The Global Ethylene Vinyl Acetate Resins Market Anticipated to Generate a Revenue of $15,300.3 Million, Growing at a CAGR of 6.9% from 2021 to 2028 – Research DiveDownload Sample Reports Overview
The global ethylene vinyl acetate resins market is projected to be valued at $15,300.3 million by 2028, rising from $8,893.9 million in 2020 at a remarkable CAGR of 6.9%.
Impact Analysis of COVID-19 on the Ethylene Vinyl Acetate Resins Market
The global market for ethylene vinyl acetate is anticipated to experience a healthy growth amidst the COVID-19 pandemic. The pandemic has halted the production in different industries around the world and disturbed the global supply chains. In industries were there was exemption from the lockdown the production was continued such as chemicals, and food processing where there is a high utilization of ethylene vinyl acetate during the pandemic period.
Moreover, many organizations are utilizing new methodologies of operations such as use of AI artificial intelligence and 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.
Global Ethylene Vinyl Acetate Resins Market Analysis
Ethyl vinyl acetate is used for solar panel encapsulation. The utilization of ethyl vinyl acetate for solar panels has advantages such as good light transmittance and elasticity, low processing temperature, excellent melt fluidity, and adhesive characteristics. The increasing growth of the global ethylene vinyl acetate resins market is due to increasing demand in solar energy for power production and increasing number of solar energy plants. The increasing emphasis on the renewable energy sources globally due to environment friendly mode of operation is contributing to the expansion of the market. In addition to this the declining prices of the solar panels due to large scale production is expected to increase the demand for ethylene vinyl acetate resins material and positively impact the market.
The presence of substitutes of the ethylene vinyl acetate resins and high initial cost can have negative impact on the market during the forecast period.
The expansion of new markets in the photovoltaic cells based solar industry globally and utilization of photovoltaic cells at small scale in homes and farms is expected to create new scope of opportunities for this market in the forecast period. In addition to this, growing utilization of environment friendly bio-based ethylene vinyl acetate resins is expected to open new scope of opportunities in the forecast period.
Global Ethylene Vinyl Acetate Resins Market, Segmentation
The global ethylene vinyl acetate resins market is segmented based on type, application end user, and region.
The type segment is further classified in to vinyl acetate-modified polyethylene (Low VA Density), thermoplastic ethylene vinyl acetate (Medium VA Density), ethylene vinyl acetate rubber (High VA Density). Among them, the thermoplastic ethylene vinyl acetate (Medium VA Density) sub-segment is anticipated to generate the maximum as well as the fastest growth. It is expected to reach $10,603.7 million by 2028, with an increase from $6,066.9 million in 2021.
In addition to this, the increasing demand of light weight and more fuel-efficient cars in the automobile industry is expected to contribute to the growth of this subsegment as the utilization of thermoplastic ethylene vinyl acetate in automobiles has advantages high impact resistant properties, toughness, density, and moisture & chemical resistance. These factors are expected to aid growth of this sub segment during the forecast period.
The application segment is further divided into film, foam, hot melt adhesives, wire & cable, extrusion coating, solar cell encapsulation and others. The solar cell encapsulation sub-segment is anticipated to have the fastest growth growing in the global market and expected to grow with a healthy CAGR of 8.2% during the forecast timeframe.
The solar cell encapsulation subsegment is anticipated to growth with a significant rate due to the growing demand of solar power based renewable energy globally. The utilization of ethylene vinyl acetate resins as an encapsulation material has benefits such as good light transmittance and elasticity. These factors are anticipated to aid growth of this sub segment during the forecast period.
On the basis of end user, this market is further categorized into automotive, packaging & paper, paints, coatings & adhesives, electronics & electrical, pharmaceutical, footwear, photovoltaic panels and others. Among these the footwear sub-segment is anticipated to hold the maximum revenue share in the global market, generating a revenue of $5,967.5 million by 2028 growing from $3,561.3 million.
In addition to this the high demand in the Asia Pacific region due to growing economy and rising disposable income has led to increase in utilization of sports and fashionable footwear in this region. Along with this the countries such as China and India are one of the major footwear producers that export to European and American markets contributing to the growth of this sub segment.
The ethylene vinyl acetate resins market for the Asia-Pacific region is anticipated to witness rapid growth. This market generated a revenue of $4,422.9 million in 2020 and is further anticipated to register $7,827.6 million by 2028.
The demand for ethylene vinyl acetate resins market is growing in the Asia-Pacific region due to factors such as increasing investment and growing emphasis on solar energy as renewable and clean source of energy production. As ethylene vinyl acetate resins material is utilized in lamination of the photovoltaic solar cells, the increasing number of solar based electricity generation plants is anticipated to increase the growth of ethylene vinyl acetate resins market in the region.
Key Players in the Global Ethylene Vinyl Acetate Resins Market
Some of the leading global 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.
- Ineos Group Holdings S.A.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
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 of new products like
Thus, there is threat from the suppliers.
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 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 market 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.