May 21, 2024

Low Density Polyethylene (LDPE) Is The Largest Segment Driving The Growth Of Ethylene Vinyl Acetate Market

Ethylene vinyl acetate (EVA) is a copolymer of ethylene and vinyl acetate which has excellent flexibility and toughness. EVA has properties between polyethylene and polyvinyl acetate. It has good resistance to water, oxygen, chemicals and biodegradation. EVA is widely used in solar cell encapsulation, hot melt adhesives, films and coatings.

The global Ethylene Vinyl Acetate Market is estimated to be valued at US$ 1,484.94 Mn or Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the EVA market is its increasing usage in photovoltaic encapsulation films. EVA films are widely used in solar cell encapsulation owing to their optical transparency, adequate adhesion strength and high resistance to heat and moisture. According to International Renewable Energy Agency’s latest report, the total global solar PV installations increased by over 15% in 2021. This rapid growth in solar PV installations is expected to drive the demand for EVA encapsulation films in the coming years. Global renewable energy policies and initiatives to reduce carbon emissions will further support the adoption of solar power, thereby positively impacting the EVA market.

SWOT Analysis

Strength: Ethylene Vinyl Acetate is known for its flexibility, elasticity, high tensile strength and resistance to chemicals, water, oil and ultraviolet light. It is durable and cost-effective material.

Weakness: EVA is prone to oxidation and degradation over time due to exposure to sunlight. Its high water absorption capacity reduces its electrical insulation properties.

Opportunity: Growing construction industry and increasing infrastructure development projects across the globe are driving the demand for durable and versatile building materials like EVA. Rising need for packaging flexible films and sheets in food and pharmaceutical industries also creates market opportunity.

Threats: Stringent environmental regulations regarding plastic waste disposal could hamper the market growth. Introduction of alternatives like thermoplastic polyurethane elastic may pose challenges.

Key Takeaways

The Global Ethylene Vinyl Acetate Market Growth is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand from construction, packaging and solar panel manufacturing industries.

Regional analysis: The Asia Pacific region dominates the global EVA market, with China being the largest producer and consumer. India and Southeast Asian countries are also witnessing rapid infrastructure development, thereby propelling the regional market growth. North America and Europe are other major regions for EVA owing to strong packaging and automotive industries.

Key players operating in the ethylene vinyl acetate market are Arlanxeo, Asia Polymer Corporation, Benson Polymers Limited, Braskem, Celanese Corporation, Clariant AG, Dow, ExxonMobil Corporation, Hanwha, Solutions/Chemical Corporation, Innospec Inc., LyondellBasell Industries Holdings BV, Repsol, Sipchem, SK Global, Sumitomo Chemical Co. Ltd, and Tosoh Corporation.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it