EVA Resins & Films Market: Introduction
In terms of value, the global EVA resins & films market is anticipated to expand at a CAGR of 4.5% from 2020 to 2028. Ethylene and vinyl acetate are used in the manufacture of ethylene-vinyl acetate (EVA) resins. EVA resins & films are employed in the manufacture of foams, packaging films, solar cell encapsulation, wires & cables, and hot melt adhesives. EVA with low melt index offers superior viscosity, high strength, and relative bonding and melting strength as compared to its melt index counterparts. EVA resins are primarily employed in the paper and packaging industry, owing to their superior properties such as low sealing temperature and enhanced flexibility. Furthermore, EVA resins are utilized in photovoltaic panels that are used in solar energy generation.
Increase in Adoption of Foam-based Products to Boost EVA Resins & Films Market
EVA resins & films offer various advantages such as low seal initiation temperature for fast packaging speeds, low shrink temperature, greater adhesion than polyethylene (PE) to a variety of substrates/layers, including polyolefins, PVS, PS, and PET, enhanced flexibility, increased impact strength, improved puncture resistance, excellent flex crack resistance, excellent flow and caulking in seal area, and good bondage to PVDC in co-extrusion processes. These are the key factors expected to drive the global EVA resins & films market.
EVA-based foam has a fine uniform cell structure that allows it to be processed akin to other thermoplastics. It retains its resilience and flexibility, quickly recovers from compressions, as well as absorbs colors. The foam is formed in a mold that becomes a sheet of a closed cell foam. EVA resins & films are used in various applications, including buildings, automotive, marine, healthcare, packaging, electronics, sports, recreation, leisure, and footwear. This is another major factor expected to drive the global EVA resins & films market during the forecast period.
Rise in disposable income of consumers, growth of population, increase in government initiatives for industrial development, and collaborations with foreign investors are some of the key factors boosting the demand for EVA resins & films.
Foams to be Leading Application of EVA Resins
In terms of application, the foams segment is projected to expand at a CAGR of more than 5% during the forecast period. This can be ascribed to the increase in usage of foams in exercise and floor mats, sports equipment, kickboards, crafts, life jackets, and flip-flops, among others. Hot melt adhesives was also a vital segment of the global EVA resins market in 2019. This can be ascribed to various advantages offered by hot melt adhesives such as high production speeds, wide range of adhesion to different materials, elastic bond lines, and water-free bonding.
Solar Cell Encapsulation to be Dominant Application
Based on application, the global EVA films market has been segregated into solar cell encapsulation, glass lamination, cosmetics, agriculture, and others (including machinery covers). In terms of consumption, solar cell encapsulation was the leading segment of the global EVA films market in 2019. This trend is expected to continue in the near future. This can be ascribed to rise in demand for generation of energy through solar panels. Utilization of solar panels is also increasing in the automotive industry, owing to the advent of solar-powered cars. This is likely to boost the solar panel coatings market, thereby propelling the EVA films market during the forecast period.
Asia Pacific to be Lucrative Region of EVA Resins & Films Market
In terms of consumption, Asia Pacific dominated the global EVA resins & films market in 2019. The EVA resins & films market in the region is projected to expand at a rapid pace from 2020 to 2028. China and India are estimated to be among the leading consumers of EVA resins & films and their derivatives across the world during the forecast period. In terms of consumption, Asia Pacific accounts for more than 50% share of the global EVA resins & films market. China, India, and ASEAN are anticipated to be highly attractive markets for EVA resins & films in Asia Pacific from 2020 to 2028. North America is also considered a high potential region of the global EVA resins & films market, led by the rise in demand for EVA resins & films in the U.S. and Canada. This trend is anticipated to continue during the forecast period owing to the increase in upcoming projects in the solar energy industry in the U.S. Energy industry is a major end user of solar panel coatings, led by the rise in usage of renewable sources of energy. Additionally, utilization of solar panels has been increasing in the automotive sector. This is projected to augment the EVA resins & films market in North America in the near future.
Competition Landscape of EVA Films & Resins Market
The global EVA resins & films market is highly fragmented. Leading players such as Exxon Mobil Corporation, LyondellBasell Industries Holdings B.V., Hanwha Group, The Dow Chemical Company, Arkema S.A., Braskem, and 3M cumulatively held more than 40% share of the global EVA resins & films market in 2019.
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