Global Ethylene Vinyl Acetate Market is valued at USD 9.36 Billion in 2022 and it is expected to reach USD 13.69 Billion by 2029 with a CAGR of 5.58% over the forecast period.
Global Ethylene Vinyl Acetate Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2022-2028: The market will expand due to the growing demand for EVA in the photovoltaic industry, and the advancements in production technology.
Ethylene Vinyl Acetate (EVA) is a copolymer of ethylene and vinyl acetate. It is a versatile material that exhibits excellent properties such as flexibility, toughness, elasticity, and transparency. EVA is used in a variety of industries, including packaging, footwear, adhesives, and coatings.
EVA was first discovered in the late 1920s by scientists at DuPont who were experimenting with new plastics. It wasn't until the 1960s, however, that EVA became commercially available. Since then, it has become one of the most widely used plastics in the world.
The COVID-19 pandemic has had both positive and negative impacts on the Ethylene Vinyl Acetate (EVA) market. Here are some positive impacts, the pandemic has led to a surge in demand for medical supplies and equipment, including products made from EVA such as medical tubing, IV bags, and protective gear. With the rise of e-commerce and home delivery services during the pandemic, there has been an increased demand for packaging materials, including EVA-based foam packaging.
However, on the negative side, the pandemic has disrupted supply chains across various industries, including the EVA market. This has led to a shortage of raw materials and delayed delivery of finished products, affecting the production and sales of EVA-based products. The pandemic has also led to a decline in the production of automobiles, which is a major end-use industry for EVA. This has resulted in reduced demand for EVA-based automotive components, affecting the EVA market negatively.
Some major key players for the global Ethylene Vinyl Acetate market report cover prominent players like.
The revenue generation model for EVA manufacturers is typically based on the sale of EVA resins to downstream manufacturers, who then use the material in their products. Some manufacturers also offer custom compounding services, where they can tailor the properties of the EVA to the specific needs of the customer.
The supply chain for EVA typically starts with the production of ethylene and vinyl acetate monomers, which are then copolymerized to produce EVA resin. The resin is then sold to downstream manufacturers, who use it to produce finished products.
The value chain for EVA includes the production of monomers, the copolymerization of the monomers to produce EVA resin, and the downstream manufacturing of finished products.
Advancements in production technology: Advancements in production technology and the growing use of automation and robotics in manufacturing processes are driving factors for the Ethylene Vinyl Acetate (EVA) market. These technologies have helped manufacturers improve the efficiency and quality of their production processes, reduce labor costs, and minimize the risk of human error. Automation and robotics have also enabled manufacturers to produce complex EVA products with greater accuracy and consistency, leading to higher customer satisfaction.
However, according to the International Federation of Robotics (IFR), the use of industrial robots in manufacturing processes has been steadily increasing over the past few years. In 2020, there were an estimated 2.7 million industrial robots in operation worldwide, a 12% increase from the previous year. The IFR also predicts that the number of industrial robots in use will reach 4 million by 2024.
Growing demand for EVA in the photovoltaic industry: The growing demand for Ethylene Vinyl Acetate (EVA) in the photovoltaic industry is driven by its excellent properties such as flexibility and transparency. EVA films are used as encapsulants in photovoltaic modules to protect solar cells from environmental factors such as moisture, dust, and UV radiation. EVA's flexibility and transparency allow it to conform to the shape of the solar cells and transmit light to the cells efficiently, leading to increased energy conversion efficiency.
According to the International Energy Agency (IEA), the global installed capacity of solar photovoltaic (PV) power reached 765 GW in 2020, with an addition of 135 GW in that year alone. This represents a growth rate of 21%, despite the challenges posed by the COVID-19 pandemic. The IEA also estimates that solar PV will be the largest source of new power generation capacity worldwide between 2020 and 2025, with an estimated average annual installation of 127 GW during this period.
Limited availability of ethylene and vinyl acetate in certain regions: The limited availability of ethylene and vinyl acetate in certain regions is a restraint for the Ethylene Vinyl Acetate (EVA) market. Ethylene and vinyl acetate are the two key raw materials required for the production of EVA, and their availability and pricing can be impacted by various factors such as supply chain disruptions, geopolitical tensions, and environmental regulations. This can lead to price volatility and supply chain uncertainties for EVA manufacturers, which can make it difficult for them to plan and invest in new production capacity. For example, the spot prices of ethylene in Asia surged from USD 700 per tonne in January 2021 to over USD 2000 per tonne in June 2021, due to supply disruptions caused by outages at major production facilities.
Increasing demand for EVA in the healthcare industry due to its biocompatibility and non-toxicity. Growing demand for EVA-based products in the automotive industry. Rising demand for EVA in the construction industry for insulation and sealing applications. Increasing use of EVA in the sports and leisure industry for the production of athletic equipment and recreational products. And the growing demand for EVA foam in the furniture industry for cushioning and padding applications.
Development of bio-based EVA products to cater to the growing demand for eco-friendly materials. Increasing use of nanotechnology in EVA production to enhance its mechanical properties. And the development of self-healing EVA materials for use in applications where durability and longevity are critical.
Increasing demand for products made from sustainable and eco-friendly materials. Growing demand for high-performance products that offer excellent mechanical properties and durability. And rising demand for products that offer superior flexibility and transparency.
The EVA market is highly competitive, with several key players vying for market share. Some of the past and future strategies adopted by key market players include:
Product development and innovation: Companies such as ExxonMobil Chemical and Dow Chemical Company have focused on developing new products with enhanced properties to cater to the evolving needs of end-users.
Mergers and acquisitions: Several key players in the market have acquired smaller companies to expand their product offerings and increase their market share. For example, in 2017, SABIC acquired the specialty chemicals business of the Clariant Corporation.
Partnership and collaboration: Key players in the market have collaborated with other companies to expand their product offerings and increase their reach in different geographies. For example, in 2019, Hanwha Chemical Corporation partnered with Meridian Adhesives Group to expand its presence in the North American market.
Expansion: Several key players in the market have invested in expanding their production capacities to cater to the growing demand for EVA. For example, in 2020, LyondellBasell Industries Holdings BV announced plans to expand its EVA production facility in Germany to cater to the growing demand for EVA in Europe.
The North American EVA market is driven by the increasing demand for EVA in the packaging, automotive, and construction industries. The United States is one of the largest markets for EVA in North America, accounting for a significant share of the market revenue. According to the US International Trade Commission, the total value of EVA imports to the US was USD 649 million in 2020, with China being the largest supplier. The market is highly competitive, with several key players such as ExxonMobil Chemical, Dow Chemical Company, and LyondellBasell Industries Holdings BV operating in the region.
The European EVA market is driven by the increasing demand for EVA in the photovoltaic, packaging, and construction industries. The market is highly regulated, with stringent regulations on the use of certain chemicals in EVA production. Germany is one of the largest markets for EVA in Europe, accounting for a significant share of the market revenue. According to the German Chemical Industry Association (VCI), the total production of EVA in Germany was around 200,000 tonnes in 2019. Key players in the region include SABIC, Celanese Corporation, and LyondellBasell Industries Holdings BV. The European EVA market is expected to grow at a moderate rate due to the economic downturn in the region caused by the COVID-19 pandemic. However, increasing investments in renewable energy and the growing demand for eco-friendly materials are expected to drive the market in the long run.
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