H1 2023: During H1 202, key producers of Ethylene Vinyl Acetate (EVA) in APAC were Hanwha Total Petrochemical, BASF-YPC, and Formosa Plastics Corp. However, Hanwha Total Petrochemical was the top producer of EVA across APAC. Based on consumption of EVA by volume, the majority of the global EVA was consumed by Asian countries during H1 2023. However, the shipping rate of EVA orders declined due to global inflation and weak EVA demand from western countries and the plummeting of the cargo prices. In H1 2023, there was a significant low demand for EVA, high inventory level, and abundance of raw material VAM at the distributors and suppliers of APAC. In the Indian market, EVA levels continued to fall from January 2023 to June 2023 due to low demand of EVA by the domestic end-user industries such as Footwear and Packaging in the nation. Due to sluggish demand from the downstream industries, such as photovoltaic and footwear sectors, EVA prices in the Chinese market have displayed a bearish market trend throughout H1 2023. Prices for feedstock vinyl acetate decreased which resulted in a decrease of the production costs. Although, the Chinese market had enough inventories to meet the demand. In addition, low downstream demand led the units to run at reduced rates in China.
The Asia Pacific Ethylene Vinyl Acetate (EVA) market stood at nearly 2200 thousand tonnes in 2022 and is expected to grow at a steady CAGR of 6.23% during the forecast period until 2035. The rise in demand for Ethylene Vinyl Acetate (EVA) from the packaging industry and the rising usage by the footwear sector coupled with the growing population across the continent is likely to swell the demand for Ethylene Vinyl Acetate (EVA) in Asia Pacific region.
Demand for Ethylene Vinyl Acetate (EVA) is highest by Asia Pacific among all other regions across the globe. The rising demand for Ethylene Vinyl Acetate (EVA) in the footwear industry and packaging industry is contributing to the significant market growth of EVA. Footwear companies across Western regions like Europe and North America rely on Asian countries for the manufacturing of their end products, which further adds to the demand for EVA in the region. Besides, EVA copolymers find diverse applications in packaging, textile, bookbinding, bonding plastic films, metal surfaces, plasters, and cement renders. The increasing commercial and urbanization activities in the Asia-Pacific are augmenting the growth of Ethylene Vinyl Acetate (EVA) during the forecast period. Plastic made from ethylene vinyl acetate helps reduce the weight of packaging, making it easier to use. Additionally, it shields the food from deterioration and physical and chemical harm, vastly extending the shelf life of the food. During the projected period, growth in the packaged food industry is anticipated to increase demand for ethylene vinyl acetate resin-based food & beverage packaging. EVA is a thermoplastic polymer is employed as an encasing agent in solar modules because, when heated, it creates a sealing and insulating coating around the solar cells, which further adds on to the market growth rate. The Ethylene Vinyl Acetate (EVA) market is expected to reach approximately 4700 thousand tonnes in the year 2035.
Based on region, the Asia Pacific Ethylene Vinyl Acetate (EVA) market is divided into China, India, Thailand, Taiwan, South Korea, and the Rest of APAC. Among these, China is dominating the EVA market and consumed approximately 69% of the market in the year 2022. With exponential growth in the demand for raw materials by China for producing general-use goods, footwear, and electronic products is anticipated to bolster the EVA market. Furthermore, China also holds the highest production capacity of EVA.
Based on the end-user industry, the Asia Pacific Ethylene Vinyl Acetate (EVA) market is segmented into Footwear, Packaging, Photovoltaic Cell, and Others. Among these, Footwear industry is consuming the majority of Ethylene Vinyl Acetate (EVA) and held a market share of approximately 42% in the year 2022. EVA has many uses in the packaging film industry. Typically, this resin is mixed with other film resins rather than being used alone. Important uses for sealants include footwear, wire and cable insulation, solar encapsulation, meat and dairy packaging structures, and glass lamination for improved impact resistance.
Major players in the Asia Pacific Ethylene Vinyl Acetate (EVA) are BASF-YPC, LG Chem, Formosa Plastics Corp., Wacker Chemie AG, Hanwha Total Petrochemical, Dow Chemicals, Jizzakh Petroleum JV LLC, Jiangsu Hongjing New Material Co. Ltd., TPI Polene Public Company Limited, Asia Polymer Corpotaration, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2035
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Objective of the Study:
• To assess the demand-supply scenario of Ethylene Vinyl Acetate (EVA) which covers production, demand and supply of Ethylene Vinyl Acetate (EVA) market in the globe.
• To analyse and forecast the market size of Ethylene Vinyl Acetate (EVA)
• To classify and forecast Asia Pacific Ethylene Vinyl Acetate (EVA) market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Ethylene Vinyl Acetate (EVA) market in the globe.
To extract data for Asia Pacific Ethylene Vinyl Acetate (EVA) market, primary research surveys were conducted with Ethylene Vinyl Acetate (EVA) manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Asia Pacific Ethylene Vinyl Acetate (EVA) market over the coming years.
ChemAnalyst calculated Ethylene Vinyl Acetate (EVA) demand in the globe by analyzing the historical data and demand forecast which was carried out considering the raw materials to produce Ethylene Vinyl Acetate (EVA). ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Ethylene Vinyl Acetate (EVA) manufacturers and other stakeholders
• Organizations, forums and alliances related to Ethylene Vinyl Acetate (EVA) distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Ethylene Vinyl Acetate (EVA) manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Asia Pacific Ethylene Vinyl Acetate (EVA) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
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Details
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Market size Volume in 2022
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2200 thousand tonnes
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Market size Volume by 2035
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4700 thousand tonnes
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Growth Rate
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CAGR of 6.23% from 2023 to 2035
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Base year for estimation
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2023
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Historic Data
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2015 – 2022
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Forecast period
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2024 – 2035
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Quantitative units
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Demand in thousand tonnes and CAGR from 2023 to 2035
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Report coverage
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Industry Market Size, Capacity by Company, Capacity by Location, Capacity by Technology, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process, Policy and Regulatory Landscape,
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Segments covered
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By End-Use: (Footwear, Packaging, Photovoltaic Cell, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
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Regional scope
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China, India, Thailand, Taiwan, South Korea, and the Rest of APAC
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Pricing and purchase options
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Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
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