Ethylene Vinyl Acetate Resins Market was valued at $7,442.9 thousand in 2018, and is projected to reach $12,143.2 million by 2026
According to a new report published by Allied Market Research, titled, "Ethylene Vinyl Acetate Market by Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global ethylene vinyl acetate resins market was valued at $7,442.9 thousand in 2018, and is projected to reach $12,143.2 million by 2026, growing at a CAGR of 6.3% from 2019 to 2026.
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.
Based on type, the global ethylene vinyl acetate resins market is segmented into polypropylene (PP) vinyl acetate-modified polyethylene (low VA density), polyethylene (PE) thermoplastic ethylene vinyl acetate (medium VA density), and ethylene vinyl acetate rubber (high VA density). Polypropylene (PP) vinyl acetate-modified polyethylene (low VA density) is a copolymer, which is processed as a thermoplastic material. Polyethylene (PE) thermoplastic ethylene vinyl acetate (medium VA density) is referred to as a thermoplastic elastomer material, which is not vulcanized but has some of the properties of a rubber.
The applications covered in the study include film, foam, hot melt adhesives, wire & cable, extrusion coating, solar cell encapsulation, and others. Among these, EVA foam is widely used in the development of battle armor, due to the fact that they are more firm and robust as compared to polyurethane foam.
Depending on 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 widely 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.
Region wise, the ethylene vinyl acetate resin marketresins market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific holds the major share in the global ethylene vinyl acetate resin marketresins market, due to the development of the packaging & paper, automotive sector, footwear, and photovoltaic panels & pharmaceutical industries. Increase in demand & production of packaging material, electric automobiles, and photovoltaic panels for the production of solar energy has boosted the demand for ethylene vinyl acetate resin in the Asia-Pacific region.
Key Findings of the Ethylene Vinyl Acetate Resins Market :
The Asia-Pacific ethylene vinyl acetate resin market is predicted to hold a share of over 50.35% by 2026. The thermoplastic ethylene vinyl acetate type segment is expected to dominate the market, garnering a share 69% during the projected period. The footwear segment is projected to hold a share of over 40% by 2026. The foam segment is estimated to account for 60% of the share by 2026. The Europe ethylene vinyl acetate resin market is predicted to hold a share of over 21.66% by 2026.
The market players have adopted expansion, acquisition, and collaboration as their key strategies to gain competitive advantage in this market. The key players operating in the ethylene vinyl acetate resin industry include Arkema S.A., Braskem S.A., Celanese Corporation, DOW Inc., Exxon Mobil Corporation, Formosa Plastics Corporation, Hanwha Chemical Co, Ltd., Lyondell Basell Industries N.V., Sinopec Corporation, and Lotte Chemical Corporation.