EVA is an abbreviation for ethylene vinyl acetate, a polymer with good radiation transmission but low photodegradability. This is a thermoplastic polymer that is utilized as an encapsulating agent in solar modules because it produces a sealing and insulating coating around the solar cells when heated.
Impact of COVID-19 on the Industry
The coronavirus pandemic has created a chaos in several end-use industries and negatively impacted various markets. However, the global ethylene vinyl acetate resins market has witnessed a remarkable rise in the market growth rate during the COVID-19 pandemic.
The rising worldwide population has increased the demand for packaging material in industries such as food & beverages. This has led to the increasing use of ethylene vinyl acetate resins-based packaging material and is contributing to the growth of the market. Furthermore, many companies in the chemical industry are implementing new technologies to ensure the continuity of their operations. Businesses have started implementing technologies such as the industrial internet of things (IIOT) to enable real-time monitoring and virtual control of operations. During the forecasted period, these variables are predicted to have a good impact on market growth as well as a desirable impact on the technology division of the ethylene vinyl acetate resins market.
Key Developments in the Industry
The key companies operating in the global ethylene vinyl acetate resins market are adopting business tactics & several growth strategies such as partnerships, mergers & acquisitions, launches, and collaborations, to maintain a strong position in the overall market, which is subsequently assisting the market to grow across the world.
For instance, in April 2019, Eastman Chemical Company, in the United States introduced Regalite C6100 hydrocarbon resin, which has very light color, is partially hydrogenated, modified aliphatic resin designed in such a way that is acts as a perfect tackifier for the midblock of thermoplastic block copolymers.
In November 2019, Repsol announced a collaboration deal with American engineering firm Engineers & Constructors International to license ethylene butyl acrylate (EBA) copolymer, low-density polyethylene (LDPE) production technologies (ECI) and ethylene-vinyl acetate (EVA). This arrangement serves as a differentiating factor in the Chemicals Business's strategic posture in the EVA/EBA copolymer industry.
In August 2018, Braskem announced the introduction of a new renewable bio-based EVA resin in Allbirds footwear. The new product, created from sugarcane, is the first of its kind to be manufactured from a renewable resource, and it is expected to supply the footwear, automobile, and flexible packaging industries, among others.
Forecast Analysis of Ethylene Vinyl Acetate Resins Market
As per a newly published report by Research Dive, the global ethylene vinyl acetate resins market is predicted to garner $15,300.3 million by 2028. New product advancements have boosted the number of services available to the many industries where ethylene vinyl acetate resins are utilized, which is expected to fuel market expansion. Geographically, the Asia Pacific market for ethylene vinyl acetate resins is estimated to dominate the global industry, owing to the growing demand of photovoltaic panel-based electricity production in this region.
The global ethylene vinyl acetate resins market is expected to witness a healthy growth owing to increased adaptation of ethylene vinyl acetate resins by the paper and packaging industry. Ethylene vinyl acetate resins are break resistant, they are flexible even at low temperatures, and have superior chemical resistance. They also have a high friction coefficient and are resistant to UV radiation. Due to these properties, they are widely used in the packaging industry. Furthermore, firms offering ethylene vinyl acetate-based solutions are introducing new products in order to capture the largest share of the ethylene vinyl acetate resins market. These aforementioned factors are estimated to boost the growth of the ethylene vinyl acetate resins market in the analysis period.
On the contrary, factors such as the availability of low-cost replacements such as linear low-density polyethylene (LLDPEs) and the high initial cost of ethylene vinyl acetate resins are projected to hamper the growth of this market in projected timeframe.
Key Market Players
The key players operating in the global industry include Ineos Group Holdings S.A., Exxon Mobil Corporation, Honeywell International Inc., The Dow Chemical Company, Eastman Chemical Company, DuPont de Nemours, Inc., China Petroleum & Chemical Corporation., Celanese Corporation, Arkema S.A., and LyondellBasell Industries Holdings B.V.