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The increased focus of world economies to invest in clean power is expected to increase investments and drive the global EVA market in the field of solar energy. Technological advancements (such as solar cells encapsulation) is one major opportunity in the ethylene vinyl acetate market as technological innovations are expected to increase the market penetration of EVA and make it suitable for a large number of applications. While EVA has been used in solar encapsulation for the past twenty years, the market has begun to experience extraordinarily high growth rates due to the increasing interest in using renewable energy.
Economic progress in the Asia-Pacific region is one of the major global EVA market drivers, as new ethylene vinyl acetate capacity has been announced as a result of high demand growth seen in the Asia-Pacific, due to which producers have expressed interest in producing EVA with higher vinyl acetate (VA) contents.
Ethylene vinyl acetate (EVA) is formed by the copolymerization of vinyl acetate and ethylene and has brilliant toughness properties. When forged into a porous material, EVA acts similar to rubber due to its elasticity. Compared with low-density polyethylene (LDPE) EVA is three times more flexible. This material has various properties, such as ultraviolet radiation resistance, good barrier properties, stress-crack resistance, low-temperature toughness and hot-melt adhesive waterproof properties.
Ethylene vinyl acetate finds its applications in many areas such as hot melt adhesives, hot glue sticks, and top of the line soccer cleats (usually with additives like wax and resin). EVA is also used in biomedical engineering applications as a drug delivery device. The polymer is dissolved in an organic solvent (dichloromethane), powdered drug and filler (typically an inert sugar) are added to the liquid solution and rapidly mixed to obtain a homogeneous mixture. EVA is commonly known as expanded rubber or foam rubber. It is typically used as a shock absorber in sports shoes. Ethylene vinyl acetate foam is used as padding in equipment for different kinds of sports such as ski boots, bicycle saddles, hockey, pads, boxing and mixed martial arts gloves and helmets, wake board boots, fishing rods and fishing reel handles.
Based on the type, the global ethylene vinyl acetate (EVA) market can be categorized into high density ethylene vinyl acetate (HEVA), low density ethylene vinyl acetate (LEVA), very low density ethylene vinyl acetate (VLEVA) and medium density ethylene vinyl acetate (MEVA). On the basis of applications, the global EVA market can be divided into the extrusion, non-extrusion, film, coating, injection molding and wire and cable. Amongst the bases of various product types, the “low density ethylene vinyl acetate” and the “high density ethylene vinyl acetate” are the fastest growing types of EVA. On the other hand, low-density polyethylene (LDPE) as a substitute for EVA is one of the major EVA market challenges.
China Petroleum & Chemical Corporation, DuPont, ENI, ExxonMobil Corporation are some of the major competitors in the EVA market. Other competitors in the ethylene vinyl acetate market include Arkema S.A., Celanese Corporation, CEREPLAST INC, Bridgestone India Private Ltd., Asia Polymer Corporation, Braskem, China Shenhua Coal to Liquid and Chemical Co. Ltd., Formosa Plastics Corporation U.S.A., Hanwa Group., Jiangsu Shenghong Group Co., Ltd., KraussMaffei Group, LANXESS, Honam Petrochemical Corp., Salient Management Comapny, TIBCO Software Inc., Spotfire Tableau Software among others.