Ethylene Vinyl Acetate (EVA) Market Size & Share, by Type (Low Density, Medium Density, High Density); Application (Solar Cell Encapsulation, Film Manufacturing, Wire & Cable, Adhesives & Sealants, Coatings, Plasters & Cement Renders); End-Use Industry (Pharmaceutical, Packaging, Building & Construction, Agriculture, Footwear) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5173
  • Published Date: Aug 21, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Ethylene Vinyl Acetate Market size is poised to surpass USD 15 billion by the end of 2035, expanding around 3% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of ethylene vinyl acetate was about USD 9 billion. The major factor driving the market revenue is the growth in demand for solar energy. In 2022, the production of global solar PV ascended by a record of close to 269 TWh (up about 25%), reaching approximately 1 299 TWh. Hence, the market demand is also estimated to surge. EVA is part of a solar module that ceases moisture and airborne particles from entering the solar cells and deteriorating them.

Additionally, owing to the rising emission of greenhouse gases the emphasis on solar energy production is growing. Utility-scale solar electricity creates from 394 to 447 MWh per acre each year, in accordance with recent data. Thus, one acre of solar panels with zero emissions decreases carbon dioxide emissions by approximately 121 and 138 metric tonnes annually. As a result, even governments all across the world are encouraging the adoption of solar energy. Therefore, with the growing demand for solar energy, the ethylene vinyl acetate market demand is also rising.


Ethylene Vinyl Acetate Market
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Ethylene Vinyl Acetate Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Agriculture Activities: Agrochemicals including pesticides, insecticides, and herbicides involve ethylene vinyl acetate (EVA). The primary advantages of employing EVA are that it necessitates fewer applications in the soil, supplies plants a constant and frequent supply of nutrients, reduces nutrient loss due to leaching, can be more convenient to handle than fertilizers. Also, they assist in preventing root damage brought on by high salt concentrations and lowers production costs.
  • Surge in Use of Ethylene Vinyl Acetate in Footwear: EVA is recently being utilized extensively in order to manufacture vegan shoes. EVA is the abbreviation for plastic created by combining ethylene and vinyl acetate. Collectively, they produce a substance that can be utilized to make the soles of EVA sneakers. Moreover, since it can be easily recycled into new items (playgrounds, mats, and more), it is regarded as an environmentally beneficial material due to the fact that it doesn't utilize chlorine in its production process.
  • Rise in the Application of Ethylene Vinyl in the Packaging Sector: The EVA market is increasing as a result of the rising demand from the packaging sector. Due to greater internet purchases made amid the COVID crisis, the packaging industry has noticed an increase in demand for ethylene-vinyl acetate. The most common polymer used in hot melt adhesives for packing purposes is ethylene-vinyl acetate (EVA). EVA packaging has strong thermal insulation, anti-vibration, water resistance, and corrosion resistance, and it is also simple to manufacture. They are primarily utilized by customers and have gained popularity since they are durable, recyclable, and attractive.

Challenges

  • Negative Properties of Ethylene Vinyl Acetate - Unfortunately, the disadvantages of EVA are currently felt by an increasing number of businesses. Despite being a wear-resistant material, EVA (Ethylene Vinyl Acetate) can emit corrosive breakdown products when processing temperatures are too high. Hence, the market demand is set to restrain.
  • Sensitive to Heat
  • Stringent Environment Regulations

Ethylene Vinyl Acetate Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~3%

Base Year Market Size (2022)

~ USD 9 Billion

Forecast Year Market Size (2035)

~ USD 15 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Ethylene Vinyl Acetate Segmentation

Type (Low Density, Medium Density, High Density)

The high-density segment in the ethylene vinyl acetate market is expected to garner share of approximately 70% over the projected period. Compared to low and medium-density ethylene vinyl acetate, high-density ethylene vinyl acetate tends to be more affordable and has greater chemical resistance, durability to lower temperatures, and UV resistance. Additionally, high-density EVA is frequently utilized for the manufacture of building supplies including cement renders, adhesives, sealants, protective coatings, and plasters. As a result, these variables highly favor an increase in their demand in the years to come.

Application (Solar Cell Encapsulation, Film Manufacturing, Wire & Cable, Adhesives & Sealants, Coatings, Plasters & Cement Renders)

Ethylene vinyl acetate market from the solar cell encapsulation segment is expected to generate a share of 30% by the end of 2035. The procedure of encapsulating solar panels utilizes ethylene vinyl acetate resins; as a consequence, a predicted rise in the number of solar energy plants worldwide will fuel the demand for solar cell encapsulation. Ethylene vinyl acetate resins are employed as encapsulation materials since they are elastic as well as have strong light transmission. These components are anticipated to support this subsegment's growth during the projection period.

Our in-depth analysis of the global EVA market includes the following segments:

 

          Type

  • Low Density
  • Medium Density
  • High Density

 

 

 

          Application

  • Solar Cell Encapsulation
  • Film Manufacturing
  • Wire & Cable
  • Adhesives & Sealants
  • Coatings
  • Plasters & Cement Renders

 

 

          End-Use Industry

  • Pharmaceutical
  • Packaging
  • Building & Construction
  • Agriculture
  • Footwear

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Ethylene Vinyl Acetate Industry- Regional Synopsis

APAC Market Forecast

The Asia Pacific ethylene vinyl acetate market is set to capture a share of about 35% over the forecast period. The region is predicted to experience continuous growth throughout the projected time frame as a result of the rise of customized food packaging in the food industry, including microwave meals, snack foods, and frozen foods, as well as rising exports of this food. About 21K shipments of snack food were shipped from India by approximately 365 Indian exporters to about 761 buyers.

North American Market Analysis

The ethylene vinyl acetate market in North America is also poised to have notable growth by the end of 2035. The market demand in this region is set to rise owing to the growing e-commerce field and surging use of the internet. Since COVID-19 large number of populations in North America have started relying on online platforms for groceries and food products. Therefore, with the growing food & beverage industry in this region, the market is also set to rise.

Research Nester
Ethylene Vinyl Acetate Market Size
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Companies Dominating the Ethylene Vinyl Acetate Market

top-features-companies
    • The Dow Chemical Company
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • ExxonMobil Corporation
    • Arkema
    • SABIC
    • Hanwha Solutions Chemical Division
    • LG Chem Ltd.
    • China Petrochemical Corporation
    • Versalis S.p.A.
    • Braskem S.A.
    • TotalEnergies

In-the-news

In The News

  • The K 2022 fair in Düsseldorf, Germany, the world's largest trade fair for plastics processing, will include the debut of a joint breakthrough in recyclable plastic packaging from Dow Packaging & Specialty Plastics, a business unit of Dow, and prominent machine manufacturers W&H and B&B.
  • At the K2022 exhibits of top machine makers (OEM), ExxonMobil Corporation was scheduled to present a demonstration of how converters might reconsider film design for easier solutions utilizing Exceed S performance polyethylene (PE).

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5173
  • Published Date: Aug 21, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are growing agriculture activities, surge in use of ethylene vinyl acetate in footwear, and rise in application of ethylene vinyl acetate in packaging sector.

The market size of ethylene vinyl acetate is anticipated to attain a CAGR of 3% over the forecast period, i.e., 2023 – 2035.

The major players in the market are The Dow Chemical Company, ExxonMobil Corporation, Arkema, SABIC, and others.

The high density segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ethylene Vinyl Acetate Market Report Scope
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