Global & Asia Pacific Ethylene Vinyl Acetate Market: Introduction
In terms of value, the global & Asia Pacific ethylene vinyl acetate market is anticipated to expand at a CAGR of ~6% from 2020 to 2030 and cross US$ 7.3 Bn by 2030. Asia Pacific dominated the global ethylene vinyl acetate market in terms of volume in 2019. It is estimated to be the leading region of the global ethylene vinyl acetate market during the forecast period. Footwear and packaging industries are projected to offer lucrative opportunities to the global & Asia Pacific ethylene vinyl acetate market in the near future.
Global & Asia Pacific Ethylene Vinyl Acetate Market: Major Drivers and Restraints
Ethylene vinyl acetate-based hot-melt adhesives are widely used solvent-free polymers. These adhesives do not utilize water or solvents in order to acquire their adhesive properties. This allows them a fast set time, long shelf life, and functionality in a wide range of temperatures. Ethylene vinyl acetate hot melt adhesives are used in a wide range of industries for various applications due to their versatility, dependability, and durability. These industries include paper, woodworking, assembly, and automotive. Ethylene vinyl acetate adhesives are specifically formulated to adhere to waxes, paper, paper stock, and various aqueous coatings. Thus, they are ideal for usage in the packaging industry. Ethylene vinyl acetate is gaining popularity owing to increase in usage of ethylene vinyl acetate films in solar energy, packaging, agriculture, and other sectors. Foams and wires & cables are among the rapidly growing segments of the ethylene vinyl acetate market due to their characteristics such as elasticity and flexibility, excellent adhesion, good compatibility, good low temperature resistance, and greater solubility in organic solvents. Ethylene vinyl acetate insulated cables are primarily employed in power and telecommunication sectors due to these properties.
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Ethylene and vinyl acetate monomers are primary raw materials used in the manufacture of ethylene vinyl acetate. However, the cost of these raw materials has been fluctuating significantly since the past few years. Vinyl acetate monomer is obtained from acetic acid. The cost of acetic acid has been unstable since the past few years. On the other hand, ethylene is obtained from crude oil. Hence, the price of crude oil and acetic acid has high impact on the cost of raw materials. This affects the price of ethylene vinyl acetate. Therefore, the global & Asia Pacific ethylene vinyl acetate market is anticipated to be hampered by the volatility in prices of raw materials.
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Competition Landscape of Global & Asia Pacific Ethylene Vinyl Acetate Market
Key manufacturers operating in the global & Asia Pacific ethylene vinyl acetate market include SK Global Chemical Co., Ltd., BASF SE, Clariant AG, Celanese Corporation, The Dow Chemical Company, Hanwha Corporation, LyondellBasell Industries Holdings B.V., International Polymers Company (IPC) (a SIPCHEM Company), Tosoh Corporation, Westlake Chemical Corporation, Innospec Inc., Braskem, LG Chem Ltd., and Exxon Mobil Corporation.
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Global & Asia Pacific Ethylene Vinyl Acetate Market: Segmentation
Global & Asia Pacific Ethylene Vinyl Acetate Market, by VA Type
- Very Low EVA (1%-7%)
- Low EVA (7%-17%)
- Mid EVA (17%-25%)
- High EVA (>25%)
Global & Asia Pacific Ethylene Vinyl Acetate Market, by Product Type
Global & Asia Pacific Ethylene Vinyl Acetate Market, by Application
- Hot-melt Adhesives
- Photovoltaic Cells
- Wires & Cables
- Others (Including Hose & Tubing)
Global & Asia Pacific Ethylene Vinyl Acetate Market, by End Use
- Paper & Packaging
- Solar Cells
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