EVA: Key market research findings
- Increasing application of EVA in food packaging drives market growth
- Footwear and foams segment accounts for majority of the demand for EVA
- Key vendors – Arkema, LyondellBasell, ExxonMobil, Hanwha, and Celanese
Technavio’s market research analysts predict the global EVA market to grow at a CAGR of more than 5% between 2016 and 2020. The rise in demand for ethylene vinyl acetate (EVA) in the market is stimulated by its increasing use in food packaging. EVA-based food packaging helps to keep food fresh for a longer time. EVA is also used in the manufacture of hot melt adhesives that are used for sealing in the packaging segment. At present, APAC dominates the global EVA market by accounting for more 48% of the overall market share. The development of the flexible packaging and footwear industries in the region is expected to propel growth in the EVA market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the EVA segments based on the end-user.
“The introduction of bio-based EVA is the latest trend gaining grounds in the market. Stringent government regulations and growing consumer awareness regarding health and environment-friendly products are spurring huge adoption of bio-based EVA, especially in the developed regions of Europe and North America. Ethylene can be sourced from easily available natural oils such as palm, castor, rapeseed, corn, and soy. Moreover, the volatility in the costs of crude oil is also triggering an increase in the demand for bio-based EVA,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research.
By 2020, the footwear and foams segment is expected to dominate the market by accounting for almost 46% of the overall market space. EVA is commonly known as extended elastic or foam rubber and is used as a cushioning material for ski boots, bike saddles, hockey cushions, boxing and mixed martial arts gloves and helmets, wakeboard boots, water-ski boots, fishing rods and fishing reel handles. It is also used in the production of floats for the commercial fishery gear such as seine nets and gill nets owing to its porous structure and buoyant nature.
The key vendors in the market include Arkema, LyondellBasell, ExxonMobil, Hanwha, and Celanese. Intense competition prevails in the market with the presence of several global and regional manufacturers. Vendors in the market are focusing on niche market applications and are developing innovative products to gain better market shares. They are also emphasizing on high-end applications in dispersions, construction, and building materials, architectural coatings, and many other segments.
A more detailed analysis is available in the Technavio report, Global EVA Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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