According to the Market Statsville Group (MSG), the ASEAN Ethylene Vinyl Acetate Resin Market was rated at $5,078.9 million in 2021 and should reach $8,532.6 million by 2030, growing at a CAGR of 6.7% from 2022 to 2030. The main factors driving the demand for automobiles in emerging economies like Indonesia and Thailand are rapid industrialization and an increase in the disposable income of individuals. This increases the demand for EVA resins, which are widely used in the production of automotive bumpers and castings. Additionally, the development of the packaging film industry in developing countries, such as Singapore and the Philippines, is expected to drive the growth of the market.
In countries like Malaysia and Singapore, government initiatives and a joint venture between domestic and foreign players are expected to attract new investment. For example, Petroliam Nasional Berhad and Saudi Aramco formed a new joint venture in 2018. The joint venture operates refineries and produces natural gas, which further drives the demand for EVA resin.
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However, factors such as the availability of inexpensive substitutes such as natural rubber, synthetic rubber, and low density polyethylene and issues with the use of EVA in photovoltaic packaging are expected to hamper the market growth. On the contrary, the introduction of bio-based ethylene vinyl acetate materials without adverse effects is expected to provide lucrative growth opportunities for market growth.
Global Ethylene Vinyl Acetate Resins Market Definition
Ethylene vinyl acetate (EVA) resins are made by copolymerization of ethylene and vinyl acetate. They are used in the production of packaging films, wires and cables, solar cell encapsulation, foam and hot melt adhesives.
Global Ethylene Vinyl Acetate Resins Market Dynamics
Drivers: Increase in demand from different sectors such as footwear and foam markets
EVA foam is widely used for making shoe midsoles because it provides better cushioning and helps protect the foot from hard or sharp objects. In addition, it provides stability on uneven terrain. The development of the footwear industry and the increase in demand for sports and leisure shoes have stimulated the need for EVA copolymer. In addition, EVA foam is widely used in the manufacture of combat armor because it can be easily cut, heated and formed, glued, beveled and painted. In addition, an increase in R&D activities in manufacturing high-quality combat armor for soldiers is expected to drive the growth of the ethylene vinyl acetate resin market.
Constraints: Concerns associated with the use of EVA in photovoltaic packaging
Photovoltaic the devices are encapsulated using ethylene vinyl acetate (EVA) to provide optical coupling, mechanical support, protection from environmental exposure, and electrical isolation. Under exposure to various atmospheric conditions and ultraviolet radiation, EVA decomposes to produce acetic acid and lowers the pH. This increases the surface corrosion rates of on-board devices. Thus, these combined factors are expected to limit the use of EVA in photovoltaic packaging, thereby restraining the growth of the ASEAN ethylene-vinyl resins market.
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Scope of the Global Ethylene Vinyl Acetate Resins Market
The study categorizes the Ethylene Vinyl Acetate Resins market based on type, application, end-users, and country.
By Outlook type (Sales, million USD, 2017–2030)
- Polypropylene (PP) Polyethylene modified with vinyl acetate
- Polyethylene (PE) Thermoplastic Ethylene Vinyl Acetate
- Ethylene Vinyl Acetate Rubber
By Outlook app (Sales, million USD, 2017–2030)
- Hot melt adhesives
- Wire and Cable
- Extrusion coating
- Encapsulation of solar cells
From end-user perspectives (Sales, million USD, 2017–2030)
- Packaging & Paper
- Paints, coatings and adhesives
- Electronic and electrical
- Photovoltaic panels
Country outlook (Sales, million USD, 2017–2030)
- Rest of ASEAN
The Thermoplastic Ethylene VA segment is expected to account for the largest market share, by type
ASEAN Ethylene Vinyl Acetate Resins Market is categorized into Polyethylene Vinyl Acetate Modified, Thermoplastic Ethylene Vinyl Acetate and Ethylene Vinyl Acetate Rubber. In 2021, VA thermoplastic ethylene held the highest market share of 68.5% in the ASEAN ethylene vinyl acetate resin market. Ethylene vinyl acetate based on an average vinyl acetate content (>4% to 30%) is known as thermoplastic ethylene vinyl acetate. Such materials are easily moldable and able to support heavy weights in packaging.
An increase in the application of EVA in sealing materials and industrial adhesives is expected to fuel the market growth over the forecast period. EVA is often preferred over low density polyethylene (LDPE) due to its superior flexibility and better environmental constraints. Additionally, a large number of alternatives for processing EVA, such as extrusion, injection, and blow molding, have replaced rubber and vinyl products in various electrical applications. Additionally, robust investments by industry players in new technology developments are expected to boost the market growth. For example, based on the Lupotech autoclave process, there are 44 reactors and 1.4 million tons of installed capacity worldwide.
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India represents the highest CAGR over the forecast period
On the basis of country, the ASEAN ethylene vinyl acetate resins market has been segmented into China, India, Vietnam, Malaysia, Indonesia, Thailand, Singapore, and rest of the world. ASEAN.. India is the fastest growing country with a CAGR of 9.6% ASEAN Ethylene Vinyl Acetate Resins Market. India, one of the fastest developing countries in the world, has focused its attention on becoming a leading industrial economic hub. Therefore, to achieve this goal, the government has started to upgrade various infrastructure necessary for this purpose, such as transport infrastructure, smart cities, clean energy and other projects. In these projects, EVA is used in various places such as solar energy, smart cities and various infrastructure.
In India, only Reliance industries are major producers of EVA. Most of the EVA is imported from ASEAN countries. The Indian government is aiming for 280 gigawatts of solar power by 2030, to achieve this goal it needs to install about 25 GW of capacity every year. As most of the solar modules and energy storage devices are mainly imported from other countries, this is expected to drive the growth of the EVA market in India over the forecast period. Growing population and rising personal incomes are further expected to boost the demand for various consumer and fashion goods.
Key Players of ASEAN Ethylene Vinyl Acetate Resins Market
Key Players of ASEAN Ethylene Vinyl Acetate Resins Market are:
- Adtek Consolidated Sdn. HDB
- Celanese Corporation
- Arkema S.A.
- Dow Inc.
- Eastman Chemical Company
- Entec Polymers
- ExxonMobil Corporation
- Formosa Plastics Corporation
- China Petrochemical Company
- Dairen Chemical Corporation
- Hanwha Chemical Corporation
- Lotte Chemical Corporation
- Lyondellbasell Industries Holding BV
- Thai Asia Polymer Co., Ltd.
- The Polyolefin Company (Singapore) Pte Ltd
- Innospec Inc.
- LG Chemistry
- Total SA
- TPI Polene Public Company Limited
The ASEAN market for ethylene vinyl acetate resins is highly competitive. Major players in the industry are adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their positions in the market. The majority of market players are focused on growing their operations across the board, improving their capabilities, and nurturing strong partnership relationships.
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