The global ethylene vinyl acetate market has reached US$ 8.99 billion, and is forecast to progress at a CAGR of 2.4% to climb to a market valuation of US$ 11.37 billion by 2032.
ncreasing 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.
According to the Fact.MR study, 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.
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Ethylene Vinyl Acetate Industry Research by Category
- Ethylene Vinyl Acetate Market by Product Type :
- Very Low Density EVA
- Low Density EVA
- Medium Density EVA
- High Density EVA
- Ethylene Vinyl Acetate Market by End-use Industry :
- Footwear & Foam
- Photovoltaic Panels
- Other End-use Industries
- Ethylene Vinyl Acetate Market by Region :
- North America
- Latin America
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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.
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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.