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Asian Ethylene Vinyl Acetate Resins Market: Segments: by application (foam, film, adhesives, and others); by product type (high density ethylene vinyl acetate, medium density ethylene vinyl acetate, low density ethylene vinyl acetate); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Asian Ethylene Vinyl Acetate Resins Market to surpass USD 9112.3 million by 2031, which is valued at 5389.6 million in 2021 at a compound annual growth rate of 6%
Ethylene Vinyl Acetate resins are the copolymer of ethylene and vinyl acetate. It is produced with a high-pressure polymerization process. Such products are made of one to two fifth parts of vinyl acetate and are used in the manufacturing of packaging material, foam, wires, solar cell encapsulation, and hot melt adhesives. EVA owing to its properties like low melting point provides high strength, low viscosity better binding strength compared to its counterparts with a higher melting index. Due to their characteristics like augmented flexibility and low-density temperature, EVA resins are extensively used in the packaging and paper industry. These are also used in photovoltaic panels used in the production of solar energy.
According to the report, special drivers for automobiles demand have been the rapid industrialization in developing countries such as India and China. This in turn increased the market for EVA resins, as they are commonly used in the manufacture of car bumpers and molded components. The increase in the production of lightweight cars as a result of their increased fuel efficiency and increase in demand for electric vehicles as a result of the strict government regulations on environment and vehicle pollution & fuel efficiency contribute to this market’s growth.
Asian market has been segmented based on product, application, and location. It has been further segmented by countries into China, India, Japan, South Korea, and Taiwan
The medium density ethylene vinyl acetate segment is anticipated to register XX% of the volume share.
Asian Ethylene Vinyl Acetate Resins Market is segmented by product type into high-density ethylene-vinyl acetate, medium density ethylene vinyl acetate, low-density ethylene vinyl acetate. Due to its exceptional features and a wide range of applications in all key industries, MEVA is the most preferred form of EVA. Also, HEVA will increase dramatically as it is primarily used in the solar energy industry. Furthermore, increased demand for HEVA is driving the market in this segment in the field of composition and wire & cabling.
Film segment accounted for XX% of the nation’s volume in 2019
Asian Ethylene Vinyl Acetate Resins market is segmented by application into foam, film, adhesives, and others During the projected timeframe, films remain the biggest application for the ethylene-vinyl acetate market because of the increased knowledge of the solar energy use which increases the requirement for EVA films in photovoltaic cells. Given its rising demand for solar photovoltaic cell, packaging, and agriculture, Lucintel anticipated film ethylene Vinyl Acetate to rise fastest in the predicted period. However, the foam segment is anticipated to grow at the highest CAGR during the forecasted period owing to its application in the footwear industry. EVA is substantially recognized as a material of choice with excellent vibratory effect absorption, environmental & chemical resistance, sound & thermal isolation properties, and low water absorption characteristic. This is not used as rubber, but in the form of foams, it is used to manufacture the middle sole in the footwear industry.
The surge in demand for automobiles
Special drivers for automobile demand have been the rapid industrialization in developing countries such as India and China. This in turn increased the market for EVA resins, as they are commonly used in the manufacture of car bumpers and molded components. The increase in the production of lightweight cars as a result of their increased fuel efficiency and increase in demand for electric vehicles as a result of the strict government regulations on environment and vehicle pollution & fuel efficiency contribute to this market’s growth.
Application in the packaging industry
Market growth is anticipated to be fueled by the production of packaging films in Asian economies such as India, China, Taiwan, and the Philippines. That is because of its high shock resistance, durability, and lower melting points, which are because EVA resins find their use in the packaging industry.
Availability of substitutes
The availability of substitutes and inexpensive counterfeit products may hinder the growth of the market. Other issues such as the application of EVA in photovoltaic packaging is also expected to restrain the market growth
In terms of value and volume, India was the largest market accounting for XX% of total market volume share in 2019
Together with the growth of organized retailing in the country and India’s large and growing middle-class population drives the growth of the packaging industries. Due to the rising construction sector, the adhesive industry in India is growing dramatically. The 'Housing for All by 2022' of the Indian government is a big force for the industry. As a result, EVA demand in the area will probably increase over the predicted timeframe.
Different businesses concentrate on organic growth approaches through strategies such as product releases and product approvals. Acquisitions and alliance & collaboration were inorganic growth strategies that were seen in the sector. This has opened the doors for the business and client base of market players to grow. With the rising demand for ethylene acetate resins mostly in the Asian market, the market payers of ethylene-vinyl acetate resins are expected to have profitable growth opportunities in the future
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