The global ethylene vinyl acetate resins market is estimated to witness massive growth in forecast period, due to increased demand for EVA-resins based material in packaging industry globally. The Asia Pacific region to foresee robust growth by 2028.
NEW YORK, Aug. 25, 2021 /PRNewswire/ -- Research Dive in its latest published report estimates that the Global Ethylene Vinyl Acetate Resins Market will generate $15,300.3 million and exhibit a CAGR of 6.9% from 2021 to 2028.
Market Dynamics
Ethylene vinyl acetate (EVA) resins-based are hugely utilized in the packaging and paper industry due to its various advantages such as crack resistant, flexible, chemical resistant, resistance to UV radiation, and high friction coefficient. In addition, there is an increasing utilization of bio-based EVA as they are environment friendly and various leading companies are introducing novel products in the market. These factors are predicted to propel the growth of the global ethylene vinyl acetate resins market in the analysis period. However, the availability of low-cost substitutes such as linear low-density polyethylene (LLDPEs) is projected to be a restraining factor for the global market growth.
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Impact of COVID-19 Pandemic on the Ethylene Vinyl Acetate Resins Market
The COVID-19 outbreak has positively impacted the global ethylene vinyl acetate resins market during the pandemic. The increase in the growth rate of the market is majorly attributed to growing demand for ethylene vinyl acetate (EVA) resins-based packaging material in sectors such as food & beverages. In addition, the increasing utilization of new technologies such as IIOT (industrial internet of things) that enables virtual control and real-time monitoring of production is driving the global market growth.
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Key Segment Findings of the Market:
The research report segments the global ethylene vinyl acetate resins market into type, application, end-user, and region.
- Based on type, the thermoplastic ethylene vinyl acetate sub-segment is expected to hold a dominating market share and grow at a CAGR of 7.1% during the forecast period. This is mainly due to increasing construction activities of buildings and development in infrastructure around the world.
- Based on application, the foam sub-segment accounted for $5,276.8 million in 2020 and is projected to hold largest market share over the forecast period. This can be majorly owing to the rising demand of ethylene vinyl acetate (EVA) foam in the footwear and medical industry across the globe.
- Based on end user, the footwear sub-segment is expected to have a dominating market share in the global industry and generate $5,967.5 million by 2028. The significant growth of the sub-segment is owing to the rising demand for both the traditional as well as the fashionable footwear.
- Based on region, the Asia Pacific market for ethylene vinyl acetate resins valued for $4,422.9 million in 2020 and is expected to dominate in the global industry during the forecast period. The dominance of this region is mainly due to the increasing demand for photovoltaic panel-based electricity production and growing construction activities in various countries such as China and India.
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Top 10 Key Players of Ethylene Vinyl Acetate Resins Market
The prominent players of the global ethylene vinyl acetate resins industry include
- Ineos Group Holdings S.A.
- Exxon Mobil Corporation
- Honeywell International Inc.
- The Dow Chemical Company
- Eastman Chemical Company
- DuPont de Nemours, Inc.
- Celanese Corporation
- China Petroleum & Chemical Corporation
- Arkema S.A.
- LyondellBasell Industries Holdings B.V.
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These players are focusing on mergers, collaborations, product development, and launches to gain a competitive in the global market.
For instance, in November 2019, Repsol, a Spanish energy and petrochemical company, entered into a strategic collaboration with the American engineering firm Engineers & Constructors International in order to license ethylene-vinyl acetate (EVA), low-density polyethylene (LDPE) production technologies (ECI), and ethylene butyl acrylate (EBA) copolymer. This collaborative agreement serves as a differentiating factor in positioning Repsol's chemicals business in the EVA/EBA copolymer and petrochemical industry.
They are focusing on advanced product developments and merger & acquisition. These are some of the strategies conducted by the startups as well as established business organizations.
More about Ethylene Vinyl Acetate Resins:
Global Ethylene Vinyl Acetate Resins Market to Experience Accelerating Growth by 2028, Due to Increasing Use of Ethylene Vinyl Acetate Resin-based Materials in the Packaging Sectors Across the World
Explained: EVA Foams and Their Applications
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