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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~3% |
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Base Year Market Size (2022) |
~ USD 9 Billion |
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Forecast Year Market Size (2035) |
~ USD 15 Billion |
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Regional Scope |
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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:
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Type |
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Application |
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End-Use Industry |
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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.
Author Credits: Smruti Ranjan, Rajrani Baghel
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