Ethylene Vinyl Acetate Resins Market Outlook - 2021–2028
The global ethylene vinyl acetate resin market was valued at $8.4 billion in 2020, and is projected to reach $13.7 billion by 2028, growing at a CAGR of 6.3% from 2021 to 2028.
EVA resins are copolymers formed using vinyl acetate monomer and ethylene. They offer enhanced stress crack resistance and are able to maintain their flexibility over a varied temperature range from −60°C to 150°C, without the use of plasticizers. They are widely used in packaging and paper industry & electrical and electronic industries, owing to their properties such as high coefficient of friction, low seal initiation temperatures, and superior impact resistance. The development of the packaging & electronic industries and increase in demand for packaging materials & consumer electronics across emerging economies are the major factors that drive the growth of the global EVA resins market.
Market players have adopted agreement, partnership, and expansion as their key strategies to gain competitive advantage in this market. The key players profiled in this report include Sipchem, Al Habib Polymers FZE, Arkema S.A., Braskem S.A., Celanese Corporation, Dow Inc., Exxon Mobil Corporation, Formosa Plastics Corporation, Hanwha Chemical Corporation, and Lyondellbasell Industries Holding B.V
Ethylene vinyl acetate resins Market, by Type
By type, the global ethylene vinyl acetate resins market is segmented into vinyl acetate-modified polyethylene (low VA density), thermoplastic ethylene vinyl acetate (medium VA density), and ethylene vinyl acetate rubber (high VA density). Vinyl acetate-modified polyethylene (low VA density) is a copolymer and is processed as a thermoplastic material. Thermoplastic ethylene vinyl acetate (medium VA density) is referred as a thermoplastic elastomer material, which is not vulcanized but has some of the properties of a rubber.
By Type
Thermoplastic ethylene vinyl acetate (medium VA density) is projected as the most lucrative segment.
Ethylene vinyl acetate resins Market, by Application
By application, film, foam, hot melt adhesives, wire & cable, extrusion coating, solar cell encapsulation, and others. EVA foam is widely used in the development of battle armor, as it is firmer and more robust when compared with polyurethane foam. In addition, EVA resin is widely used in solar encapsulation, as it provides optical coupling and electrical isolation.
By Application
Foam are projected as the most lucrative segment.
Ethylene vinyl acetate resins Market, by End User
By end user, the market is divided into automotive; packaging & paper; paints, coatings, & adhesives; electronics & electrical; pharmaceutical; footwear; photovoltaic panels; and others. In the paper & packaging industry, EVA resin is used owing to its properties such as resistance to crack, enhanced flexibility, low sealing temperature, superior toughness, and puncture resistance. In the footwear industry, ethylene vinyl acetate resin is used as shoe midsoles, providing enhanced cushioning and rebound.
By End User
Footwear are projected as the most lucrative segment.
Ethylene vinyl acetate resins Market, by region
By region, the ethylene vinyl acetate resins market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific holds the major share in the global ethylene vinyl acetate resins market, due to the development of the packaging & paper, automotive sector, footwear, and photovoltaic panels & pharmaceutical industries. Increase in demand and production of packaging material, electric automobiles, and photovoltaic panels for the production of solar energy has led to surge in demand for ethylene vinyl acetate resin in the Asia-Pacific region.
By Region
Asia-Pacific is projected as the most lucrative market.
Covid-19 Impact Analysis
- The coronavirus's unfavorable global effects are already evident and have impacted the demand for ethylene vinyl acetate in 2020.
- The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and has resulted in massive deaths all across the world. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already declined development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
Key Benefits For Stakeholders
- The report provides an in-depth analysis and Ethylene vinyl acetate resins Market forecast along with the current and future market trends.
- This report highlights the key drivers, opportunities, and restraints of the Ethylene vinyl acetate resins Market along with the impact analyses during the forecast period.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the Ethylene vinyl acetate industry for strategy building.
- A comprehensive analysis of the factors that drive and restrain the market growth is provided.
- The qualitative data in this report aims on Ethylene vinyl acetate resins Market trends, dynamics, and developments.
- The Ethylene vinyl acetate resins Market size is provided in terms of revenue.
Ethylene Vinyl Acetate Resins Market Report Highlights
| Aspects | Details |
 By Type |
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 By Application |
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 By End User |
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 By Region |
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 Key Market Players | ARKEMA S.A., SIPCHEM, BRASKEM S.A., DOW INC., FORMOSA PLASTICS CORPORATION, CELANESE CORPORATION, EXXON MOBIL CORPORATION, LYONDELLBASELL INDUSTRIES HOLDING B.V., AL HABIB POLYMERS FZE, HANWHA CHEMICAL CORPORATION |
Analyst Review
According to the insights of the CXOs of leading companies, development of the packaging industry and rise in demand for EVA resins & EVA-based materials across various end-user industries, including packaging, footwear, automotive, and photovoltaic panels, are the key factors that boost the market growth. However, increase in competition from substitutes and problems associated with use of EVA resins in photovoltaic packaging, such as decomposition due to exposure to UV rays, are some of the factors projected to hinder the market growth. As per the CXOs, Asia-Pacific is projected to register a significant growth as compared to the saturated markets of Europe and North America, due to surge in manufacture of photovoltaic panels for the production of solar energy in the Asia-Pacific region.
Increase in footwear and foam demands are the key factors driving the Ethylene Vinyl Acetate (EVA) resins market.
The market share of Ethylene Vinyl Acetate (EVA) resins market $8.4 billion in 2020.
The rising use in aerospace has also led to rise in demand of Ethylene Vinyl Acetate (EVA) in-addition with footwear industry.
Europe and Asia-Pacific will provide more business opportunities for Ethylene Vinyl Acetate (EVA) resins market in future.
Business expansion and acquisition are the key growth strategies of Ethylene Vinyl Acetate (EVA) resins market players.
The leading players in the market are Sipchem, Al Habib Polymers FZE, Arkema S.A., Braskem S.A., Celanese Corporation, Dow Inc., Exxon Mobil Corporation, Formosa Plastics Corporation, Hanwha Chemical Corporation, and Lyondellbasell Industries Holding B.V.
Film’s segment based on application holds the maximum market share of the Ethylene Vinyl Acetate (EVA) resins market.
automotive, packaging & paper, paints, coatings, & adhesives, electronics & electrical, pharmaceutical, footwear, and photovoltaic panels are the potential customers of Ethylene Vinyl Acetate (EVA) industry.
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