July 14, 2020
According to the research report titled ‘Global EVA Resin Market Size study with COVID-19 impact, by Type (Vinyl acetate-modified polyethylene (low VA density), Thermoplastic ethylene vinyl acetate (medium VA density) and Ethylene vinyl acetate rubber (high VA density)), by Application (Film, Foam, Hot Melt Adhesives, Wire & Cables and Others), by End-User (Automotive, Packaging & Paper, Paints, Coatings and Adhesives, Electronics & Electrical and Others) and Regional Forecasts 2020-2026’, available with Market Study Report, global EVA resin market was worth USD 7.87 billion in 2019 and is projected to grow with a CAGR of 6.3% during 2020-2026.
EVA or ethylene vinyl acetate resins are made from vinyl acetate and ethylene and are used in manufacturing of packaging films, wire & cable, foam, hot melt adhesives, film, and solar cell encapsulation. EVA resins have a low melt index (MI) that offers hot tack, superior viscosity, and high strength as compared to its high MI counterparts.
EVA resins are extensively used in industries such as packaging and paper due to their properties like low sealing temperature and enhanced flexibility. Hence, robust growth of packaging and paper industries worldwide will propel global EVA resin market expansion.
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According to Statista, home care packaging, food packaging, beverage packaging, and dog & cat food packaging sectors are projected to expand by 7%, 11%, 11%, and 12% respectively during 2017-2021. Additionally, amplifying solar power industry and noteworthy application of EVA resin in the sector are likely to favor the market outlook over the anticipated timeline. On the contrary, the COVID-19 pandemic may impede the market growth owing to the lockdown imposed in several regions across the world to tame the crisis. In addition, availability of substitute materials for EVA resin is projected to restrain the market growth.
Citing the regional landscape, global EVA resin market is fragmented into Latin America, Europe, North America, Asia Pacific, and Rest of the World. North America holds a significant share of global EVA resin market currently, owing to robust growth of packaging industry.
Meanwhile, Asia Pacific market is projected to grow rapidly over 2020-2026. This growth is attributable to booming solar power sector and tremendous economic growth in the region.
Major players in global EVA resin market are Lotte Chemical Corp., Sinopec Corp., LyondellBasell Industries Holding B.V., Hanwha Chemical Corp., Formosa Plastics Corp., Exxon Mobil Corp., Celanese Corp., Braskem S.A., and Arkema S.A. among others.