The EVA market size is estimated to be USD 9.7 Billion in 2021 and is projected to reach USD 13.6 Billion by 2026, at a CAGR of 6.8%.
EVA is the copolymer of ethylene and vinyl acetate. It is an elastic material with the presence of about 10% - 40% of vinyl acetate content. It is also known as polyethylene vinyl acetate (PEVA), with high flexibility and softness.
EVA also possesses good clarity and gloss, low-temperature toughness, stress-crack resistance, high friction coefficient, hot-melt adhesive waterproof properties, and resistance to UV radiations. These copolymers are used in various end-use industries such as footwear & foams, packaging, agriculture, photovoltaic encapsulation, and others end-use industries.
EVA is a versatile, recyclable, sustainable, and durable material, owing to which it is gaining traction across several industrial applications. Due to its superior properties and the changing government policies such as European Green Deals, the global market for EVA is expected to grow.
High density EVA accounted for the largest share in 2020
Extruded sheets are estimated to be the largest form of EVA. This is due to its advantages, which include clarity, good surface quality, range of colors, easy maintenance, surface hardness, lightweight, and easy fabrication.
Film application accounted for the largest share in 2020
Ethylene Vinyl Acetate (EVA) EVA with 6% - 10% vinyl acetate content is commercially used for film applications. Films manufactured using EVA copolymers became the most widespread due to their properties, such as lower melting point, higher transparency, high impact resistance, thermal stability, elasticity, and hygienic characteristics
APAC is projected to account for the largest share of the EVA market during the forecast period
APAC is estimated to be the largest market for EVA and is projected to reach USD 8,740 Million by 2026. The market in the region is primarily driven by the rising demand for durable plastic products from the footwear, pharmaceuticals, and photovoltaic panels segments.
The demand for EVA is mainly catered to by global players manufacturing these membranes for various end-use industries. Some of the leading companies involved in the manufacturing of EVA such as ExxonMobil Corporation (US), Dow Inc. (US), SIPCHEM (Saudi Arabia), Formosa Plastics Corporation (Taiwan), and Hanwha Total Petrochemical
Growth In Film Application To Drive The Market
China Accounted for The Largest Share In APAC
High-Density EVA Type To Lead The Overall Ethylene Vinyl
Film Application To Lead The Overall Ethylene Vinyl Acetate Market
Photovoltaic Panels End-Use Industry To Lead The Overall Ethylene Vinyl Acetate Market
China To Be Fastest-Growing Market for Ethylene Vinyl Acetate
Significant growth in solar PV installation across the globe to boost the demand for EVA during the forecast period
Increasing usage of EVA in footwear will drive the market over the forecast period
Increasing demand from packaging industry will support the market growth
Substitute materials to hamper the market growth
Economic slowdown and impact of COVID-19 on the manufacturing sector
Introduction of bio-based ethylene vinyl acetate
Potential problems with ethylene vinyl acetate photovoltaic encapsulation