The global Ethylene Vinyl Acetate (EVA) Resins market is expected to develop at a 5.8% CAGR between 2024 and 2031, reaching USD YY billion by 2031. Asia-Pacific dominates the market, with YY% of the worldwide share. Key metrics include expanding demand in the packaging and solar industries, increased usage in automotive applications, and a greater emphasis on sustainable EVA formulations.
The EVA resins market is growing steadily due to its versatile features and wide range of applications. Factors such as the thriving packaging industry, rising solar energy installations, and the transition to lightweight materials in automobile manufacture are driving market growth. The industry is experiencing a boom in R&D activity to improve EVA characteristics and explore new application areas.
Market Trend: Growing adoption of EVA resins in photovoltaic module encapsulation
The EVA resins market is showing a notable trend of rising adoption in solar cell encapsulation. The global push for renewable energy sources, as well as the rapid growth of the solar power industry, are driving this transition. According to a recent assessment by the International Renewable Energy Agency (IRENA), global solar PV capacity will reach 2,840 GW by 2030, a 300% increase over 2020 levels. EVA resins serve an important function in protecting solar cells from environmental damage and increasing their efficiency. Major EVA manufacturers are spending in R&D to create specialised grades that are more UV resistant and durable for solar applications. Collaborations between EVA producers and solar panel manufacturers are also on the rise, with the goal of optimising encapsulant compositions for next-generation photovoltaic technology.
Market Driver: Expanding packaging industry and demand for flexible packaging solutions
The packaging industry's rapid growth, particularly in the flexible packaging segment, is a significant driver of the EVA resins market. EVA's high flexibility, resilience, and barrier properties make it ideal for a variety of packaging applications. According to a recent market projection, the global flexible packaging industry will be worth USD YY billion by 2028, growing at a 4.5% CAGR from 2023 to 2028. This increase is increasing the need for EVA resins in applications such as food packaging films, shrink wraps, and laminating films. Furthermore, rising consumer demand for simple, environmentally friendly packaging solutions is driving advancements in EVA-based packaging materials. Manufacturers are developing bio-based EVA resins and enhancing recyclability to meet the growing demand for ecologically friendly packaging.
Market Restraint: Volatility in raw material prices and environmental concerns
The EVA resins market is experiencing difficulties due to fluctuations in the pricing of ethylene and vinyl acetate monomers, which are significant raw ingredients for EVA production. These pricing adjustments might have a significant impact on production costs and, consequently, market expansion. Furthermore, growing environmental concerns about the disposal and recycling of EVA-based products create impediments to market growth. Regulatory requirements to reduce plastic waste and increase recycling rates may have an impact on demand for specific EVA applications.
The film application segment dominates the EVA resins market, accounting for over YY% of the global market share.
EVA resins' film application sector remains the largest market share holder because to its broad use in the packaging, agriculture, and construction industries. EVA films have exceptional clarity, flexibility, and barrier qualities, making them ideal for a variety of applications including food packaging, greenhouse films, and solar panel encapsulation. This segment's dominance is due to rising demand for flexible packaging solutions and increased use of EVA films in agricultural applications.
Recent advances in EVA film manufacturing have resulted in the creation of high-performance grades with superior characteristics. For example, a major EVA producer recently introduced a new grade of EVA film with increased puncture resistance and thermal stability, specifically suited for demanding packaging applications. This invention has helped the corporation gain a larger market share in the premium packaging area.
The film application category has also expanded significantly in emerging economies, where growing urbanisation and shifting consumer lifestyles are boosting demand for packaged goods. In India, for example, use of EVA films in the packaging business climbed by 12% in 2023, owing to the country's thriving e-commerce sector and a shift towards handy, ready-to-eat food goods.
Asia-Pacific leads the global EVA resins market, with a market share of YY% in 2023.
The Asia-Pacific region's dominance in the EVA resins market stems primarily from its large manufacturing base, fast industrialisation, and expanding end-use sectors such as packaging, automotive, and solar energy. Countries such as China, Japan, and South Korea are important users of EVA resins in the region, with China being the largest producer and consumer overall.
