Ethylene Vinyl Acetate Market

Ethylene Vinyl Acetate Market Growth Analysis (2022-2032)

The ethylene vinyl acetate market size in terms of revenue was valued at US$ 8.84 Billion in 2021. The global market is projected to grow from US$ 8.99 Billion in 2022 to US$ 11.37 Billion by 2032-end, growing at a CAGR (Compound Annual Growth Rate) of 2.4% during the forecast period from 2023 to 2032.

Increasing demand for elastomer polymers and their application in industries such as footwear, packaging, agriculture, pharmaceuticals, etc., is driving the ethylene vinyl acetate (EVA) market expansion.

Fact.MR, a market research and competitive intelligence provider, foresees flourishing growth in demand for ethylene vinyl acetate. A few decades ago, ethylene vinyl acetate was only used in the foam and footwear industries. However, it has now become a key component of sustainable packaging solutions.

Ethylene vinyl consumption accounts for around 3%-4% revenue of the global elastomeric polymer market. Growing application of ethylene vinyl acetate in several end-use verticals such as agriculture, pharmaceuticals, packaging, footwear, foam, and others will increase this revenue share by 1%-2% over the forecast period.

Report Attributes	Details
Market Size in 2021	US$ 8.84 Billion
Market Value in 2022	US$ 8.99 Billion
Forecasted Market Value (2032F)	US$ 11.37 Billion
Global Market Growth Rate (2022-2032)	2.4% CAGR
North America Market Share (2022)	31.5%
North America Growth Rate (2022-2032)	2.3% CAGR
United States Growth Rate (2022-2032)	2.3% CAGR
Market Share of Top 5 Companies	~32%
Key Companies Profiled	Arkema Group ARLANXEO Holding B.V. Asia Polymer Corporation Braskem S.A. Celanese Corporation Clariant AG Dow Chemical Company ExxonMobil Corporation Formosa Plastic Corporation Hanwha Total Petrochemical Co. Ltd Lyondell Basell Industries N.V. Sahara International Petrochemical Company SIPCHEM

Ethylene Vinyl Acetate Consumption Analysis (2017-2021) Vs. Market Forecast Outlook (2022-2032)

Utilization of ethylene vinyl acetate experienced a growth rate of 2% over the past half-decade.

The ethylene vinyl market has seen steady growth over the past few years due to demand from end-use industries such as pharmaceuticals and packaging. Manufacturers have increased their production capacity to cater to the demand growth.

In the packaging industry, ethylene vinyl acetate (EVA) is used as a sustainable packaging material for consumer goods, since it does not contain chlorine in its manufacturing solution. The global packaging industry has witnessed 2.8% cumulative growth over the past 2 years, and this trend is poised to surge product penetration 2.5X in the packaging industry by 2032.

In addition, growing demand for low-density ethylene vinyl acetate in end-use industries is likely to open new doors for manufacturers during the assessment period.

Fact.MR’s chemical & materials team has tracked various parameters of the market, which summarizes the growth trajectory, including end-use preference, production expansion, demand outlook, and growth trends. After analyzing these important factors, the global EVA market is estimated to be valued at around US$ 8.99 billion in 2022, and is presumed to expand at a CAGR of 2.4% through 2032.

Which Factors are Responsible for Increasing EVA Demand?

“High EVA Usage in Packaging Applications”

Ethylene vinyl acetate does not utilize chlorine in its manufacturing process, and due to this, it is considered a prominent material for packaging applications. Moreover, application of EVA provides flexible, durable, cost-effective, and sustainable packaging solutions.

EVA demand is poised to benefit from an increase in demand for elastomer polymers during the forecast period. Swelling application of elastomer polymers in footwear, packaging, pharmaceuticals, and agriculture will supplement demand for ethylene vinyl acetate over the coming years.

“EVA Being Used for Cell Encapsulation in Solar Panels”

Growing popularity of solar panels and shifting consumer preference towards renewable energy sources will boost demand for solar panels, in turn, driving demand for ethylene vinyl acetate since it is extensively utilized for cell encapsulation in solar panels.

