Ethylene Vinyl Acetate (EVA) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Ethylene Vinyl Acetate (EVA) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The ethylene-vinyl acetate (EVA) market was valued at more than USD 1,300 million in 2021, and it is anticipated to register a CAGR of over 4% during the forecast period (2022-2027).

The COVID-19 pandemic impacted the market in 2020. As a result of months of lockdowns, international travel bans, and retail business closures, sales, purchases, and usage fell across many end-user segments. However, the demand for ethylene-vinyl acetate (EVA) increased in 2021.

Key Highlights

• Over the medium term, growing demand for ethylene-vinyl acetate (EVA) from the packaging industry due to its superior vibration and impact-absorbing properties is driving the market.
• On the flip side, the increasing threat of substitutes is expected to hinder the growth of the market studied.
• Rising demand for agricultural applications is expected to offer opportunities for the market to grow over the forecast period.
• The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period as the economies in the region are driving the economy, leading to increased spending capacities among the people.

Key Market TrendsRising Product Usage in the Films Application

• Ethylene vinyl acetate or EVA is a copolymer of ethylene and vinyl acetate. It is an extremely elastic and tough thermoplastic of excellent clarity and glosses with little odor. EVA has good flex crack and puncture resistance, is relatively inert, adheres well to many substrates, and is heat sealable which makes its use in film applications especially attractive.
• Although EVA is used in numerous film applications, this resin is not used unaided but is combined with other film resins.
• EVA is only an average barrier to gases and moisture, which does not make it the first preference for food packaging applications and, as a result, is more often replaced by metallocene PE in many of these applications.
• However, EVA remains an important packaging material, and demand is expected to remain strong primarily for non-food applications.
• EVA is used in several film applications, which include sealants in meat and dairy packaging structures, footwear, wire and cable insulation, and lamination of glass to improve impact resistance.
• Owing to the aforementioned factors, the demand for EVA films is expected to grow during the forecast period.

China to Dominate the Asia-Pacific Market

• China has the second-largest packaging industry in the world. The country is expected to witness a consistent growth during the forecast period, owing to the rise of customized packaging in the food segment, like microwave food, snack foods, and frozen foods, along with increasing exports.
• China is a hub for various manufacturing activities and hence is involved in the export of various goods in bulk, either small or huge, to various international destinations. This scenario is, in turn, boosting the demand for EVA in packaging applications in the country.​
• The country is expected to remain the largest investor in renewable energy during the foreseeable future. China is also looking to dramatically increase the proportion of solar energy in its power mix, which is expected to create a huge demand for the market studied in the country during the forecast period.​
• The sports equipment market in China has witnessed growth owing to the Beijing Winter Olympic Games, 2022. The craze for the Olympics has accelerated the sports industry in the country. The sports equipment makers and industry practitioners expect the sector to fuel consumers' increasing appetite for sports activities and consumption. Moreover, it is expected that the sports industry will reach USD 773 billion by 2025.​​
• EVA is increasingly used in footwear, hockey pads, martial art gloves, and other sports goods due to its shock absorber property.
• All the aforementioned factors are expected to increase the demand for the market studied over the forecast period.

Competitive Landscape

The ethylene-vinyl acetate market is fragmented in nature, with only top players together accounting for approximately 30% of the total market. The key players in the market studied (not in any particular order) include Celanese Corporation, Dow, Hanwha Group, ExxonMobil Corporation, and Sipchem.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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