The global Ethylene Vinyl Acetate Market is estimated to be valued at US$ 1484.94 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Ethylene vinyl acetate (EVA) is a copolymer of ethylene and vinyl acetate which is used to manufacture hot melt adhesives, athletic shoes, foamed flooring, photovoltaic encapsulants, and medical devices. The EVA market benefits due to its high flexibility, transparency, and resistance to moisture and UV radiation.
Market key trends:
One of the key trends in the EVA market is increasing demand for polyolefin elastomers. Polyolefin elastomers have superior elasticity and flexibility compared to other EVA grades. They are gaining popularity in applications such as footwear, appliance components, wire and cable, and medical devices. Rise in consumption of these products is expected to accelerate the demand for polyolefin elastomers, thereby fueling growth of the global EVA market during the forecast period. Growth in end-use industries such as footwear, automotive, and packaging is also projected to support the expansion of EVA market.
The global ethylene vinyl acetate market is segmented based on type, application, and region. Based on type, the low density polyethylene segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. Low density polyethylene provides high flexibility and elasticity and has low material and production costs, which has increased its adoption across various end-use industries.
The Global Ethylene Vinyl Acetate Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand from various end-use industries such as construction, packaging, agriculture, automotive, etc.
Regional analysis - Asia Pacific dominated the global market in 2022 and is expected to continue its dominance during the forecast period. Rapid industrialization and growing construction activities in developing countries such as China and India are driving the demand for ethylene vinyl acetate in this region.
Key players - Key players operating in the ethylene vinyl acetate market are Arlanxeo, Asia Polymer Corporation, Benson Polymers Limited, Braskem, Celanese Corporation, Clariant AG, Dow, ExxonMobil Corporation, Hanwha, Solutions/Chemical Corporation, Innospec Inc., LyondellBasell Industries Holdings BV, Repsol, Sipchem, SK Global, Sumitomo Chemical Co. Ltd, and Tosoh Corporation.
The global ethylene vinyl acetate market size is expected to reach US$ 1484.94 Mn in 2023.