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.

Portland, OR -- (SBWire) -- 06/27/2017 --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.

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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.

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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.

Key Findings of the Ethylene Vinyl Acetate (Eva) Resins Market:

- Asia-Pacific is expected to continue to lead the market during the forecast period, followed by North America.

- Solar cell encapsulation is expected to show highest growth rate by end user, registering a CAGR of 13.9% from 2016 to 2022, in terms of volume.

- Foam was the largest application segment in EVA resins market, in terms of volume in 2015.

- Hot melt adhesives accounted for one-eighth share in terms of revenue in 2015.

- India is expected to grow at the highest CAGR of 9.3%.

- 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.