The global Ethylene Vinyl Acetate (EVA) market was valued at US$7.29 bln in 2014, and is estimated to reach US$11.41 bln by 2023, expanding at a CAGR of 5.1% between 2015 and 2023, as per Transparency Market Research.
Chemically EVA is a co-polymer of ethylene and vinyl acetate monomer where the weight percentage of vinyl acetate ranges between 1% and 40%. Ethylene vinyl acetate has excellent properties such as adhesive strength, elasticity, toughness, flexibility, and impact strength. The chemical compound offers resistance to environmental stress cracks, puncture, and UV radiation. It is widely used for various applications including photovoltaic cells, films, foams, hot melt adhesives, and wires and cables.
The report states that the growth in the flexible packaging films market has propelled the demand for ethylene vinyl acetate. However, the global ethylene vinyl acetate market is expected to be negatively affected by volatility in raw material prices and the availability of substitute compounds. The overall market has a huge opportunity to grow with the rapid expansion of the photovoltaic cell industry.
On the basis of product type, the report segments the global ethylene vinyl acetate market into high EVA, low EVA, and very low EVA. In 2014, low EVA dominated the market due to its extensive applications in foams and films. However, during the forecast period, high EVA is anticipated to be the fastest growing product segment.
The report studies the global ethylene vinyl acetate market across some of the key regions such as Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. In 2014, in terms of volume, Asia Pacific dominated the overall market with over a share of over 35%. During the forecast horizon, the region is anticipated to witness the fastest growth due to the growing demand from countries such as India, Japan, and China.
Ethylene vinyl acetate is widely used in photovoltaic cell encapsulation and foams used in shoe soles. The aforementioned countries are the major producers of footwear and solar cells and hence, contribute majorly towards the growth of the market. By 2023, China is anticipated to be the major consumer of ethylene vinyl acetate, followed by the Rest of Asia Pacific and ASEAN regions. North America was the second largest consumer of ethylene vinyl acetate, followed by Europe. In the coming years, Latin America and the Middle East and Africa are expected to be the emerging markets.