Ethylene vinyl acetate (EVA), also called as polyethylene-vinyl acetate (PEVA), is the copolymer of vinyl acetate and ethylene. EVA is characterized by a typical vinegar-like fragrance and competes with a number of vinyl and rubber products within numerous electrical applications. It is an elastomeric polymer utilized for making materials that are flexible and rubber-like in softness. These materials are glossy, possess stress-crack resistance, resistance to UV radiation, and low-temperature toughness. Therefore, EVA is being employed in a large number of application areas globally.
Increasing Installation and Production of Photovoltaic Cells to Boost EVA Market
The global EVA market is propelled by the increasing population of emerging nations and the rising purchasing power of individuals therein. In addition, this market is also boosted by the development of the packaging film industry. This is owing to the fact that EVA films are majorly employed within flexible packaging of food and beverages due to their organoleptic properties.
Furthermore, the growing demand for renewable energy is predicted to boost the development of the industry of solar energy in the coming years. Hence, the increasing installation and production of photovoltaic cells is also poised to bring in new growth opportunities for the EVA market in the coming years. On the other hand, the unpredictable prices of raw materials and the growing competition from rivals such as LLDPE may impede the development of this market in forthcoming years.
EVA Films Led Global Market by Application in 2014
On the basis of product, the EVA market is categorized into low, high, and very low EVA. Of these, high EVA, low EVA, and very low EVA comprises 20% to 40%, 10% to 20%, and 1% to 10% EVA, respectively. The key application areas of EVA are foams, films, photovoltaic cells, hot melt adhesives, wires and cables, and others including tubing and hoses, etc. Amongst these, the segment of films led the market in 2014 as EVA films are employed widely in flexible packaging of personal care products, pharmaceuticals, and foods.
On the other hand, the segment of photovoltaic cells is predicted to be the most swiftly growing segment in the EVA market in forthcoming years. EVA also finds its application in greenhouses, thermal lamination, and agricultural films. In addition, it is also utilized in foams used in mattresses, packaging foams, and automotive carpets.
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Asia Pacific EVA Market to Register Swiftest Growth by 2023
Geographically, the EVA market is categorized into Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America. Of these, the Asia Pacific EVA market led in 2014, constituting a share of over 35%, and is also poised to register the swiftest growth till 2023. This is owing to the soaring demand for flexible packaging in the personal care and food and beverages industries because of the increasing population and the rising per capita income of people residing in the developing countries of Asia Pacific. North America trailed Asia Pacific and represented the second largest share in the market in the same year. On the other hand, the Middle East and Africa are also predicted to emerge as lucrative markets for EVA in forthcoming years.
The prime companies dominant in the global EVA market are Hanwha Group, Exxon Mobil Corporation, E. I. du Pont de Nemours and Company, LyondellBasell Industries Holdings B.V., and Braskem SA, among others.