Global Ethylene Vinyl Acetate Market Overview
The ethylene vinyl acetate market size was valued at USD 1.1 billion in 2022. The ethylene vinyl acetate industry is projected to grow from USD 1.14 billion in 2023 to USD 1.57 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.00% during the forecast period (2023 - 2032). The rising demand for ethylene vinyl acetate (EVA) from the packaging industry and the growing usage in the solar industry are the key market drivers expanding the market growth.Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Ethylene Vinyl Acetate Market Trends
The growing shift towards solar energy and rapid technological advancements drive market growth.
Market CAGR for ethylene vinyl acetate is driven by increased demand for adhesives in food packaging applications and the growing adoption of solar power generation. The solar power industry is witnessing rapid growth worldwide owing to the growing environmental concern and rising demand for renewable energy sources. Further, the thriving construction sector, and growing demand for automotive and furniture, as well as paints and coatings, are the major drivers of the vinyl acetate industry. In emerging economies, including India and China, there has been a rise in consumer disposable incomes that is further aiding the demand for automobiles. This, in turn, is fueling the demand for ethylene vinyl acetate resins, widely used in producing automobile bumpers and molded parts. Rapid technological advancements and expanding R&D activities are expected to affect the vinyl acetate industry's expansion positively. For instance, introducing bio-based ethylene vinyl acetate materials will provide lucrative opportunities for the expansion of the industry over the forecast period.
Additionally, the rise in demand from the packaging industry is contributing to the growth of the ethylene vinyl acetate market. The increase in the demand for ethylene vinyl acetate is being witnessed in the packaging sector owing to more online purchasing during the COVID-19 pandemic. Ethylene vinyl acetate is the most dominant polymer in hot melt adhesives for packaging applications. Packaging in ethylene vinyl acetate has good water resistance, easy processing, corrosion resistance, anti-vibration, and thermal insulation. They are reusable, strong, and delightful in appearance, and they are famous mostly among consumers. For instance, As per Smithers, a US-based provider of testing, consulting, information, and compliance services, packaging demand globally reached $917.1 billion in 2019 and is projected to reach $1.05 trillion by 2024. The expansion in demand for packaging materials and the positive growth of the packaging industry during the forecast period will further propel the growth of the ethylene vinyl acetate market.
Increasing demand from the Solar PV industry is again projected to foster market growth. It acts as an encapsulant for solar cells or modules. It is a copolymer film that acts as an important sealant for photovoltaic solar modules to safeguard reliability and performance. It is the most common encapsulation used is cross-linkable ethylene vinyl acetate. As per the International Energy Agency (IEA), in 2019, PV developers worldwide installed 114.9 Giga Watts (GW) of new solar power, representing a 12% growth from 2018. In terms of the total new solar capacity installed, China represented the largest PV market for the third year in a row in 2019, with a total installed solar capacity of 30.1 GW, followed by the United States with 13.3 GW and Japan with 7.7 GW driving the ethylene vinyl acetate market revenue.
Ethylene Vinyl Acetate Market Segment Insights
Ethylene Vinyl Acetate Type Insights
The ethylene vinyl acetate market segmentation, based on type, includes low-density EVA, medium-density EVA, and high-density EVA. The high-density EVA segment dominated the market, accounting for major market revenue over the forecast period. This is due to its advantages: clarity, good surface quality, range of colors, easy maintenance, surface hardness, lightweight, and easy fabrication.
Figure 1: Ethylene Vinyl Acetate Market, by Type, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Ethylene Vinyl Acetate Application Insights
The ethylene vinyl acetate market segmentation, based on application, includes foaming, film extrusion, solar cell encapsulation, injection molding, hot melt adhesives, coatings, wires & cables, and others. The foaming category generated the most income. Ethylene vinyl acetate foam is widely utilized in the development of battle armor, as it is firmer and more robust when compared with polyurethane foam.
Ethylene Vinyl Acetate End-User Insights
The ethylene vinyl acetate market segmentation, based on end-user, includes packaging, renewable energy, adhesive & sealants, footwear, construction, electrical & electronics, automotive, pharmaceuticals, agriculture, and others. The packaging category generated the most income. Ethylene vinyl acetate resin is utilized owing to its properties, such as resistance to cracks, enhanced flexibility, low sealing temperature, superior toughness, and puncture resistance.
Ethylene Vinyl Acetate Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American ethylene vinyl acetate market will dominate this market due to rapid urbanization and industrialization, and the growing construction activities in the region. Moreover, the Canada ethylene vinyl acetate market held the largest market share, and the US ethylene vinyl acetate market was the fastest-growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: ETHYLENE VINYL ACETATE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe ethylene vinyl acetate market accounts for the second-largest market share owing to increasing demand for consumer goods and delicate & smart electronics products, such as shoes, laptops, mobile phones & accessories, etc. Further, the German ethylene vinyl acetate market held the largest market share, and the UK ethylene vinyl acetate market was the fastest-growing market in the European region.
