Ethylene vinyl acetate (EVA) is a copolymer of ethylene and vinyl acetate which has superior flexibility, transparency, toughness, and heat resistance properties. EVA find major applications in hot melt and pressure-sensitive adhesives owing to its excellent flexibility at low temperatures. It is used in the production of hot melt adhesives for packaging of various goods including food, consumer products, building and construction materials, medical products, and footwear. The global EVA market employs EVA primarily in flexible packaging applications. The packaging sector accounts for over 35% of the global demand due to its characteristics like transparency, high gloss, low sealing temperature, high abuse resistance, and good barrier properties.
The global ethylene vinyl acetate Market is estimated to be valued at US$ 1710.66 Mn in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand from packaging industry: The demand for packaging in food, consumer goods and medical industry is growing at a rapid pace. EVA finds major applications in flexible packaging owing to properties like transparency, high gloss, flexibility at low temperature and excellent barrier properties. This growing demand from packaging sector is expected to drive the growth of global EVA market over the forecast period.
Growing demand and its superior properties: EVA finds usage in hot melt and pressure sensitive adhesives owing to its excellent flexibility at low temperatures. Its superior properties like flexibility, high transparency, toughness and heat resistance makes it an ideal choice for various end use industries like packaging, footwear, solar energy, wire and cable. The growing demand from end use industries due to its versatile properties is expected to support the market growth during the forecast period.
Segment Analysis
The global ethylene vinyl acetate market size is dominated by Polyethylene segment which holds around 57% of the market share. Polyethylene is highly used in pipes, wire and cable coatings, hot melt adhesives and profiles. It offers properties such as high tensile strength, flexibility and chemical resistance which makes it ideal for these applications.
PEST Analysis
Political: Government regulations around phthalate-free plastic products is driving the demand for ethylene vinyl acetate in applications such as medical tubing and films.
Economic: Growth in the construction industry especially in Asia Pacific is fueling the consumption of ethylene vinyl acetate in pipe coatings and profiles.
Social: Increasing health awareness among consumers is propelling the usage of EVA in pharmaceutical products due to its biocompatibility.
Technological: Advancements in hot melt adhesive technology using thermoplastic polymers like EVA has increased its demand in packaging and footwear industries.
Key Takeaways
The global ethylene vinyl acetate market is expected to witness high growth over the forecast period of 2024 to 2031. The global ethylene vinyl acetate Market is estimated to be valued at US$ 1710.66 Mn in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031.
Regional analysis
Asia Pacific is currently the largest as well as the fastest growing market for ethylene vinyl acetate. Countries like China, India, Indonesia, Malaysia and Vietnam are driving the region’s growth on account of rapid industrialization, urbanization and infrastructure development activities. This has increased the usage of EVA in pipes, cables, profiles and hot melt adhesives.
Key players
Key players operating in the ethylene vinyl acetate market are Dow Chemical, DuPont, Arkema, LyondellBasell, Versalis. Dow Chemical is a dominant player with wide product portfolio and global presence. DuPont and LyondellBasell are other major manufacturers focusing on new product innovation and capacity expansion.