U.S. Ethylene Vinyl Acetate Market to Create Absolute $ Opportunity of US$ 690 Mn by 2032: Fact.MR Report
Ethylene Vinyl Acetate Market to Surpass US$ 11.37 Bn as Demand in Footwear & Foam Industry Rises at 3%
In a recent industry analysis, Fact.MR divulges compelling insights into various factors impacting sales in the global ethylene vinyl acetate market, providing a comprehensive analysis to the readers. The report further covers latest industry developments in terms of major segments of the market, including product type and end-use industry across five regions.
NEW YORK, June 1, 2022 /PRNewswire/ -- The global ethylene vinyl acetate market size stood at US$ 8.84 Bn in 2021 and is set to reach a valuation of US$ 11.37 Bn in 2032. As per the study, sales of ethylene vinyl acetate are expected to surpass US$ 8.99 Bn in 2022, growing at a CAGR of 2.4% over the forecast period from 2022 to 2032.
Increasing usage of ethylene vinyl acetate as an encapsulating agent in solar modules to achieve low degradability to sunlight and excellent radiation transmission is expected to propel growth. It is also utilized for the development of insulating and sealing films around solar cells.
Rising government investment in the development of the solar power industry across the globe is another factor that would foster growth. As solar power is considered to be a sustainable alternative to fossil fuels, it is gaining immense popularity in emerging economies.
As per the India Brand Equity Foundation (IBEF), the government allocated nearly US$ 2.57 Bn for a new PLI scheme in the Union Budget 2022-23 to manufacture high-efficiency solar modules.
IBEF further states that the country introduced a global initiative called the Mission Innovation CleanTech Exchange in June 2021 to boost clean energy innovation. This trend is likely to continue, thereby pushing sales of ethylene vinyl acetate in the forthcoming years.
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Moreover, key companies are expected to focus more on the development of green ethylene vinyl acetate as conventional ones emit harmful gases in the atmosphere. Green products are set to be used in the production of general foam, toys, and footwear in the upcoming years.
Demand for high density ethylene vinyl acetate is anticipated to surge at a fast pace in the evaluation period. Growth is attributable to its good surface quality, easy friction, surface hardness, clarity, lightweight, and easy maintenance benefits.
Apart from that, companies aiming to accelerate sustainability are focusing on purchasing renewable energy certificates and developing solar roofs. It is further leading to demand for ethylene vinyl acetate for usage in photovoltaic solar modules to ensure high performance and reliability.
Key Takeaways:
- The U.S. ethylene vinyl acetate market is set to create an absolute $ opportunity of US$ 690 Mn and procure a share of more than 89% by 2032.
- In Asia Pacific, China is likely to dominate the ethylene vinyl acetate market by exhibiting a CAGR of 3.1% in 2032.
- By end-use industry, sales in the footwear and foam category are projected to expand at a CAGR of 3% and record US$ 2.8 Bn till 2032.
- In terms of product type, the low density ethylene vinyl acetate segment is anticipated to expand at a CAGR of 2.5% in the forecast period.
- The medium density ethylene vinyl acetate segment is estimated to reach a valuation of US$ 600 Mn and capture nearly 28% of the market share by 2032.
Growth Drivers:
- Resistance to UV radiation, low-temperature toughness, high friction coefficient, and good clarity and gloss properties of ethylene vinyl acetate are set to drive growth.
- Increasing replacement of petroleum-based ethylene vinyl acetate with eco-friendly variants to reduce pollution is likely to spur demand.
Restraints:
- Availability of cost-effective substitutes, such as low density polyethylene may hinder the demand for ethylene vinyl acetate.
- When exposed to UV radiation or atmospheric water, ethylene vinyl acetate copolymers start producing acetic acid, which can propel surface corrosion.
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Competitive Landscape:
Some of the reputed companies operating in the global ethylene vinyl acetate market are focusing on research and development activities to create novel products for their customers. Key players are also engaging in mergers and acquisitions to optimize their supply chain and to improve sales.
For instance,
- In May 2022, Braskem, a petrochemical company headquartered in Brazil, launched its three latest sustainable 3D printing filament products. These are meant for the additive manufacturing industry and include 3D printing filaments produced from recycled polyethylene and polypropylene (PE/PP) blended filaments, as well as bio-based ethylene vinyl acetate filament.
Key Companies Profiled by Fact.MR
- Arkema Group
- ARLANXEO Holding B.V.
- Asia Polymer Corporation
- Braskem S.A.
- Celanese Corporation
- Clariant AG
- Dow Chemical Company
- ExxonMobil Corporation
- Formosa Plastic Corporation
- Hanwha Total Petrochemical Co. Ltd
- Lyondell Basell Industries N.V.
- Sahara International Petrochemical Company
- SIPCHEM
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More Valuable Insights on Ethylene Vinyl Acetate Market
In the latest study, Fact.MR offers a 360-degree view of the global ethylene vinyl acetate market for the forecast period of 2022 to 2032. This report also provides key factors such as recent developments and growth drivers influencing the sales in ethylene vinyl acetate market through detailed segmentation as follows:
By Product Type:
- Very Low Density EVA
- Low Density EVA
- Medium Density EVA
- High Density EVA
By End-use Industry:
- Footwear & Foam
- Packaging
- Agriculture
- Photovoltaic Panels
- Pharmaceuticals
- Other End-use Industries
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
Key Questions Covered in the Ethylene Vinyl Acetate Market Report
- What will be the demand outlook of ethylene vinyl acetate market in 2022?
- What will be the growth rate of the global ethylene vinyl acetate market during 2022-2032?
- Which are key drivers bolstering the growth in ethylene vinyl acetate market?
- Which are the factors hindering the growth in the ethylene vinyl acetate market?
- Which region is expected to exhibit the fastest growth in the global ethylene vinyl acetate market during 2022-2032?
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