by Ethylene vinyl acetate (EVA) is a copolymer of ethylene and vinyl acetate which provides superior performance properties like flexibility, transparency and consistency. It is used as a binder, hot melt adhesive, impact modifier and in polymer processing aid applications. EVA exhibits properties of both polyethylene and polyvinyl acetate which makes it suitable for use in cable jacketing, sheets and films for packaging, footwear, medical devices, toys and various construction applications. The global construction industry has been witnessing steady growth over the past few years due to rapid urbanization and industrialization in emerging economies which has increased the demand for insulation foams, linoleum and tiles where EVA is used extensively.
The global Ethylene Vinyl Acetate Market is estimated to be valued at US$ 1710.66 Mn in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the EVA market is its increasing use in the production of photovoltaic modules. EVA is used as an encapsulant between the solar cells and front covering sheet in solar photovoltaic modules to offer protection from environmental factors. Rapid capacity additions in the solar sector are expected to drive the demand for EVA in the coming years. Another major trend is the development of non-phthalate plasticizers which are being adopted as an alternative to conventional phthalate plasticizers to address the health and environmental concerns associated with phthalates. Companies are focusing on R&D to develop bio-based and hybrid EVA formulations which can provide high performance at lower cost and reduce dependency on petroleum resources.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Global ethylene vinyl acetate market Size is moderate. Presence of stringent regulations and requirement of high capital investments make entry difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power in the market due to availability of substitutes. However, differentiated product offerings strengthen buyers dependence on few leading brands.
Bargaining power of suppliers: A few suppliers dominating the upstream market along with availability of raw material alternatives provide suppliers with moderate bargaining power in the market.
Threat of new substitutes: Presence of substitute polymers like polyethylene and polypropylene pose threat to ethylene vinyl acetate market. However, unique properties of EVA lower the threat from substitutes.
Competitive rivalry: The global market is moderately competitive owing to presence of major players. Key companies focus on new product launches and geographic expansion to sustain their position in the market.
Key Takeaways
The global ethylene vinyl acetate market is expected to witness high growth over the forecast period. The global Ethylene Vinyl Acetate Market is estimated to be valued at US$ 1710.66 Mn in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031.
North America accounts for the largest share in the ethylene vinyl acetate market in 2024 primarily owing to increasing consumption from construction, automotive, and packaging industries in the region. Further, presence of leading players in the U.S. and Canada strengthens the regions dominance. Asia Pacific is projected to be the fastest growing market for ethylene vinyl acetate during the forecast period. Growth in the region will be largely driven by rising demand from countries like China and India attributable to up gradation and expansion of industrial infrastructure.
Key players operating in the ethylene vinyl acetate market are Exxon Mobil Corporation, Hanwha Chemical Corporation, Celanese Corporation, Arkema S.A., DuPont, Sipchem, and LyondellBasell. Major players are focusing on capacity expansions, acquisitions, and development of innovative products to increase market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