Recent changes in Southeast Asian countries have fuelled market growth. For example, in 2022, the Vietnamese government offered new incentives to encourage domestic production of innovative materials such as EVA resins, with the goal of reducing import dependence and strengthening the country's manufacturing capabilities. This effort is projected to result in considerable investments in EVA production facilities during the next five years.
The Asia-Pacific EVA resins market has seen a significant increase in capacity expansions and technical improvement. In 2023, a large South Korean petrochemical corporation announced a USD 300 million investment to increase EVA production capacity, including modern process technologies to improve product quality and energy efficiency.
India has emerged as a major economic driver in the area, with EVA consumption rising at a 7% annual rate over the last three years. The Indian government's push for solar energy adoption, as well as the country's developing automotive sector, are the key drivers of demand for EVA resins.
Several large multinational petrochemical corporations and speciality chemical producers dominate the worldwide EVA resins market. Key market leaders are strengthening their market positions through capacity expansions, product innovation, and strategic collaborations. Companies are spending in R&D to develop new EVA grades with superior characteristics for specific applications.
Mergers and acquisitions have been a popular approach in the sector, with several large transactions changing the competitive environment. For example, a major European chemical business recently bought a speciality EVA producer in order to broaden its product portfolio and geographical reach in high-growth countries.
In terms of market share, the top five manufacturers control over 45% of the worldwide EVA resins market. These corporations have built robust manufacturing and distribution networks, particularly in important manufacturing hubs in Asia and North America. However, the market faces stiff competition from regional competitors who provide bespoke goods for certain sectors and applications.
In the coming years, the industry will place a greater emphasis on sustainable and bio-based EVA formulations. Companies are looking into breakthrough technologies like EVA waste recovery and bio-based ethylene development to solve environmental issues and meet regulatory criteria. The increased adoption of circular economy ideas in the plastics industry is promoting cooperation between EVA makers and recycling technology suppliers to create closed-loop solutions for EVA-based products.
The EVA resins market is expected to experience considerable growth and transformation in the approaching years, owing to its flexible features and expanding application sectors. The industry's transition to more sustainable and high-performance materials poses both problems and possibilities for market participants. The growing use of EVA in developing technologies like 3D printing and sophisticated composites is projected to create new opportunities for market expansion.
An important trend to keep an eye on is the development of functionalised EVA grades with better features like as adhesion, flame retardancy, and barrier performance. This trend is projected to broaden the application of EVA resins in high-value industries such as electronics, aerospace, and medical equipment.
The market is also undergoing a digital transformation, with the introduction of smart manufacturing technology and data-driven decision-making tools in EVA production. These improvements are intended to optimise production processes, improve product quality, and reduce environmental impact, resulting in increased market growth and competitiveness.
ExxonMobil Corporation
DuPont de Nemours, Inc.
LyondellBasell Industries N.V.
Celanese Corporation
Hanwha Solutions Corporation
Formosa Plastics Corporation
Arkema S.A.
Braskem S.A.
Repsol S.A.
Sipchem (Saudi International Petrochemical Company)
ExxonMobil Corporation said in August 2023 that it would increase EVA production capacity at its Singapore facility to suit rising demand in the Asia-Pacific region.
LyondellBasell Industries N.V. introduced a new grade of recyclable EVA resin in May 2023, designed exclusively for sustainable packaging applications.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. ExxonMobil Corporation