Furthermore, increased public awareness of energy saving, self-sufficiency, and favorable government laws are expected to drive EVA consumption in alternative end-use applications over the coming years.

“Rising EVA Application in Advanced Medical Devices”

According to the study done by Fact.MR, requirements of end-use industries are highly specific and need to be catered to function properly. Customers require a particular type of EVA and other specs for their end-use applications.

Ethylene vinyl acetate has witnessed abundant application in medical packaging, pharmaceutical, and medical devices over the past three decades. Emerging application for manufacturing cryogenic storage bags is likely to provide a noteworthy demand outlook from the healthcare sector.

In addition, the simple molecular structure of ethylene vinyl acetate is anticipated to enable innovative solutions to some of healthcare’s unaddressed challenges over the coming years.

Country-wise Analysis

Why is the U.S. a Notable Market for Ethylene Vinyl Acetate Manufacturers?

The United States EVA market has been growing briskly due to increasing demand for sustainable packaging solutions from healthcare and pharmaceutical end-use verticals.

The United States currently accounts for more than 89% of North American ethylene vinyl acetate market, and is expected to create an absolute $ opportunity of US$ 690 million over the assessment period.

Which Country Leads the APAC Ethylene Vinyl Acetate Market?

East Asia is likely to be a lucrative market, followed by Europe, and is predicted to contribute significantly to market growth over the decade. China is projected to generate an absolute $ opportunity of US$ 427.4 million over the forecast period.

Due to rapid growth of the chemicals industry and expanding manufacturing facilities, China is likely to drive high demand in the APAC region. According to this Fact.MR research, the China EVA market is predicted to expand at a CAGR of 3.1% accounting for ~42.7% share in the global market.

Category-wise Insights

Which End Use is Set to Drive High Demand for Ethylene Vinyl Acetate?

Growth in end-use verticals and rising application of EVA has created abundant opportunities for manufacturers to raise their production volumes over the past few years. Versatile applications of EVA in footwear & foam, packaging, agriculture, photovoltaic panels, pharmaceuticals, and other end-use industries is predicted to aid market expansion going forward.

According to Fact.MR research, EVA application in footwear & foam is the most lucrative segment. This segment is anticipated to generate a valuation of US$ 2.8 billion expanding at a CAGR of 3% during the assessment period.

Why is Low Density EVA Gaining Noteworthy Traction?

Low density EVA captured more than 31% of the market in 2021, and is expected to expand at a CAGR of ~2.5% during the forecast period. This segment is anticipated to reach a valuation of 3.6 billion by the end of 2032.

Medium density ethylene vinyl acetate has multiple end-use applications in footwear & foam, packaging, and pharmaceuticals; however, packaging & pharmaceuticals are anticipated to remain pivotal for the demand for medium-density EVA. This sub-segment is set to capture around 28% market revenue share and generate an absolute $ opportunity of US$ 600 million by 2032.

High density EVA accounts for nearly ~19% market share and is likely to follow a stagnant trend over the assessment period.

Competitive Landscape

The global market for EVA is highly consolidated with only a few tier-1 manufacturers occupying a large share of the market. The focus of major players across the world is mostly on product development and distribution network expansion.

Prominent players in the market follow the competitive market pricing strategy in the ethylene vinyl acetate market. Companies are entering into collaborations and partnerships with end-use industries to bolster their consumer base.

• ExxonMobil Corporation, in 2019, acquired Materia, Inc. The high structural performance company is a Nobel prize-winning firm for the technology for manufacturing a new class of materials.
• Celanese Corporation, in 2019, announced the acquisition of Next Polymers Ltd. This acquisition is likely to lead to rapid growth in the Indian business and broaden the company’s ability to serve nylon and other engineered materials coupled with offering a wide range of polymer products over the coming years.

Industry Research by Category

• By Product Type :

  • Very Low Density EVA
  • Low Density EVA
  • Medium Density EVA
  • High Density EVA

• By End-use Industry :

  • Footwear & Foam
  • Packaging
  • Agriculture
  • Photovoltaic Panels
  • Pharmaceuticals
  • Other End-use Industries

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA