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LONDON, LONDON, UNITED KINGDOM, November 29, 2024 /EINPresswire.com/ -- How has the Ethylene Vinyl Acetate Market Grown in Recent Years, and What is its Market Size in 2024?
The ethylene vinyl acetate market size has experienced robust growth in recent years. The size of the market is projected to increase from $8.41 billion in 2023 to $9.12 billion in 2024, demonstrating a compound annual growth rate CAGR of 8.5%. This growth during the historical period can primarily be attributed to the increasing demand from sectors such as the footwear industry, packaging and film applications, solar panel encapsulation, medical devices, and automotive interiors.
For a more detailed analysis of the market landscape, get a sample of the Ethylene Vinyl Acetate Global Market Report 2024: https://www.thebusinessresearchcompany.com/sample.aspx?id=5916&type=smp
How is the Ethylene Vinyl Acetate Market Expected to Grow in the Future?
The ethylene vinyl acetate market size is expected to witness significant growth over the next few years. The market is predicted to surge to $12.65 billion by 2028 at a compound annual growth rate CAGR of 8.5%. This expansion in the forecast period can be attributed to factors such as the growth of solar energy, emphasis on recycling and circular economy, increased popularity of lightweight and sustainable footwear, increased eva versatility, and healthcare readiness for pandemics. Major trends in the forecast period will include noise reduction in automotive vehicles, the use of eva in electric vehicles evs, eva-based medical devices, smart packaging with eva, and biomedical innovations.
What Are the Major Drivers of the Ethylene Vinyl Acetate Market?
A key driver of the ethylene vinyl acetate market is evidently the growing demand from the packaging industry. Ethylene-vinyl acetate EVA is the most prevalent polymer used in hot melt adhesives for packaging applications, which offer benefits such as good water resistance, corrosion resistance, easy processing, anti-vibration, and thermal insulation. An increase in online purchasing caused by the COVID-19 crisis has boosted the demand for EVA, as packaging made from EVA is strong, reusable, and aesthetically pleasing, making it popular among consumers. For example, in 2022, it was reported by the Flexible Packaging Association that the U.S. flexible packaging industry experienced substantial growth in sales in 2021, reaching an estimated $39 billion, an increase from $34.8 billion in the previous year. The continued growth of the packaging industry and demand for packaging materials during the forecast period is expected to further propel the growth of the ethylene vinyl acetate market.
Check the full report for a comprehensive outlook on the market, the major players, and the current trends: https://www.thebusinessresearchcompany.com/report/ethylene-vinyl-acetate-global-market-report
Which Companies Hold Significant Positions in the Ethylene Vinyl Acetate Market?
Major companies operating in the ethylene vinyl acetate market include <b> ExxonMobil Corporation, Arkema SA, Asia Polymer Corporation, BASF SE, Braskem SA, Celanese Corporation, Clariant AG, Dow Chemical Company, Dupont-Mitsui Polychemicals Co. Ltd, E.I. Du Pont De Nemours & Co., Formosa Plastics Corporation, Hanwha Total Petrochemical Co. Ltd., Innospec Inc., Kemipex Group, LyondellBasell Industries N.V., Porex Corporation, Repsol S.A., Saudi International Petrochemical Company, SK Global Chemical Co. Ltd., Sumitomo Chemical Co. Ltd., Tosoh Corporation, Versalis, Westlake Chemical Corporation, Eastman Chemical Company, LyondellBasell, China Petroleum and Chemical Corporation, Mitsui Chemicals, LG Chem, Hanwha Solutions Corporation, TotalEnergies SE, Saudi Basic Industries Corporation, Lotte Chemical Corporation, INEOS Group Ltd., Ravago Group </b>
What New Technologies Are Emerging in the Ethylene Vinyl Acetate Market?
A key trend gaining popularity in the ethylene vinyl acetate market is the introduction of new technologies for the production of ethylene-vinyl acetate. Companies involved in the production of ethylene-vinyl acetate are introducing new technological processes in their production facilities to improve manufacturing performance and meet the growing need for EVA in the market. For instance, in April 2021, LyondellBasell, a Netherlands-based chemical company, revealed that Shandong Yulong Petrochemical Co. Ltd., a China-based oil and natural gas company, had introduced LyondellBasell Lupotech T high-pressure polyethene technology in two different production lines at a new plant. The process technique will be used to make low-density polyethene LDPE with vinyl acetate copolymer on a 200 KTA LDPE line and a 300 KTA LDPE and ethylene-vinyl acetate copolymer EVA line.
How is The Global Ethylene Vinyl Acetate Market Segmented?
The ethylene vinyl acetate market is segmented:
1 By Type: Very Low Density Ethylene Vinyl Acetate, Low density Ethylene Vinyl Acetate, Medium Density Ethylene Vinyl Acetate, High Density Ethylene Vinyl Acetate
2 By Application: Film, Foam, Hot Melt Adhesives, Wire and Cable, Extrusion Casting, Solar Cell Encapsulation, Other Applications
3 By End-Use Industry: Footwear and Foams, Packaging, Agriculture, Photovoltaic panels, Pharmaceuticals, Other End Users
What are the Regional Insights into the Ethylene Vinyl Acetate Market?
Asia-Pacific was the largest region in the ethylene vinyl acetate market in 2023. This region is expected to be the fastest-growing region in the ethylene vinyl acetate market during the forecast period. The regions covered in the ethylene vinyl acetate market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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