The global ethylene vinyl acetate (EVA) market has been witnessing surging demand since the past few years. The rapid expansion of the flexible packaging films industry in the recent times has boosted the demand for EVA significantly.
According to a research report published by Transparency Market Report (TMR), the global EVA market stood at US$7.3 bn in 2014. On account of the increased demand, analysts at TMR expect this market to rise at a CAGR of 5.10% during the period from 2015 to 2023 and reach an estimated value of US$11.4 bn by the end of 2023.
EVA is a copolymer of vinyl acetate and ethylene. It is an elastomeric polymer, used to produce rubber-like materials in terms of flexibility and softness. EVA is difficult to be recycled, hence presents an opportunity-rich market for participants. However, the inconsistency of raw materials prices presents a tough challenge for EVA manufacturers in the global arena.
Asia Pacific to Retain its Dominance in Global EVA Market
The worldwide EVA market is spread across Asia Pacific, Europe, Latin America, North America, the Middle East and Africa, and the Rest of the World. In 2014, Asia Pacific dominated the global market with a share of 35% in terms of volume. The increase in per capita income has fueled the demand for flexible packaging of personal care as well as food and beverage products, accelerating the demand for EVA in this region.
In addition to this, the increasing production of footwear and photovoltaic cells is projected to generate substantial demand for EVA in the near future, ensuring the dominance of this regional market in the global EVA market over the coming years.
North America occupied the second position in the overall market for EVA in 2014. This regional market is likely to maintain its position in the forthcoming years. The Middle East and Africa EVA market is also anticipated to exhibit healthy growth during the next few years.
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High EVA to Report Highest Demand among EVA Products
Low EVA (containing 10-20% vinyl acetate), very low EVA (containing 1-10% vinyl acetate), and high EVA (containing 20-40% vinyl acetate) are the key products available in the worldwide EVA market.
EVA, containing 20% to 40% vinyl acetate, is mostly utilized in photovoltaic cells, hot melt adhesives, and wires and cables, while low vinyl acetate content EVA (with 10-20% vinyl acetate content) is used to produce foams and films.
The low EVA segment led the global EVA market in 2014. However, the increasing preference of consumers for high-performance EVA is likely to propel the demand for high EVA significantly, owing to which, this segment is expected to register the fastest growth over the next few years.
Increase in Solar projects to Stimulate Demand for EVA in Photovoltaic Cells
Foams, films, hot melt adhesives, wires and cables, photovoltaic cells, and hose and tubing are the prime application areas of EVA. The demand for EVA was the highest from the films segment in 2014. However, the demand from the photovoltaic cells segment is anticipated to rise in the fastest pace in the near future owing to the growing number of solar projects across the world.
The major participants in the global market for ethylene vinyl acetate are LyondellBasell Industries Holdings B.V., Exxon Mobil Corp., Porex Corp., Arkema, Hanwha Group, Celanese Corp., Saudi International Petrochemical Co., Tosoh Corp., Braskem, Westlake Chemical Corp., and DuPont.
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