NEW YORK, The ethylene vinyl acetate market revenue, which was an estimated $7,060.8 million in 2021, will witness a 7.2% CAGR between 2021 and 2030, to reach $13,149.7 million by 2030, according to P&S Intelligence. Renewable energy will be the fastest-growing end use of Ethylene Vinyl Acetate because the material serves as a thermoplastic polymer, helping in encapsulating photovoltaic modules. It seals and coats the individual solar cells, when heated, acts as a good transmitter of radiation, and prevents the cells from degrading in sunlight.
However, currently, EVA is utilized in the highest volumes for packaging, especially milk pouches and deep-freeze packaging. In such applications, EVA’s flexibility at low temperatures, higher mechanical strength, greater resilience, and higher permeability to water vapor and gases are making it popular over polyvinyl chloride and low-density polyethylene. Thus, with the growing demand for packaged food, on account of people’s rising purchasing power, the consumption of EVA is booming.
Key Findings of Ethylene Vinyl Acetate Market Report
EVA is most commonly used in the manufacturing of foam, the demand for which is increasing in the furniture, automotive, electronics, and building & construction industries of India, China, and Thailand. Direct/institutional sales generate the higher revenue for ethylene vinyl acetate market players because the material is used by manufacturers in various industries, who usually procure it in bulk directly from EVA producers. Asia-Pacific (APAC) is the largest consumer of EVA owing to its huge manufacturing industry and strong government focus on solar energy.
Moreover, the booming footwear, plastic, packaging, and pharmaceutical industries are driving the demand for this chemical in the region. The wire and cable industry is also significant for the advance of the ethylene vinyl acetate market, as the chemical is widely used in the production of heat-shrinkable insulation, flame-retardant insulation, and semi-conductive insulation jackets. The demand for EVA with 28% VA content is set to increase the fastest in the coming years as this variant is important in solar modules. As per the IRENA, global installed solar capacity increased from 583,872 MW in 2019 to 709,674 MW in 2020. Because the market is fragmented due to the existence of many companies, it is witnessing a large number of strategic activities.
The major ethylene vinyl acetate market players are Sahara International Petrochemical Company, Exxon Mobil Corporation, The Dow Chemical Company, Formosa Plastic Corporation, Celanese Corporation, Hanwha Total Petrochemical Co. Ltd., LyondellBasell Industries N.V., ARLANXEO Holding B.V., Braskem S.A., Asia Polymer Corporation, Arkema Group, Clariant AG, and Hanwa Solution Chemical Division Corporation.
Browse detailed report on Ethylene Vinyl Acetate Market Size, Share, Growth and Demand Forecast to 2030
Though these companies suffered losses due to the closure of most manufacturing plants in 2020 owing to the COVID-19 pandemic, orders for the chemical from packaging producers rose. This was a result of the around 30% increase in online food deliveries, for which packaging is essential. To avoid moving out, many people started frequently ordering food, which drove the demand for packaging materials and, in turn, for EVA.
Geographical Analysis
North America U.S. CanadaEurope Germany France U.K. Italy SpainAsia-Pacific Japan China India Australia South KoreaLatin America Brazil MexicoMiddle East and Africa Saudi Arabia South Africa
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