The Asia-Pacific ethylene vinyl acetate market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to expanding awareness of a healthy lifestyle and nutrition and rising per capita disposable income. Moreover, China ethylene vinyl acetate market held the largest market share, and the India ethylene vinyl acetate market was the fastest-growing market in the Asia-Pacific region.
Ethylene Vinyl Acetate Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the ethylene vinyl acetate market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the ethylene vinyl acetate industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the ethylene vinyl acetate industry to benefit clients and increase the market sector. Prominent players in the ethylene vinyl acetate market, including DuPont, BASF SE, Exxon Mobil Corporation, Royal Dutch Shell, SABIC, and others, are attempting to expand market demand by investing in research and development operations.
Asian Paints Ltd is a provider of painting and waterproofing solutions. The company's product portfolio includes industrial and decorative paints, including exteriors, interiors, enamels, and wood finishes. It provides these products to automotive original equipment manufacturers, industrial, marine, and construction industries. In October 2022, Asian Paints announced an investment of INR 21,000 million (USD 261.22 million) for setting-up ethylene vinyl acetate and vinyl acetate monomer manufacturing facility in India with a suggested annual capacity of 100,000 tons of ethylene vinyl acetate.
Braskem S.A. produces petrochemicals and generates electricity. The Company produces ethylene, propylene, benzene, toluene, xylenes, butadiene, butene, isoprene, dicyclopentadiene, MTBE, caprolactam, ammonium sulfate, cyclohexene, polyethylene theraphtalat, polyethylene, and polyvinyl chloride (PVC). In May 2022, Braskem established Ethylene Vinyl Acetate-based sustainable 3D printing filaments for the application of 3d printing. The product is developed from bio-based ethylene vinyl acetate filament derived from raw sugarcane and recycled polyethylene and polypropylene (PE/PP) blended filaments.
Key Companies in the Ethylene Vinyl Acetate market include
Ethylene Vinyl Acetate Industry Developments
December 2021: Celanese Corporation, a chemical and specialty material company, acquired the Santoprene TPV elastomers business of Exxon Mobil Corporation to strengthen its portfolio. Further, in April 2020, the company acquired Nouryon's re-dispersible polymer powder portfolio offered under the Elotex brand.
December 2021: Exxon Mobil Corporation acquired Materia Inc., a structural polymer company that offers a range of products for wind turbine blades, electric vehicle parts, sustainable construction, and anti-corrosive coatings.
January 2019: Celanese Corporation announced the acquisition of Next Polymers Ltd. This acquisition will likely lead to rapid growth in the Indian business and broaden the company's ability to serve nylon and other engineered materials, along with offering a huge range of polymer products over the coming years.
Ethylene Vinyl Acetate Market Segmentation
Ethylene Vinyl Acetate Type Outlook
Medium Density EVA
Ethylene Vinyl Acetate Application Outlook
Solar Cell Encapsulation
Hot Melt Adhesives
Wires & Cables
Ethylene Vinyl Acetate End-User Outlook
Adhesive & Sealants
Electrical & Electronics
Ethylene Vinyl Acetate Regional Outlook
Rest of Europe
Rest of Asia-Pacific
Rest of the World
|Market Size 2022
|USD 1.1 billion
|Market Size 2023
|USD 1.14 billion
|Market Size 2032
|USD 1.57 billion
|Compound Annual Growth Rate (CAGR)
|Market Forecast Period
|Market Forecast Units
|Value (USD Billion)
|Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
|Type, Application, End-User, and Region
|North America, Europe, Asia Pacific, and the Rest of the World
|The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
|Key Companies Profiled
|DuPont, BASF SE, Exxon Mobil Corporation, Royal Dutch Shell, SABIC, LyondellBasell Industries Holdings B.V., Westlake Chemical Corporation, Braskem, Mitsubishi Chemical Corporation, Huntsman International LLC, Uz-Kor Gas Chemical, Praxair Technology, Inc.
|Key Market Opportunities
|Rise in demand from the packaging industry Rise in the research and development activities
|Key Market Dynamics
|Rise in the investment in solar energy generation set-ups
Frequently Asked Questions (FAQ) :
The ethylene vinyl acetate market size was valued at USD 1.1 Billion in 2022
The market is projected to grow at a CAGR of 4.00% during the forecast period, 2023-2032
North America had the largest share of the market
The key players in the market are Westlake Chemical Corporation, Braskem, Mitsubishi Chemical Corporation, Huntsman International LLC, Uz-Kor Gas Chemical, and Praxair Technology, Inc
The high-density EVA category dominated the market in 2022
The foaming had the largest share in the market
The packaging had the largest share in the market
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