Ethylene Vinyl Acetate Market To Generate Revenue Worth $13,149.7 Million by 2030
- Published: February 2022
The increasing solar photovoltaic (PV) installation, growing demand in various industries, rising agricultural activities are the major growth drivers for the global ethylene vinyl acetate (EVA) market. Due to the aforementioned factors, the industry is projected to generate $13,149.7 million revenue by 2030, advancing at a CAGR of 7.2% during the forecast period.
At the beginning of 2020, COVID-19 began to spread around the world, and governments of various countries implemented strict measures, such as lockdowns and social distancing. However, due to the significant healthcare spending, the burgeoning e-commerce industry, and the surging demand for online meal delivery services around the world, the ethylene vinyl acetate market remained unaffected by the epidemic. Some segments of the market increased at previously unheard-of rates, such as online meal delivery, which climbed by 30% in 2020 compared to less than 20% growth in 2019. As a result, the demand for EVA films and adhesives soared, as they are needed widely in food packaging.
Packaging Category To Hold Largest Share Throughout Forecast Period
The market is categorized into renewable energy, packaging, agriculture, footwear, and electrical & electronics, on the basis of end use. Among these, the packaging category led the market during the historical period (2017–2021), and it is expected to retain its dominance during the forecast period as well. This is mainly due to the rising population, increasing income levels, changing lifestyles, and growing economy across the world.
Moreover, the market is categorized into solar cell encapsulation, adhesive, film, foam, and wire and cable, on the basis of application. Out of these, the foam category is expected to hold the largest share during the forecast period. This can be attributed to the growth of various industries such as consumer goods, automotive, construction, furniture, electrical and electronics, sports equipment, and healthcare, which have significantly increased the demand for foams in recent years.
Globally, Asia-Pacific (APAC) was the largest contributor to the ethylene vinyl acetate market in 2021. The industry has been propelled by factors such as increasing commercial and urbanization activities, rising population, and surging disposable income. The market has also been sparked by the region's developing footwear and packaging industries. Also, the APAC market is expected to witness the fastest growth during the forecast period. This can be primarily due to the rising demand for durable plastic products from the footwear, pharmaceutical, and photovoltaic panel sectors.
Partnerships & Collaborations Are Most-Effective Strategic Measures
Players in the global ethylene vinyl acetate industry have been involved in launching products to remain competitive in the market. For instance, in September 2021, Braskem S.A. partnered with Gelmart International, a global manufacturer of intimate apparel, to provide the I'm green bio-based EVA polymer for sustainable intimate apparel.
Similarly, in February 2021, Sumitomo Chemical partnered with Kazan Organichesky Sintez (KOS) to license out its high-pressure production technology for LDPE and EVA, to improve KOS' polyethylene output.
The major players operating in the ethylene vinyl acetate market are Sahara International Petrochemical Company, The Dow Chemical Company, Exxon Mobil Corporation, Formosa Plastic Corporation, Hanwha Total Petrochemical Co. Ltd., Celanese Corporation, LyondellBasell Industries N.V., Braskem S.A., ARLANXEO Holding B.V., Asia Polymer Corporation, Clariant AG, Arkema Group, and Hanwa Solution Chemical Division Corporation.