Ethylene vinyl acetate (EVA) finds application in films, wires and cables, foams, hot melt adhesives, photovoltaic cells, and others. The demand for EVA is consistently increasing from major industries such as automotive, furniture, and construction. The rising demand for paints and coatings is predicted to propel the demand for EVA over the next five years.
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Celanese Corp., a U.S.-based exporter of chemicals, is set to present an EVA polymer for reliable drug delivery applications. This upcoming EVA material will be presented by Celanese Corp. in the Controlled Release Society (CRS) Annual Meeting and Exposition later this year. Celanese believes that customizable EVA polymer provides reliable and safe drug release. As per Celanese, as pharmaceutical organizations aim to enhance patient compliance, the customizable materials will meet the expectations of the industry, driving the demand for EVA.
Applications of EVA Continue to Increase
The global ethylene vinyl acetate market is segmented on the basis of region, application, and product. The rising application of EVA in the global pharmaceutical industry is expected to create new growth opportunities in the global market. The many attributes and functional properties of EVA have made various industries use it for numerous applications. Properties such as toughness, high impact strength, elasticity, high durability at low temperatures, excellent barrier properties, and adhesive strength have boosted the use of EVA. However, volatile prices of raw materials and stringent government rules will challenge the global ethylene vinyl acetate market in the coming years.
By product, the global ethylene vinyl acetate market is classified into low EVA, very low EVA, and high EVA. High EVA includes 20% to 40% vinyl acetate, whereas low EVA holds 10% to 20% vinyl acetate. Very low EVA contains the lowest proportion of ethylene vinyl acetate – from 1% to 10%.
Due to the favorable properties of EVA, it has been used on a massive scale in films since many years. In 2014, films were the biggest application segment of the global ethylene vinyl acetate market.
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Asia Pacific to be Most Promising Segment owing to Demand for Flexible Packaging
Regionally, the global ethylene vinyl acetate market is spread across North America, Europe, Latin America, the Middle East and Africa, and Asia Pacific. In 2014, Asia Pacific accounted for 35% of the global ethylene vinyl acetate market owing to the region’s increasing population and per capita income. The rising demand for flexible packaging in the personal care and food and beverages industries will help Asia Pacific maintain its dominance through the forecast period. However, going forward, the Middle East and Africa is predicted to be a major emerging market owing to the rising demand for several applications of ethylene vinyl acetate.
The global ethylene vinyl acetate market is highly competitive, with leading companies operating across many regions. Exxon Mobil Corporation, LyondellBasell Industries Holdings B.V., Hanwha Group, Braskem SA. Company, and E. I. du Pont de Nemours and Company are some of the leading companies operating in the global ethylene vinyl acetate market.