According to the Market Statsville Group (MSG), the ASEAN ethylene-vinyl acetate resin market was valued at USD 5,078.9 million in 2021 and is projected to reach USD 8,532.6 million by 2030, growing at a CAGR of 6.7% from 2022 to 2030. The key factors driving demand for automobiles in emerging economies like Indonesia and Thailand are rapid industrialization and an increase in the disposable income of individuals. This increases demand for EVA resins, which are widely used in the production of automotive bumpers and molded parts. In addition, the development of the packaging film industry across developing countries, such as Singapore and the Philippines, is expected to drive the market’s growth.
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In countries like Malaysia and Singapore, government initiatives and a joint venture between domestic and foreign players are expected to attract new investments. For example, Petroliam Nasional Berhad and Saudi Aramco formed a new joint venture in 2018. The joint venture runs the refineries and produces natural gas, which boosts demand for EVA resin even more.
However, factors such as the availability of inexpensive substitutes such as natural rubber, synthetic rubber, and low-density polyethylene and issues related to the usage of EVA in photovoltaic packaging are expected to hinder the market growth. On the contrary, the introduction of bio-based ethylene-vinyl acetate materials with no adverse effects is anticipated to provide lucrative growth opportunities for market growth.
Global Ethylene Vinyl Acetate Resins Market Definition
Ethylene-vinyl acetate (EVA) resins are manufactured through ethylene and vinyl acetate copolymerization. They are used in the production of packaging film, wire & cable, solar cell encapsulation, foam, and hot melt adhesives.
Global Ethylene Vinyl Acetate Resins Market Dynamics
Drivers: Rise in demand from different sectors such as footwear & foam markets
EVA foam is widely used for making shoe midsoles, as it provides enhanced cushioning and helps in protecting the foot from hard or sharp objects. Moreover, it provides stability on rough terrain. Development of the footwear industry and increase in demand for sports & casual footwear has boosted the need for EVA copolymer. In addition, EVA foam is widely used in manufacturing battle armor, as it can be easily cut, heated & formed, glued, beveled, and painted. Furthermore, an increase in R&D activities in manufacturing high-grade battle armor for soldiers is likely to drive the growth of the ethylene-vinyl acetate resins market.
Restraints: Concerns associated with usage of EVA in photovoltaic packaging
Photovoltaic devices are encapsulated using ethylene vinyl acetate (EVA) to offer optical coupling, mechanical support, protection against environmental exposure, and electrical isolation. Under exposure of varied atmospheric conditions and ultraviolet radiation, EVA decomposes to produce acetic acid and lowers the pH. This increases the surface corrosion rates of embedded devices. Thus, these factors together are expected to limit the usage 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 Type Outlook (Sales, USD Million, 2017–2030)
- Polypropylene (PP) Vinyl Acetate-modified Polyethylene
- Polyethylene (PE) Thermoplastic Ethylene Vinyl Acetate
- Ethylene Vinyl Acetate Rubber
By Application Outlook (Sales, USD Million, 2017–2030)
- Hot Melt Adhesives
- Wire & Cable
- Extrusion Coating
- Solar Cell Encapsulation
By End-Users Outlook (Sales, USD Million, 2017–2030)
- Packaging & Paper
- Paints, Coatings, & Adhesives
- Electronics & Electrical
- Photovoltaic Panels
By Country Outlook (Sales, USD Million, 2017–2030)
- Rest of ASEAN
The Thermoplastic Ethylene VA segment is projected to account for the largest market share, by type
ASEAN ethylene-vinyl acetate resins market is classified into vinyl acetate-modified polyethylene, thermoplastic ethylene-vinyl acetate, and ethylene-vinyl acetate rubber. In 2021, Thermoplastic Ethylene VA had the highest market share of 68.5% in the ASEAN ethylene-vinyl acetate resins market. Ethylene-vinyl acetate based on medium vinyl acetate content (>4% to 30%) is known as thermoplastic ethylene-vinyl acetate. Such materials are easily moldable and able to carry heavy weights in packaging.
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A rise in the application of EVA in sealant materials and industrial adhesives is anticipated to fuel the market growth during the forecast period. EVA is often preferred over Low-density polyethylene (LDPE) due to superior flexibility and better environmental stress. In addition, a large number of alternatives for EVA processing, such as extrusion, injection, and blow molding, replaced rubber and vinyl products in various electrical applications. In addition, robust investments from industry players in new technology developments are expected to boost the market growth. For instance, based on the Lupotech autoclave process, there are 44 reactors and 1.4 million tons of installed capacity across the globe.
India accounts for the highest CAGR during the forecast period
Based on the countries, the ASEAN ethylene-vinyl acetate resins market has been segmented across China, India, Vietnam, Malaysia, Indonesia, Thailand, Singapore, and the Rest of ASEAN. India is the fastest-growing country with a CAGR of 9.6% in the ASEAN ethylene-vinyl acetate resins market. India as one of the fastest developing countries in the world, has focused its attention toward becoming an industrial economic hub leader. Therefore, to reach the goal, the government has started to upgrade various infrastructures needed for this, such as transportation 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 infrastructures.
In India, only Reliance industries are major producers of EVA. Most of the EVA is imported from the ASEAN countries. The Indian government is targeting 280 gigawatts of solar power by 2030, to achieve this goal it needs to install around 25 GW of capacity every year. As most solar modules and energy storage devices are mostly imported from other countries, it is expected to drive the growth of the EVA market in India during the forecast period. The growing population and increasing income of individuals are further expected to drive the demand for various consumer and fashion goods.
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Key Market Players in the ASEAN Ethylene Vinyl Acetate Resins
Major Players in the ASEAN Ethylene Vinyl Acetate Resins Market are:
- Adtek Consolidated Sdn. BHD
- Celanese Corporation
- Arkema S.A.
- Dow Inc.
- Eastman Chemical Company
- Entec Polymers
- ExxonMobil Corporation
- Formosa Plastics Corporation
- China Petrochemical Corporation
- Dairen Chemical Corporation
- Hanwha Chemical Corporation
- Lotte Chemical Corporation
- Lyondellbasell Industries Holding B.V.
- Thai Asia Polymer Co., Ltd.
- The Polyolefin Company (Singapore) Pte Ltd
- Innospec Inc
- LG Chem
- Total Sa
- TPI Polene Public Company Limited
The ASEAN ethylene-vinyl acetate resins market is highly competitive. Key industry players adopt various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. The majority of market players are concentrating on growing their operations across areas, enhancing their capabilities, and cultivating strong partner relationships.