Ethylene Vinyl Acetate Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Ethylene Vinyl Acetate Market Trends & Growth Drivers

Mergers and Acquisitions Are a Key Trend

• With the growing market for EVA, companies have been involved in mergers and acquisitions to broaden their product portfolio, gain new customers, and get access to new marketing and distribution channels.
• For instance, in December 2021, Celanese Corporation, a global chemical and specialty material company, acquired the Santoprene TPV elastomers business of Exxon Mobil Corporation, to improve its portfolio.
• Similarly, in December 2021, Exxon Mobil Corporation acquired Materia Inc., a provider of a range of electric vehicle parts, wind turbine blades, anti-corrosive coatings, and sustainable construction products.

Increasing Solar PV Installation Drives the Market

• 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 plastic 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. 

Availability of EVA Substitutes Is a Challenge

• LDPE is a substitute for EVA as both are thermoplastics with similar properties; only, LPDE costs less. The elasticity of EVA is 0.015–0.08 Gigapascals (GPa), while that of LDPE is 0.3 GPa.
• Similarly, whereas the tensile strength of EVA is 3.0–35.0 Megapascals (MPa), that of LDPE is 7 MPa.
• Moreover, the thermal properties of both the are almost the same. For instance, the maximum temperature for the decomposition of EVA is 450 °C and that for LDPE is 400 °C.
• The melting onset in EVA occurs at 55–95 °C, and in LDPE, it occurs at 110 °C. Moreover, EVA’s specific heat capacity is 1,400 Joules per kilogram per Kelvin (J/kg-K), and for LDPE, it is 2,300 J/kg-K.
• Moreover, the thermal conductivity of EVA is 0.34 Watts per meter-Kelvin (W/m-K), and that of LDPE is 0.36 W/m-K. Further, the softening temperature of EVA is 45–80 °C, and that of LDPE is 50°C.
• Moreover, the dielectric constant (relative permittivity) of EVA at 1 Hertz (Hz) and its density are 2.8 and 0.93–1.0 gram per cubic centimeter (g/cm3), respectively, and those of LDPE are 2.3 and 0.92 g/cm3, respectively.
• Additionally, the price of EVA is $2,140/ton, and that of LDPE is $1,361/ton. Hence, preference is given to LDPE as EVA is costly despite having the same physical properties, thereby limiting the growth of the global EVA market.

EVA Market Analysis

Grade Insights

• Above 28% VA category is expected to witness the fastest growth in the market during the forecast period.
• This will primarily be due to the sudden increase in the demand for foam and solar cell encapsulation, increasing installations of solar panels across the world, and technological advancements that improve the functionalities of solar modules.

Grades covered in the report include:

• Below 18% VA
• 18% VA
• 28% VA
• Above 28% VA (Largest and Fastest-Growing Category)

Application Insights

• The foam category is estimated to have held the largest share, of around 38%, in 2024 in the EVA market. This is due to the growing end-use industries, such as furniture, electronics, automotive, and building & construction, in emerging economies like India, Thailand, and China.
• Moreover, it has high durability, sturdiness at extreme temperatures, ultraviolet resistance, water resistance, resilience even after long use, the ability to withstand compression and recuperate, and color-subsuming properties.

The following applications are included in the report:

• Solar Cell Encapsulation (Fastest-Growing Category)
• Adhesive
• Film
• Foam (Largest Category)
• Wire and Cable

Industry Insights

• The renewable energy category is expected to witness the fastest growth in the market during the forecast period. This can be due to the rising shift from fossil fuels to renewable energy and increasing technological advancements.
• Whereas, the packaging category dominates the market. This is majorly attributed to the rising demand for deep-freeze packaging, milk pouches, and many other food packaging materials.
• EVA offers high mechanical strength, flexibility at low temperatures, greater resilience than PVC, and greater flexibility than LDPE, with higher permeability to water vapor and gases.

Industries covered in the report are:

• Renewable Energy (Fastest-Growing Category)
• Packaging (Largest Category)
• Agriculture
• Footwear
• Electrical & Electronics

Distribution Channel Insights

• The direct/institutional sales category dominates the market. This is ascribed to the customers' desire to improve their health and appearance and the uniquely personalized customer experience provided by distributors, sharing their passion for products.
• EVA is majorly sold through business-to-business networks, following which it is further distributed to end users for the manufacturing of footwear, solar module encapsulation, and films for packaging.
• Owing to the presence of reliable B2B networks, manufacturers prefer to sell their EVA-based products through this distribution channel, which, in turn, drives the market growth.

The following distribution channels are included in the report:

• Direct/Institutional Sales (Larger Category)
• Others (Faster-Growing Category)

Geographical Analysis

APAC Is the Largest Market

• Geographically, APAC is expected to lead the ethylene vinyl acetate market throughout the forecast period. This is due to the increasing commercial and urbanization activities, rising population, and surging disposable income that have pushed the industry in the region.
• Also, the growing regional footwear and packaging industries have triggered the market growth.
• In addition, the growing downstream industries of EVA in the developing countries in the APAC region such as China, India, and South Korea, drive the demand for EVA.
• Since China is one of the largest shoe-producing countries and 100 grams of EVA is used per pair of shoes, it is expected to drive the demand for EVA in this region.
• Additionally, it is also expected that the growing usage of wires & cables, toys, and bags is expected to increase the demand for EVA products in this region, which, in turn, drives the market.

Further, regions and countries analyzed for this report include:

• North America
  • U.S. (Larger and Faster-Growing Country Market)
  • Canada
• Europe
  • Germany (Largest and Fastest-Growing Country Market)
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific (APAC) (Largest and Fastest-Growing Regional Market)
  • China (Largest Country Market)
  • Japan
  • India (Fastest-Growing Country Market)
  • South Korea
  • Australia
  • Rest of APAC
• Latin America (LATAM)
  • Brazil (Largest and Fastest-Growing Country Market)
  • Mexico
  • Rest of LATAM
• Middle East and Africa (MEA)
  • Saudi Arabia (Largest Country Market)
  • South Africa
  • U.A.E. (Fastest-Growing Country Market)
  • Rest of MEA

EVA Market Share

Market Nature – Highly Fragmented

The global EVA market is highly fragmented in nature, due to the presence of a large number of local and international players. These players have been involved in several development strategies, such as product launches, mergers and acquisitions, partnerships and collaborations, and facility expansions, to gain a competitive edge.

Ethylene Vinyl Acetate Market News

• In June 2023, PetroChina Guangxi Petrochemical Company introduced LyondellBasell polyethylene technology at its facility in Qinzhou City, China. The technology would produce mainly LDPE with EVA copolymers.
• In February 2023, Celanese Corporation completed its ultra-low capital project to repurpose existing manufacturing assets to unlock additional EVA capacity at its facility in Edmonton, Alberta.
• In December 2021, Celanese Corporation acquired the Santoprene TPV elastomers business of Exxon Mobil Corporation to enhance its portfolio.