Global Ethylene Vinyl Acetate Resins Market To Generate $ 9,580.3 Million And Show 10.6% CAGR From 2021-2028
NEW YORK, 25 August 2021 / PRNewswire / – Research Dive, in its latest published report, estimates that the Global Ethylene Vinyl Acetate Resins Market will generate $ 15,300.3 million and exhibit a 6.9% CAGR of 2021 to 2028.
Ethylene Vinyl Acetate (EVA) based resins are widely used in the packaging and paper industry due to its various advantages such as crack resistance, flexibility, chemical resistance, resistance to UV rays and high coefficient of friction. In addition, there is an increasing use of bio-based EVA as they are environmentally friendly and various leading companies are introducing new products to the market. These factors are expected to propel the growth of the global ethylene vinyl acetate resins market during the analysis period. However, the availability of low cost substitutes such as Linear Low Density Polyethylene (LLDPE) is expected to be a limiting factor for the growth of the global market.
Impact of the COVID-19 pandemic on the ethylene vinyl acetate resins market
The COVID-19 outbreak has positively impacted the global ethylene and vinyl acetate resins market during the pandemic. The increased growth rate of the market is mainly attributed to the increasing demand for packaging materials based on ethylene vinyl acetate (EVA) resins in industries such as food and beverage. In addition, the increasing use of new technologies such as IIOT (Industrial Internet of Things) which enables virtual control and real-time monitoring of production is driving the growth of the global market.
Main findings of the market segment:
The research report segments the global ethylene vinyl acetate resins market by type, application, end user, and region.
- On the basis of type, the Thermoplastic Ethylene Vinyl Acetate sub-segment is expected to hold a dominant market share and grow at a CAGR of 7.1% during the forecast period. This is mainly due to the increase in building construction activities and the development of infrastructure across the world.
- According to the application, the foams sub-segment represented $ 5,276.8 million in 2020 and is expected to hold the largest market share during the forecast period. This may be mainly due to the increasing demand for ethylene vinyl acetate (EVA) foam in the footwear and medical industry around the world.
- On the basis of end user, the footwear sub-segment is expected to have dominant market share in the global industry and generate $ 5,967.5 million by 2028. The significant growth of the sub-segment is due to the increasing demand for both traditional and fashionable footwear.
- Depending on the region, the Asia Pacific ethylene vinyl acetate resins market worth $ 4,422.9 million in 2020 and is expected to dominate the global industry during the forecast period. The predominance of this region is mainly due to the increasing demand for power generation based on photovoltaic panels and the growth of construction activities in various countries such as China and India.
Top 10 Key Players in Ethylene Vinyl Acetate Resins Market
Major players in the global ethylene vinyl acetate resins industry include
- Ineos Group Holdings SA
- Exxon Mobil Corporation
- Honeywell International Inc.
- Dow chemical company
- Eastman Chemical Company
- DuPont de Nemours, Inc.
- Celanese Company
- China Petroleum & Chemical Corporation
- Arkema SA
- LyondellBasell Industries Holdings BV
These players focus on mergers, collaborations, product development and launches to gain competitiveness in the global market.
For example, in November 2019, Repsol, a Spanish energy and petrochemical company, has entered into a strategic collaboration with the American engineering company Engineers & Constructors International to license the production technologies of ethylene vinyl acetate (EVA), low density polyethylene (LDPE) (ECI) and copolymer of ethylene and butyl acrylate (EBA). This collaboration agreement serves as a differentiator in the positioning of Repsol’s chemical activity in the EVA / EBA copolymers and petrochemicals industry.
They focus on advanced product developments and mergers and acquisitions. These are some of the strategies driven by startups as well as established business organizations.
More about Ethylene and vinyl acetate resins:
The global ethylene-vinyl acetate resins market will experience accelerated growth by 2028, owing to the increasing use of ethylene-vinyl acetate resin materials in the packaging industries across the world
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About Research Dive:
Research Dive is a market research company based in Pune, India. By maintaining the integrity and authenticity of the services, the company provides services only based on its proprietary data model, constrained by the 360-degree research methodology, which guarantees a complete and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers and a strict work ethic, the firm delivers extremely accurate and reliable information. By reviewing relevant press releases, government publications, decades of business data, and technical and white papers, Research Dive delivers the services it needs to its clients on time. Its expertise is focused on examining niche markets, targeting its key drivers and detecting threatening obstacles. Complementarily, he also maintains a transparent collaboration with the great aficionado of the industry, which offers an additional advantage to his research.
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