Ethylene Vinyl Acetate Market, Covid-19 Outbreak, Industry Overview, Segmentation, Regional Analysis, Production, Key Players and Forecast to 2023

Market Overview

Ethylene vinyl acetate (EVA) is a thermoplastic resin produced by the copolymerization of ethylene and vinyl acetate monomer. EVA possesses superior properties such as transparency, flexibility, excellent optical properties, chemical resistance, high friction coefficient, resilience, and crack resistance. It finds use in numerous applications which includes foaming, film extrusion, injection molding, solar cell encapsulation, hot melt adhesives, and coatings among others. Film extrusion and solar cell encapsulation is the prime application of EVA. It can contain from 2% to 50% vinyl acetate, however, EVA containing 10-25% vinyl acetate are being widely used in the major end-use industries such as packaging, photovoltaic panels, and automotive.

Expanding renewable energy industry on account of increased investment in solar energy generation is fueling the demand for photovoltaic panels and thus, EVA. Increasing environmental regulations against carbon emissions has resulted in shift to renewable sources over oil and gas for power generation. Increased spending on solar power plants in the developing nations especially in India and China is expected to offer lucrative opportunities to the players operating in the global EVA market.

The key players operating in global EVA market are emphasizing on capacity expansion. For instance, in September 2016, Celanese Corporation, started production at its new EVA production unit in manufacturing facility located at Jurong Island, Singapore. This growth step has been taken to meet the growing demand for EVA in numerous industries such as automotive, packaging, and building & construction in the South-east Asian countries.

Market Segmentation

Global Ethylene Vinyl Acetate (EVA) Market has been segmented by type, application, end-use industry, and region. Based on type, the market has been segmented into low density EVA, medium density EVA, and high-density EVA. Medium density EVA segment accounted for the largest share of the global EVA market in 2017 and is expected to register a healthy CAGR during the review period. This market growth can be attributed to the increasing use in numerous applications such as foaming, film extrusion, and injection molding due to their superior properties such as flexibility, transparency, and high chemical resistance among others. High density EVA segment is expected to be the fastest growing segment of the global EVA market on account of increasing use in solar cell encapsulation as it provides enhanced durability and improved performance.

Based on application, the market has been segmented into foaming, film extrusion, solar cell encapsulation, injection molding, hot melt adhesives, coatings, compounding and wires & cables, and others. Foaming segment accounted for the largest share of the global EVA market in 2017. This growth can be attributed to increasing use of EVA foam in shoes, automotive interiors, packaging, and tapes among others. Solar cell encapsulation segment is expected to be the fastest growing segment of the global EVA market on account of rising investment in the solar power plants globally.

Regional Analysis

Based on region, the EVA market has been classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Asia-Pacific accounted for the largest share of the EVA market on account of the growing end-use industries in the region, especially the packaging, renewable energy, construction, and footwear. An expanding population base and rising disposable income of consumers are the other factors driving market growth.

North America & Europe are prominent markets for EVA due to the increasing demand for adhesives and sealants in automobile industry.

The markets in Latin America and the Middle East & Africa are likely to register moderate growth during the review period as a result of the growing end-use industries coupled with expanding populace and rising per capita disposable income of the consumers.

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Key Players

Some of the key players in the global EVA market are Exxon Mobil Corporation (US), DowDuPont (US), USI Corporation (Taiwan), Celanese Corporation (US), Innospec (US), Arkema SA (France), BASF SE (Germany), LyondellBasell Industries Holdings B.V. (The Netherlands), Infineum International Limited (UK), Porex Corporation (US), United Plastic Components Inc. (Canada), and Clariant AG (Switzerland).
 

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