2021, Exxon Mobil Corporation acquired Materia Inc., a structural polymer company that offers a range of products for wind turbine blades, electric vehicle parts, sustainable construction, and anti-corrosive coatings. Similarly, in December 2021, Celanese Corporation, a global chemical and specialty material company, acquired the Santoprene TPV elastomers business of Exxon Mobil Corporation, for strengthening its own portfolio. Further, in April 2020, the company had acquired Nouryon’s re-dispersible polymer powder portfolio offered under the Elotex brand.
In addition, in October 2020, LyondellBasell acquired 50% assets of Sasol in Louisiana. The assets, which included a 1.5-million-metric-ton (MMT) ethane cracker, 0.9MMT low- and linear low-density polyethylene (LLDPE) plant, and associated infrastructure, were acquired for a total consideration of $2 billion. The agreement included customary rights for each partner regarding the potential future sale of its ownership interest. Hence, companies are working to guarantee that high-quality EVA products are widely available and affordable.
One of the key drivers in the ethylene vinyl acetate market is the surging installation of solar PV panels. Solar power is the cleanest and most abundant renewable energy source currently available. China, Germany, Spain, and the U.S. contain some of the world's most-extensive solar resource projects. Solar energy is being promoted aggressively in both developed and developing countries as a viable alternative to traditional energy. EVA is a thermoplastic polymer that is utilized as an encapsulating agent in solar modules because it produces a sealing and insulating coating over the solar cells when heated and provides good radiation transmission and low degradability in sunlight. According to Stanford University in 2018, there were over 1.47 million solar panels in use across the contiguous 48 states in the U.S.
Over the next 25 years, the global population is predicted to grow by 2 billion, thus necessitating increased agricultural efficiency. Additionally, according to the Economic Survey 2020–2021, the share of agriculture in the worldwide gross domestic product (GDP) reached almost 20% in the last 17 years, growing from 17.8% in 2019–2020. The agriculture sector is the only sector to have witnessed positive growth, of 3.4%, at constant commodity prices in 2020–2021. The growing agriculture sector drives the demand for EVA products.
The global ethylene vinyl acetate industry is fragmented in nature with the presence of several key players.
In recent years, the players in the market have been involved in product launches in order to attain a significant position in the market. For instance:
The ethylene vinyl acetate market report offers comprehensive market segmentation analysis along with market estimation for the period 2017–2030.
Based on Grade
Based on Application
Based on End Use
Based on Distribution Channel
In 2030, the value of the EVA market will be $13,149.7 million.
Foam is the largest category under the application segment of the EVA industry.
The major EVA market drivers are the increasing solar photovoltaic installation, growing demand in various industries, rising agricultural activities.
APAC is the largest and the fastest-growing EVA market.
Most EVA market players are adopting partnerships & collaborations and product launches strategies to sustain their business growth.
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