Ethylene Vinyl Acetate Resins Market by Type (Vinyl Acetate-modified Polyethylene (Low VA Density), Thermoplastic Ethylene Vinyl Acetate (Medium VA Density), and Ethylene Vinyl Acetate Rubber (High VA Density)), Application (Film, Foam, Hot Melt Adhesives, Wire & Cable, Extrusion Coating, Solar Cell Encapsulation, and Others), End User (Automotive, Packaging & Paper Paints, Coatings, & Adhesives, Electronics & Electrical, Pharmaceutical, Footwear, Photovoltaic Panels and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

Global Ethylene Vinyl Acetate Resins Market Analysis

The global ethylene vinyl acetate resins market is projected to gain $15,300.3 million in the 2021–2028 timeframe, growing from $8,893.9 million in 2020 at a healthy CAGR of 6.9%.

Market Synopsis

Growing utilization of ethylene vinyl acetate resins-based material in packaging globally is expected to accelerate the growth of the ethylene vinyl acetate resins market. 

However, the presence of substitute material for ethylene vinyl acetate resins can hamper the growth of the market.
According to the regional analysis of the market, the Asia-Pacific ethylene vinyl acetate resins market is expected to grow at a CAGR of 7.3% by generating a revenue of $ 7,827.6 million during the forecast period.

Ethylene Vinyl Acetate Resins Overview

EVA is ethylene vinyl acetate, a material that has good radiation transmission and low degradability to sunlight. This is a thermoplastic polymer, which is used in solar modules as an encapsulating agent since, by applying heat to the assembly, it forms a sealing and insulating film around the solar cells.

Impact Analysis of COVID-19 on the Global Ethylene Vinyl Acetate Resins Market

The ethylene vinyl acetate resins market has experienced a healthy growth during the COVID-19 pandemic.. The increasing consumption of products due to increase in the global population has raised the demand for packaging material in sectors such as food and beverages and has increased the utilization of  ethylene vinyl acetate resins based packaging material and contributed in the growth of this market.
In addition to this, many companies operating in the chemical industry are adopting new technologies for continuation of their operations. Technologies such as industrial internet of things (IIOT) that will enable real-time monitoring  and virtual control of production; these factors are expected to have a positive impact on the market growth as well as desirable impact on the technological segment of the ethylene vinyl acetate resins market in the pandemic period.  The utilization of new technologies has helped the corporations to mitigate the effect of the COVID-19 pandemic.

Increasing Demand of Ethylene Vinyl Acetate Resins in the Packaging Industry is Anticipated to Surge the Market Growth

The global ethylene vinyl acetate resins market is expected to witness healthy growth mainly due to increasing demand in the packaging and the paper industry. The utilization of ethylene vinyl acetate resins-based material in the packaging industry has advantages such as it is flexible, crack resistant, chemical resistant, has high friction coefficient, and resistance to UV radiation flexible even at low temperatures,.
Moreover, the companies providing ethylene vinyl acetate-based solutions are launching new products for gaining the maximum share of the ethylene vinyl acetate resins market. For example, in April 2019, U.S based “Eastman Chemical Company” launched Regalite™ C6100 hydrocarbon resin, which is a very light color, partially hydrogenated, modified aliphatic resin designed as an excellent tackifier for the midblock of thermoplastic block copolymers, including styrene-isoprene-styrene (SIS), [low, medium, and high styrene content] styrene ethylene butylene styrene (SEBS) and styrene-butadiene-styrene (SBS). It also shows excellent compatibility with ethylene vinyl acetate (EVA). The new product developments have increased the number of services to the different industries where ethylene vinyl acetate resin is used and has boosted the growth of this market.

To know more about global ethylene vinyl acetate resins market drivers, get in touch with our analysts here.

The Presence of Substitutes to Restrain the Market Growth

Factors such as availability of inexpensive substitutes such as linear low-density polyethylene (LLDPEs) and high initial cost for application in photovoltaic solar cells is expected to hamper the growth of the global ethylene vinyl acetate resins market during the forecast period. 

Utilization of Bio-based Ethylene Vinyl Acetate to Create New Investment Opportunities

The introduction of bio-based ethylene vinyl acetate resins is anticipated to grow the ethylene vinyl acetate resins market in the forecast period. Bio-based ethylene vinyl acetate resins are extracted from plants and are more environment and health friendly. These bio polymers have application in industries such as footwear, automotive and transportation. In addition to this, the high demand of ethylene vinyl acetate resins in Asia-Pacific region in the packaging and renewable energy industry due to increased consumption and utilization of products and services as result of increased disposable income are factors expected to have a positive impact on the market in the forecast period.

To know more about global ethylene vinyl acetate resins market opportunities, get in touch with our analysts here.

Source: Research Dive Analysis

The thermoplastic ethylene vinyl acetate (medium VA density) sub-segment is anticipated to have a dominating market share as well as the fastest growth in the global market and is expected to register a revenue of $ 10,603.7 million and growing with a healthy growth rate of 7.1% during the forecast period. The increase in construction activities in buildings and infrastructure development globally is expected to propel the growth of this sub segment.  The thermoplastic ethylene vinyl acetate (medium VA density) has advantages while utilization such as good drop resistance and shock resistance. These factors are expected to aid growth of this sub segment during the forecast period.

