Ethylene acrylic acid copolymer market size to grow by USD 203.13 million from 2022 to 2027, The increasing demand in the food packaging industry drives growth, Technavio
NEW YORK, March 20, 2024 /PRNewswire/ -- The ethylene acrylic acid copolymer market size is forecast to increase by USD 203.13 million from 2022 to 2027, at a CAGR of 9.52%, according to the recent market study by Technavio. The surging demand within the food packaging sector is propelling market expansion, driven by the adhesive properties of Ethylene Acrylic Acid (EAA) copolymers. Renowned for their high bond resistance, these polymers are particularly suited for acidic food packaging applications and high-speed copolymer packaging, thanks to their exceptional heat-sealing properties. Beyond conventional applications like tea bags and dry-food packages, EAA copolymers are increasingly deployed in juice, aseptic milk, snack foods, ketchup, and oil packaging. The global market stands to benefit from shifting consumer lifestyles, burgeoning retail landscapes, and the proliferation of food service entities worldwide. Key industry players are innovating with smarter packaging solutions, fueling heightened demand for EAA copolymers and fostering robust growth within the global market.
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Technavio has extensively analyzed 15 major vendors, including Altana AG, Angene International Ltd., Arkema Group, Dow Chemical Co., Exxon Mobil Corp., Honeywell International Inc., Jiangsu Victory Chemical Co. Ltd., LyondellBasell Industries N.V., Merck KGaA, Michelman Inc., Nanjing Tianshi New Material Technology Co. Ltd., Nippon Shokubai Co. Ltd., NSB Polymers GmbH, Parchem Fine and Specialty Chemicals Inc., Qingdao Hairuite Chemical Material Co. Ltd., Shanghai Songhan Plastic Technology Co. Ltd., SK Innovation Co. Ltd., SNP Inc., Ter Group, and Thermo Fisher Scientific Inc.
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Segmentation Assessment
The market is segmented by Application (Adhesives, Barrier coating, and Others), Type (20wt percentage comonomer, 9wt percentage comonomer, and 5wt percentage comonomer), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).
- The market share growth by the adhesives segment is significant during the forecast period. The growth of the global EAA copolymer market, mainly because of the increasing consumption of EAA in the packaging industry is majorly contributed by this segment. Furthermore, EAAs are high-performing copolymer adhesives. They have been the preferred product of a number of industrial sectors due to their superior adhesion. Hence, such factors boost the adhesives segment of the ethylene acrylic acid copolymer market during the forecast period.
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The increasing demand in the food packaging industry drives the ethylene acrylic acid copolymer market growth during the forecast period.
Their adhesive properties make EAA copolymers a major material in a variety of food packaging applications. This copolymer is used for the packaging of juice and aseptic milk, snack foods, ketchup, and oil. Furthermore, the copolymer market benefits from lifestyle changes, the growth of retailers, and an increasing number of food service players worldwide. Hence, such factors fuel the growth of the ethylene acrylic acid copolymer market during the forecast period.
- The stringent regulations pose a threat to the growth of the ethylene acrylic acid copolymer market.
Analyst Review
The global Ethylene Acrylic Acid Copolymer market is witnessing significant growth, driven by various factors such as advancements in technology, sustainable packaging solutions, and robust research and development initiatives. The market is characterized by key players including DuPont, Exxon Mobil Corporation, BASF SE, Entec Polymers, SK global chemical Co., Ltd., Lotryl, KPL International Limited, and Anhui Sinograce Chemical Co., Ltd. The market analysis reveals a growing demand for Ethylene Acrylic Acid Copolymer across regions such as North America, Europe, Asia-Pacific, and the Middle East and Africa. With increasing applications in industries like automotive, packaging, and cable shielding, the market is projected to expand substantially during the forecast period.
The packaging industry serves as a major driver for the Ethylene Acrylic Acid Copolymer market, as the material offers excellent adhesion to polar substrates, making it ideal for various packaging applications. Additionally, the automotive sector utilizes Ethylene Acrylic Acid Copolymer for cable shielding, providing protection against electromagnetic interference. The market presents several opportunities for growth, especially with the rising demand for sustainable packaging solutions. Ethylene Acrylic Acid Copolymer offers recyclability and compatibility with existing recycling streams, positioning it favorably in the market. Moreover, advancements in technology further enhance the material's properties, opening doors for innovative applications.
Key developments in the market include Arkema's significant investment of approximately USD 90 million, signaling a commitment to expanding production capacity and meeting growing market demand. Additionally, SK Innovation's acquisition of Dow Chemical's ethylene acrylic acid (EAA) unit for $370 million underscores the strategic moves within the industry to strengthen market presence and capabilities. Despite the positive outlook, the market faces challenges such as competition from alternative materials and limited awareness and education about the benefits of Ethylene Acrylic Acid Copolymer. Overcoming these challenges will require concerted efforts from industry stakeholders to promote the advantages of the material and drive adoption across various end-user segments.
In conclusion, the Ethylene Acrylic Acid Copolymer market is poised for substantial growth, fueled by drivers such as the packaging industry, advancements in technology, and sustainability trends. With strategic investments and innovation, key players are well-positioned to capitalize on emerging opportunities and address challenges to maintain a competitive edge in the market.
Market Overview
In the ethylene acrylic acid copolymer market, aqueous alkali solutions play a pivotal role in enhancing resin adhesion to polar substrates, crucial in primer formulations for cable shielding applications. Regionally, market insights highlight a growing demand in Asia-Pacific due to expanding industrialization. Amines act as crucial catalysts in copolymerization processes, ensuring desired product characteristics. Resins derived from ethylene acrylic acid copolymers exhibit excellent adhesion properties, making them ideal for liquid aseptic packaging solutions. Market share analysis underscores the dominance of ethylene acrylic acid copolymers in cable shielding applications, owing to their superior dielectric properties. Overall, the market for ethylene acrylic acid copolymers continues to expand, driven by versatile applications across various industries.
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Table of Contents
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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SOURCE Technavio
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