Increase in competition from substitutes, such as linear low-density polyethylene (LLDPE), fluctuation in cost & availability of raw materials, such as vinyl acetate, and potential problems associated with the use of EVA copolymers in photovoltaic packaging hinder the growth of the EVA resins market. However, introduction of bio-based EVA copolymers and growth in solar industry boost the market expansion.
Pune, Maharashtra -- (SBWIRE) -- 07/06/2018 -- According to a new report published by Allied Market Research, titled, Ethylene Vinyl Acetate (EVA) Resins Market by Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2014-2022, the global ethylene vinyl acetate (EVA) resins market was valued at $6,052 million in 2015, and is projected to reach $10,050 million by 2022, growing at a CAGR of 7.5% from 2016 to 2022. The thermoplastic ethylene VA segment was dominant in 2015, with more than half market share, in terms of revenue.
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EVA resins are copolymers produced using vinyl acetate monomer and ethylene, which offer excellent stress crack resistance and can maintain their flexibility over a wide temperature range from -60C to 150C, without requiring plasticizers. The concentration of vinyl acetate in EVA is an important parameter that determines the properties of the resin. Growth in packaging industry, increased applications across various end-user industries such as automotive & footwear, and economic growth in emerging economies are major factors that drive the market growth. In addition, technological improvements result in higher operating efficiencies and increased plant capabilities, which supplement the market growth. EVA is gradually replacing traditional interlayer films utilized in glass lamination, that is, polyvinyl butyral (PVB), as it offers lower investment and operating costs as compared to PVB. Continuous developments in molding & production techniques in recent years have led to production of whole footwear, such as rain boots and clogs, with EVA and EVA-based materials.
Based on type, the market is segmented into vinyl acetate modified polyethylene, thermoplastic ethylene vinyl acetate, and ethylene vinyl acetate rubber. In 2015, thermoplastic ethylene vinyl acetate accounted for more than half share of the market, in terms of revenue, as these copolymer resins offer broad compatibility with tackifier resins, excellent adhesion to non-porous surfaces, and greater solubility in organic solvents.
Footwear industry holds the largest share by end user, in terms of volume, and is expected to grow at a CAGR of 7.4% during the forecast period. EVA provides low specific gravity, cushioning properties, ease of processing, and abrasion resistance, which help footwear manufacturers to keep pace with rapidly evolving footwear technology and designs.
Growth in Packaging Industry
EVA copolymer resins are utilized in variety of medical and food packaging applications. Vinyl acetate provides side chain branches that are chemically active and delivers unique functionality including increased flexibility, enhanced optical properties, lower sealing temperature, and improved puncture resistance.
In January 2016, International Monetory Fund (IMF) estimated the economic growth rate of advanced and emerging economies to rise from 1.9% and 4.0% in 2015 to 2.1% and 4.7% in 2017, respectively. This supports the market growth as it fuels the demand for flexible packaging of personal care and food & beverage products.
Fluctuating Cost & Availability of Raw Materials
The market growth is restricted owing to the escalation in price of raw materials required for EVA resin production. Supply disruptions of ethylene due to extended maintenance periods at production facilities and unplanned shutdowns at various sites have created a demand?supply gap, resulting in increased prices. In June 2016, Celanese Corporation increased the prices of vinyl acetate monomer by 50 USD/MT in Mexico.
Potential Problems Associated With the Use of Eva Copolymers in Photovoltaic Packaging
Photovoltaic devices are encapsulated with EVA to provide optical coupling, mechanical support, protection against environmental exposure, and electrical isolation. On exposure to ultraviolet radiation and atmospheric water, EVA decomposes to produce acetic acid, which increases the surface corrosion rate and lowers the pH of the embedded devices.
Introduction of Bio-based Ethylene Vinyl Acetate Copolymers
In April 2012, Cereplast, Inc. launched Hybrid 651D, a hybrid compound developed using EVA and starch. This compound possesses all properties of traditional EVA and offers a low carbon footprint.
Expansion of the Solar Industry
Electrically insulating and thermally conductive EVA resins are widely used for encapsulation of photovoltaic modules as they assist in increasing life span of solar cells and deliver transparency & enhanced adhesion properties.
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Packaging & paper end user segment is projected to grow at a CAGR of 7.7% during the forecast period.
Asia-Pacific and North America collectively contributed more than half of the share to the global EVA resins market revenue in 2015. In the same year, Asia-Pacific dominated the market, owing to the increased demand for EVA copolymer resins from the solar industry.
The prominent market players profiled in the report include Arkema S.A., Braskem SA, Celanese Corporation, E.I. du Pont de Nemours and Company, Exxon Mobil Corporation, Formosa Plastics Corporation, Hanwha Chemical Co, Ltd., Lyondell Basell Industries N.V., Sinopec Corp., and The DOW Chemical Company.