Source: Research Dive Analysis

The solar cell encapsulation sub-segment of the global ethylene vinyl acetate resins market is anticipated to have the fastest growth and it is estimated to exceed $1,352.0 million by 2028, with an increase from $714.3 million in 2020 and it is growing with a healthy CAGR of 8.2%. The ethylene vinyl acetate resins are used for the encapsulation process of solar panels; therefore, increasing number of solar energy plants globally are anticipated to drive the demand for solar cell encapsulation. The utilization of ethylene vinyl acetate resins as an encapsulation material has advantages such as good light transmittance and elasticity. These factors are expected to aid growth of this sub segment during the forecast period.

The foam sub-segment is anticipated to have a dominating market share in the global market and register a revenue of $8,878.6 million by 2028 with an increase from $5,276.8 million in 2020 during the forecast timeframe. The growing demand of ethylene vinyl acetate (EVA) foam in the medical and footwear industry is anticipated to contribute in the growth of this subsegment. The characteristics such as high resistance to chemicals and its biocompatibility as well as the fact that it is latex free, makes EVA foam suitable for use in the medical industry. These factors are expected to aid growth of this sub segment during the forecast period.

Source: Research Dive Analysis

The photovoltaic panels sub-segment of the global ethylene vinyl acetate resins market is forecasted to have fastest growth and it is expected to surpass $1,348.5 million by 2028, with an increase from $713.7 million in 2020 and is growing with a healthy CAGR of 8.1%.

The increasing demand of solar panel-based electricity production is anticipated to boost the market for ethylene vinyl acetate resins in the forecast period. The utilization of ethylene vinyl acetate resins in photovoltaic panels have advantages such as good light transmittance, elasticity, low processing temperature, excellent melt fluidity, and adhesive property. These factors are expected to boost this sub-segment in the forecast period.

The footwear sub-segment is predicted to have a dominating market share in the global market and is projected to record a revenue of $5,967.5 million during the forecast period due to the growing demand for both the traditional as well as the fashionable footwear. The utilization of ethylene vinyl acetate resins in footwear manufacturing has advantages such as for absorbing impact shock, being light weight and a cost-effective material. These factors are expected to surge the growth of this sub-segment in the forecast period.

Source: Research Dive Analysis

The Asia-Pacific Market to be the most dominant as well as the fastest growing market for ethylene vinyl acetate resins

The Asia-Pacific ethylene vinyl acetate resins market is expected to grow at a CAGR of 7.3% generating a revenue of $7,827.6 million by 2028 and grow from $4,422.9 in 2020. The increasing demand of photovoltaic panel-based electricity in the Asia-Pacific region is anticipated to boost the market for ethylene vinyl acetate resins in the forecast period. In addition to this, the rapid economic development in the Asia due increased per capita income and development of industrial infrastructure in the private and public domain has contributed in the development with increased investment in industries where ethylene vinyl acetate resins are utilized. These factors are expected to contribute in the growth of ethylene vinyl acetate resins market in the Asia-Pacific region.

Competitive Scenario in the Global Ethylene Vinyl Acetate Resins Market

Product development and Capacity expansion are common strategies followed by major market players.

Source: Research Dive Analysis

Some of the leading ethylene vinyl acetate resins market players are Exxon Mobil Corporation, The Dow Chemical Company, DuPont de Nemours, Inc., Celanese Corporation, LyondellBasell Industries Holdings B.V., Arkema S.A., China Petroleum & Chemical Corporation., Eastman Chemical Company, Honeywell International Inc. and Ineos Group Holdings S.A. 

Porter’s Five Forces Analysis for the Global Ethylene Vinyl Acetate Resins Market:

• Bargaining Power of Suppliers: The suppliers in the ethylene vinyl acetate resins market are high in number. Several companies are working on new products like bio-based ethylene vinyl acetate resins to gain competitive edge in the market.  
  Thus, the bargaining power suppliers is moderate.
• Bargaining Power of Buyers: Buyers have huge bargaining power; they demand best services at low prices. This increases the pressure on the suppliers to offer the best products in a cost-effective way. Thus, buyers can freely choose the convenient service that best fits their preference. 
  Thus, the bargaining power of the buyers is high.
• Threat of New Entrants: Companies entering the ethylene vinyl acetate resins market are adopting technological innovations in chemical technology. Also, these companies are implementing various effective strategies such as offering discounts and value propositions. 
  Thus, the threat of the new entrants is moderate.
• Threat of Substitutes: There is alternative product for ethylene vinyl acetate resins such as linear low-density polyethylene (LLDPEs). 
  Thus, the threat of substitutes is moderate.
• Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including Exxon Mobil Corporation and The Dow Chemical Company. These companies are launching their new innovative solutions in the international market and strengthening the footprint worldwide. 
  Therefore, competitive rivalry in the market is high.