The demand for flexible packaging has incremented leaps and bounds in the recent past as they offer various industry players a mode for cost-effectiveness and increased product shelf-life. Flexible packaging is radically substituting traditional packaging and as a result, the demand for ethylene vinyl acetate is multiplying. Ethylene vinyl acetate boasts of organoleptic properties, which makes then excellent at elasticity, flexibility, clarity, adhesion, and transparency. Ethylene vinyl acetate are now being used to product hot melt adhesives, packaging films, and wires and cables, and this will ensure a healthy inflow of demand in the near future, according to a recent business intelligence report by Transparency Market Research (TMR).
As per the projections of the TMR report, the global ethylene vinyl acetate market will be worth US$11.41 billion by the end of 2023, with the demand increasing at a CAGR of 5.1% during the forecast period of 2015 to 2023.
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Owing to the sheer magnitude of opportunities that are available in the ethylene vinyl acetate market, a number of new players are making a foray. However, a handful of well-established companies do hold a position of strength and are expected to remain their prominence by ensuring a steady raw material procurement and robust supply chain. Some of the key companies in the global ethylene vinyl acetate market are DuPont, ExxonMobil, Celanese, Arkema, LyondellBasell Industries Holdings, LANXESS, and Sumitomo Chemical. Most of these major players are focusing on leveraging high volume demand generators such as the industries of construction, agricultural coatings, dispersions, and building materials. Additionally, market leaders are also targeting to harness the concept of bio-based ethylene vinyl acetate in order to carve a niche for themselves in a world where ecofriendly is rising as a strong trend.
Based on product type, the TMR report segments the ethylene vinyl acetate market into very low EVA, low EVA, and high EVA, whereas application-wise, the market has been bifurcated into wires and cables, photovoltaic cells, hot melt adhesives, foams, films, and others such as hose and tubing. Among these, low EVA and films are the leading product and application segments respectively. Geographically, Asia Pacific has been highlighted as the region with maximum potential, with China being the largest manufacturer and consumer of the product.
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In comparison to plasticized PVC, ethylene vinyl acetate offers strong durability and can be operating at reduced sealing temperature. As a result, fabrication time for flexible films and sheets is curtailed and production costs and efficiencies are escalated. These properties are the key drivers of the market for the same. Significant growth of the solar power industry, huge economic growth of emerging economies in APAC, and increasing demand from the packaging industry are some of the other factors expected to augment the demand in the global ethylene vinyl acetate market. On the other hand, intervention of substitute materials and potential problems with photovoltaic encapsulation are some of the restraints challenging the market from attaining greater profitability.
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