Global Ethylene Vinyl Acetate (EVA) market to witness a CAGR of 6.1% during 2018-2024
NEW YORK, Jan. 07, 2019 (GLOBE NEWSWIRE) -- The global ethylene vinyl acetate (EVA) market was valued at USD 7.5 billion in 2017 and is likely to expand to USD 11.6 billion by 2024, witnessing a CAGR of 6.1% over the forecast period. The growth can be primarily attributed to the increasing demand for ethylene vinyl acetate from packaging industry. The replacement of traditional packaging techniques with flexible packaging has propelled the demand for EVA in packaging applications. Additionally, growing use of EVA in the solar power industry is further expected to drive the demand over the forecast period.
The increasing adoption of bio-based ethylene vinyl acetate in light of environmental concerns is likely to boost the market demand. EVA is defined as a copolymer of ethylene and vinyl acetate that produces rubber like soft and flexible material. The weight percentage of vinyl acetate generally varies from 10 to 40%, and the remainder being ethylene. Key properties of EVA such as flexibility, resilience, toughness, resistance and transparency have increased its preference across various end-use industries.
Key findings from the report:
-- The global ethylene vinyl acetate market is likely to reach USD 11.6 billion by 2024
-- Thermoplastic Ethylene Vinyl Acetate (Medium VA density)segment held the major share of the market in 2017, and is likely to witness a healthy CAGR during 2018-2024 -- Packaging was the largest segment in 2017, and the trend is likely to continue over the next seven years -- Films were the largest application segment in 2017 due to high usage of films across various end-use industries -- Asia-Pacific held the major share of the market in 2017, and is expected to grow at a significant rate
-- Some of the key companies operating in the industry include DowDuPont; BASF SE; The 3M Company; Merck KGaA; Exxon Mobil Corporation; LyondellBasell Industries Holdings B.V.; Braskem; Innospec Inc.; Formosa Plastics Corporation; Arkema Group; Huntsman International LLC; Westlake Chemical Corporation; Celanese Corporation; and Sipchem; among others -- As of August 2018, Braskem launched a new renewable bio-based EVA resin made from sugarcane for use across various end-use industries such as automotive, footwear, transportation, among others. The new product is developed in partnership with San-Francisco based Allbirds, and is expected to expand the company’s “ I’m greenT portfolio”.
The report segments ethylene vinyl acetate (EVA) market on the basis of type, application, end-use, and region.
Packaging industry accounted for the major share of the global market
Growing use of ethylene vinyl acetate (EVA) in the packaging industry is a major factor driving the market. The packaging segment held the largest market share in 2017, and the trend is likely to continue over the forecast period. EVA is used across a wide range of food as well as medical packaging applications. Rising demand for flexible packaging, primarily from the food industry, as it is lightweight; easy to open, store, carry, transport, and reseal; reduced wastage; among others, is expected to promote the market growth.
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Ethylene Vinyl Acetate (EVA) market - Regional insight
Asia-Pacific dominated the global market for ethylene vinyl acetate in 2017, and is projected to maintain its dominance over the next seven years. The aforementioned growth can be primarily attributed to the significant demand for ethylene vinyl acetate from key industries such as packaging, automotive, solar energy, and construction. Moreover, rising investment in infrastructure along with rapid industrialization is likely to drive the demand for ethylene vinyl acetate in Asia-Pacific.
-- Vinyl Acetate Modified Polyethylene (Low VA density) -- Thermoplastic Ethylene Vinyl Acetate (Medium VA density) -- Ethylene Vinyl Acetate Rubber (High VA density)
-- Hot melt adhesives -- Foam -- Injection Molding -- Films -- Wires & Cables -- Solar Cell Encapsulation -- Extrusion Coating -- Others
-- Packaging -- Footwear & Foams -- Paints, Coatings & Adhesives -- Automotive -- Electronics -- Photovoltaic Panels -- Pharmaceutical -- Others
-- North America -- Europe -- Asia-Pacific -- Central & South America (CSA) -- Middle East & Africa (MEA)
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