Global Ethylene Vinyl Acetate Market - Segmented by Type, Application, and Geography - Growth, Trends, and Forecast (2022 - 2030)

The ethylene vinyl acetate market is expected to register healthy growth during the forecast period (2018-2023). The market is driven by the factors such as growing demand from the packaging industry and increasing usage of renewable energy sources. The increasing threat of substitutes is likely to act as an opportunity for the market’s growth. In 2017, the Asia-Pacific region accounted for the largest share of the global market.

Growing Demand from Packaging Industry
Demand for lightweight and innovative packaging solutions from the food industry is majorly driving the market. The transition in this industry is led by few segments such as baby food, pet food, sauces, and soups. Flexible packaging offers brand owners, retailers, and consumers many advantages such as high graphic appearance, and contribute to the performance of package by preserving the quality of the images during manufacturing, packaging, transportation, and end use of products. The demand for flexible packaging is increasing owing to the advantages such as light-weight and easy to open, carry, store, and reseal, easy transportation, less wastage, etc. The sales of flexible packaging are increasing since the past decade and are projected to increase in future. In 2017, the sales have been increased by 6.67% over 2016. Rising trend of online interaction with the consumers is the new branding technique for the companies, which are eager to forge a longer-lasting two-way relationship with consumers, integrating with social media. All the above-mentioned factors increase the demand for packaging, in turn, expected to drive the market for ethylene vinyl acetate during the forecast period.

Solar Cell Encapsulation – A Huge Market Potential
Ethylene Vinyl Acetate (EVA) is used for the encapsulation of photovoltaic (PV) modules in the majority of solar cells due to the advantages such as good light transmittance and elasticity, excellent melt fluidity, low processing temperature, and adhesive property. As the global energy demand went up by 2.1% in 2017, twice more than that of 2016, renewables saw the highest growth rate of any energy source, meeting a quarter of global energy demand. According to the preliminary estimates from the IEA, solar PV accounted for almost 27% of the growth in renewables-based power output in 2017. The use of solar cells has been continuously increasing around the world. With the increasing government support, the new installation of solar photovoltaic cells capacity is growing rapidly around the world from the past decade. In 2017, installation capacity was increased by 29.3% over 2016. Recently in June 2018, the city of Lockport and its partners launched a campaign as a part of the Solarize Buffalo Niagara initiative, which aims to make it easier and economical for business owners and residents to purchase solar energy systems. Due to these reasons, the usage of solar energy increases resulting in the increasing demand for the EVA in future.

Asia-Pacific to Dominate the Market
Asia-Pacific region dominated the global market share in 2017. With the growing population and increasing purchasing power of the individuals in the countries such as China, India, and Japan, the demand for packaging is increasing in the region. This, in turn, increases the demand for EVA films. According to Federation of Indian Chambers of Commerce & Industry (FICCI) and Tata Strategic Management Group (TSMG), the packaging industry in India is expected to rise from USD 46 billion in 2016 to reach USD 73 billion by 2020. The growth of the packaging industry in the country is mainly driven by the food and the pharmaceutical packaging sectors. The large and growing Indian middle-class population, along with the growth in organized retailing in the country, is fueling growth in the packaging industry. The adhesives industry in India is rapidly rising due to the growing construction sector. The Indian government's ‘Housing for All by 2022’ is a significant game changer for the industry. Due to these reasons, the demand for EVA in the region is likely to increase during the forecast period.

Key Developments in the Market
August 2018: Braskem has introduced an ethylene vinyl acetate (EVA) copolymer in the Allbirds shoes which is a renewable bio-based EVA resin derived from sugarcane.
The major players include – BASF SE, Exxon Mobil Corporation, DowDuPont, Hanwha Group, and Celanese Corporation, amongst others.
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