5.2. DuPont de Nemours, Inc.
5.3. LyondellBasell Industries N.V.
5.4. Celanese Corporation
5.5. Hanwha Solutions Corporation
5.6. Formosa Plastics Corporation
5.7. Arkema S.A.
5.8. Braskem S.A.
5.9. Repsol S.A.
5.10. Sipchem (Saudi International Petrochemical Company) (*LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Growing adoption of EVA resins in photovoltaic module encapsulation
6.1.2. Development of bio-based and recyclable EVA resins
6.1.3. Increasing use of EVA in 3D printing applications
6.2. Market Drivers
6.2.1. Expanding packaging industry and demand for flexible packaging solutions
6.2.2. Rising adoption in automotive lightweight materials
6.2.3. Growth in solar energy installations globally
6.3. Market Restraints
6.3.1. Volatility in raw material prices and environmental concerns
6.3.2. Competition from alternative materials in certain applications
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Very Low Density EVA
7.1.1. Ultra-Low VA Content
7.1.2. Low VA Content
7.2. Low Density EVA
7.2.1. Medium-Low VA Content
7.2.2. Medium VA Content
7.3. Medium Density EVA
7.3.1. Medium-High VA Content
7.3.2. High VA Content
7.4. High Density EVA
7.4.1. Very High VA Content
7.4.2. Ultra-High VA Content
8. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Film
8.1.1. Packaging Films
8.1.2. Agricultural Films
8.1.3. Others
8.2. Foam
8.2.1. Closed-cell Foam
8.2.2. Open-cell Foam
8.3. Hot Melt Adhesives
8.3.1. Packaging
8.3.2. Woodworking
8.3.3. Others
8.4. Wire & Cable
8.4.1. Insulation
8.4.2. Jacketing
8.5. Extrusion Coating
8.5.1. Paper & Paperboard
8.5.2. Aluminum Foil
8.5.3. Others
8.6. Solar Cell Encapsulation
8.6.1. Crystalline Silicon Cells
8.6.2. Thin-film Cells
8.7. Others
8.7.1. Injection Molding
8.7.2. Compounding
9. BY END-USE INDUSTRY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Packaging
9.1.1. Food & Beverage
9.1.2. Consumer Goods
9.1.3. Others
9.2. Agriculture
9.2.1. Greenhouse Films
9.2.2. Mulch Films
9.2.3. Others
9.3. Footwear
9.3.1. Midsoles
9.3.2. Outsoles
9.3.3. Others
9.4. Automotive
9.4.1. Interior Components
9.4.2. Exterior Components
9.5. Building & Construction
9.5.1. Flooring
9.5.2. Roofing
9.5.3. Others
9.6. Others
9.6.1. Healthcare
9.6.2. Sports & Leisure
10. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. South America
10.2.1. Brazil
10.2.2. Argentina
10.2.3. Rest of South America
10.3. Europe
10.3.1. Germany
10.3.2. United Kingdom
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Russia
10.3.7. Rest of Europe
10.4. Asia-Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Australia
10.4.5. South Korea
10.4.6. Rest of Asia-Pacific
10.5. Middle-East
10.5.1. UAE
10.5.2. Saudi Arabia
10.5.3. Turkey
10.5.4. Rest of Middle East
10.6. Africa
10.6.1. South Africa
10.6.2. Egypt
10.6.3. Rest of Africa
*NOTE: All the region mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
By Type:
Very Low Density EVA
Low Density EVA
Medium Density EVA
High Density EVA
By Application:
Film
Foam
Hot Melt Adhesives
Wire & Cable
Extrusion Coating
Solar Cell Encapsulation
Others
By End-Use Industry:
Packaging
Agriculture
Footwear
Automotive
Building & Construction
Others
By Region:
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
We at Aurorawave Intellects Market Report gives total market analysis that suit our customer business need and permit decision maker to run organizations without any problem. We have accomplished greatness in giving start to finish market research arrangements. Our detachment of industry specialists accumulate key data and get ready substance that lines up with our customer's business/specialty.
We at aurorawaveintellects.com offer mainly 3 types of licenses:
• Single User: Research Report copy can be distributed to a single user only
• Multi User: Research Report distribution is restricted up to 5 users.
• Corporate License :Research Report can be distributed across the company.
Based on the nature of the topic or research, the formats vary. The different formats of the report are as following:
• Word Document
• PPT
Following modes are available for making the payment:
• Online Payment (Visa Card, Master Card, Stripe)
• Razorpay
• Net Banking
• Bank Wire Transfer
Our customer service and research specialist team are available by phone and by email. Customer service hours are 24X7 Indian Standard Time (IST). You may reach us at:
• Email: info@aurorawaveintellects.com
• United Kingdom: ++91 7382742511
