by The Ethylene Vinyl Acetate (EVA) Market is estimated to be valued at US$ 1484.94 Mn or Mn 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 Overview:
Ethylene Vinyl Acetate (EVA) is a copolymer of ethylene and vinyl acetate which exhibits excellent adhesion, flexibility and transparency properties. It is widely used in solar panel encapsulants, hot melt adhesives, footwear, medical devices etc. As a thermoplastic elastomer, EVA provides flexibility at low temperatures along with resistance to cracking and splitting at high temperatures. Its compatibility with a wide range of substrates also makes it suitable for various molding and extrusion applications.
Market Dynamics:
Growing demand from the footwear industry is a key driver for the EVA market. Footwear manufacturing is one of the major end-uses of EVA which accounts for over 25% of global demand. EVA provides properties like flexibility, resilience and durability required in shoe soles and heels. The rapid growth of the sportswear segment is fueling market growth. Furthermore, innovations in 3D printing technology utilizing EVA filaments have opened new opportunities. 3D printed EVA prototypes can be tested for fit and function without major investments in tooling or machinery. This has increased the use of EVA in product design and development across industries like healthcare and consumer goods. EVA continues to gain popularity as a binder for lithium-ion battery electrodes due to its binding strength and compatibility with solvents used in electrode slurries. Increasing consumption of lithium-ion batteries in electric vehicles and consumer electronics is expected to boost demand over the forecast period.
Segment Analysis
The ethylene vinyl acetate market is primarily divided into two key segments – foam and film. The foam segment currently dominates the market, accounting for over 60% share. EVA foam finds widespread use in construction for applications such as pipe insulation, hot melt adhesives, and sealant applications owing to its effective insulation and durability properties. Within films, stretch films form the bulk of the category and are mainly used in packaging goods for transportation.
PEST Analysis
Political: The market is favorably impacted by supportive government policies and regulations promoting infrastructure development worldwide.
Economic: Growth of key end-use industries such as construction, packaging, and automotive is driving demand. High disposable incomes in developing nations is also supplementing market expansion.
Social: Rising awareness about energy conservation and sustainability is fueling preference for EVA insulation solutions in construction.
Technological: Continuous innovation in polymer formulation is helping improve properties and opening new application avenues.
Key Takeaways
The Global Ethylene Vinyl Acetate Market Growth is expected to witness high, exhibiting CAGR of 4.8% over the forecast period, due to increasing infrastructure development worldwide. The market size for 2023 is estimated at US$ 1484.94 Mn.
Regional analysis: Asia Pacific dominates currently, led by China, and is expected to remain the fastest growing market during the forecast period. This is attributed to the ongoing infrastructural boom and rapid industrialization in the region.
Key players: 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. These players are focusing on new product development and capacity expansions to better cater to the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
