The global vinyl acetate monomers market is valued at US$ 8.8 billion in 2022 and is expected to expand at a CAGR of 4.7% to reach US$ 13.9 billion by the end of 2032. Polyvinyl acetate dominated the global market with 42.6% market share in 2021.
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.
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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.
Competitive Landscape:
The global market for EVA is highly consolidated with only a few tier-1 manufacturers occupying a large share of the market. The focus of major players across the world is mostly on product development and distribution network expansion.
Prominent players in the market follow the competitive market pricing strategy in the ethylene vinyl acetate market. Companies are entering into collaborations and partnerships with end-use industries to bolster their consumer base.
- ExxonMobil Corporation, in 2019, acquired Materia, Inc. The high structural performance company is a Nobel prize-winning firm for the technology for manufacturing a new class of materials.
- Celanese Corporation, in 2019, announced the acquisition of Next Polymers Ltd. This acquisition is likely to lead to rapid growth in the Indian business and broaden the company’s ability to serve nylon and other engineered materials coupled with offering a wide range of polymer products over the coming years
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
More Valuable Insights on Ethylene Vinyl Acetate Market
- 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?