The surge in demand for EVA in solar panel production is likely to boost product demand.

Market SegmentationEthylene vinyl acetate market size was USD 1.1 billion in 2022 and is projected to reach USD 1.14 billion by 2032, at a CAGR of 4%.

The global ethylene vinyl acetate (EVA) market has been segmented by type, application, end-use industry, and region.  Based on type, the market has been segmented into low density EVA, medium density EVA, and high-density EVA.  Medium density EVA segment accounted for the largest share of the global EVA market in 2017 and is expected to register a healthy CAGR during the review period. This market growth can be attributed to the increasing use in numerous applications such as foaming, film extrusion, and injection molding due to their superior properties such as flexibility, transparency, and high chemical resistance among others. High density EVA segment is expected to be the fastest growing segment of the global EVA market on account of increasing use in solar cell encapsulation as it provides enhanced durability and improved performance.

Based on application, the market has been segmented into foaming, film extrusion, solar cell encapsulation, injection molding, hot melt adhesives, coatings, compounding and wires & cables, and others. Foaming segment accounted for the largest share of the global EVA market in 2017. This growth can be attributed to increasing use of EVA foam in shoes, automotive interiors, packaging, and tapes among others. Solar cell encapsulation segment is expected to be the fastest growing segment of the global EVA market on account of rising investment in the solar power plants globally.

Based on end-use industry, the market has been segregated into packaging, renewable energy, adhesives & sealants, footwear, construction, electrical & electronics, automotive, pharmaceuticals, agriculture, and others. Packaging accounted for the largest share of the global EVA market in 2017. The growing packaging industry on account of increasing demand in numerous applications such as medical and food products is propelling the market growth. Renewable energy is likely to be the fastest growing segment on account of increase in number of solar power plants especially in the developing nations.

Regional Analysis

Based on region, the EVA market has been classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Asia-Pacific accounted for the largest share of the EVA market on account of the growing end-use industries in the region, especially the packaging, renewable energy, construction, and footwear. An expanding population base and rising disposable income of consumers are the other factors driving market growth.

North America & Europe are prominent markets for EVA due to the increasing demand for adhesives and sealants in automobile industry.

The markets in Latin America and the Middle East & Africa are likely to register moderate growth during the review period as a result of the growing end-use industries coupled with expanding populace and rising per capita disposable income of the consumers.

Competitive Analysis

Some of the key players in the global EVA market are Exxon Mobil Corporation (US), DowDuPont (US), USI Corporation (Taiwan), Celanese Corporation (US), Innospec (US), Arkema SA (France), BASF SE (Germany), LyondellBasell Industries Holdings B.V. (The Netherlands), Infineum International Limited (UK), Porex Corporation (US), United Plastic Components Inc. (Canada), and Clariant AG (Switzerland).

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