Ethylene Vinyl Acetate (EVA) Market - Forecasts from 2024 to 2029

The global ethylene vinyl acetate (EVA) market is expected to grow at a CAGR of 3.85% during the forecast period (2024-2029).

Ethylene vinyl acetate (EVA) is a copolymer resin with lightweight and excellent foamability performance. It is used in footwear, sports, and leisure applications. Owing to its flexibility and low-temperature resistance, this material is used as a sealant solution in the packaging industry.

Ethylene vinyl acetate plastic consists of randomly distributed vinyl acetate chains interspersed with ethylene chains. This acetate, with less than 5% vinyl acetate, is utilized in deep freeze applications, while EVA containing 6%- 10% vinyl acetate is used in milk pouches and bag-in-box applications. For hot-melt adhesive, more than 10% vinyl acetate is required.

A specifically outstanding aspect of EVA is that it is very flexible and provides a soft touch. This characteristic makes it possible for it to be bent and mangled without changing its shape, thus suitable for cushioning and padding. In certain areas where visibility and aesthetics are of concern, EVA's high transparency could benefit. Another advantage of EVA is that it is light as well; therefore, it finds application in protective clothing and footwear.

Apart from this, one of the most valuable features of EVA is its recyclability, which makes it preferable for producing many products. Owing to the emphasis on Green Chemistry, EVA is being viewed as an Eco-Friendly solution. This shall play an important role in the ongoing endeavor to lower environmental effects.

GLOBAL ETHYLENE VINYL ACETATE (EVA) MARKET DRIVERS:

• Ethylene Vinyl Acetate, or EVA, is considered a game-changing material in the footwear industry. EVAs are light, durable, and have cushioning capabilities. Due to these properties, EVA has revolutionized how shoes are designed and manufactured. According to the Ministry of Micro, Small and Medium Enterprises, India is the largest global footwear industry, coming only after China, accounting for 13% of the global footwear production of 16 million pairs. With the growing footwear industry, EVA foams have been popular for athletic sneakers, casual sandals, and specialized work boots. India produces 2 million pairs of leather and non-leather footwear categories.
• Ethylene vinyl acetate is utilized in the medical sector, where it is used in the manufacturing of various devices, including tubing, catheters, and surgical instruments. EVA has been used in transdermal delivery systems serving various roles. This includes being used as a rate-controlling membrane in reservoir systems or as a component of drug-in-adhesive matrices. Its tailored properties and compatibility with a wide array of pharmaceutical manufacturing processes enable the use of ethylene vinyl acetate in complex dosage forms, which is further used to deliver a wide variety of active ingredients.

VitalDose EVA pharmaceutical copolymer offered by Celanese meets the chemical and physical properties required for any drug formulation. It offers a broad solubility range for tiny compounds and may be manufactured using a variety of production processes. It is compatible to be used to address specific drug formulation, release, and delivery requirements. To achieve a specific drug release profile, multiple pharmaceutical grades of VitalDose EVA can be combined in a single device.

GLOBAL ETHYLENE VINYL ACETATE (EVA) MARKET SEGMENT ANALYSIS:

• By application, films are one of the most popular segments.

EVA films are formed when copolymer resin is heated and mixed thoroughly before extruding through a flat die. These films are available in white, transparent, and various colors, with a non-sticky and smooth surface finish. EVA films help enhance the sealability and clarity of olefins, reduce the melting point, and improve low-temperature performance. For instance, Technoflex offers the Biocell range. These bags are created from Evaflex film and are designed strictly with American and European pharmacopeia standards. Since these Biocell bags are made from EVA, they are highly flexible even at temperatures below 0°C.

Usually, EVA films are combined with other materials to obtain the desired properties. These are used in packaging applications, photovoltaic encapsulation, and glass lamination to help improve its impact resistance. Thus, rising demand for EVA films in various applications is expected to boost the EVA film market.

• The growth in the electronics sector is anticipated to propel the EVA market.

The rise of the electrical and electronics sector significantly influences the ethylene vinyl acetate (EVA) market. EVA is used in the industry for heat and sound insulation applications. According to the World Electronics Update 2020, the electronics sector crossed $2.9 trillion, as reported by PIB. In the same year, electronics alone had a global market worth equal to India's gross domestic product, $2.9 trillion.

In addition to this, electronics product import in the United States, as stated by the United States International Trade Commission, surged from US$5,71,453 million in 2021 to a whooping US$6,29,871 million in the year 2022. With this, the demand for EVA in local electronics manufacturing may rise due to utilization in encapsulation and packaging.

• Rising demand for ethylene-vinyl acetate in flexible product packaging.

The ethylene-vinyl acetate is used in the packaging industry for the creation of foam inserts which are used to protect delicate items during transportation. It is an ideal product for protecting the articles from any possible harm due to its soft and shock-absorbing nature.

As the International Trade Administration and the U. S. Department of Commerce reported, India's e-commerce market is expanding greatly. This could result from the growth in acceptance of digital payment solutions and the absolute nature of online platforms in the rural and urban parts of the country. The e-commerce market size was US$ 46.20 billion in 2020, which is expected to increase to US$136.47 billion by 2026. As a result, with the increasing food and e-commerce industries, the market for flexible packaging is likely to accelerate in the coming years. This, in turn, impacts the use of ethylene-vinyl acetate in the industry.

Alongside this, various governments mandate proper packaging of food in the country. For instance, in March 2022, the Food Safety and Standards Authority of India (FSSAI) issued a new and strict standard to govern the use of recycled plastic for food packaging. This step was taken after facing pushback from a group of concerned scientific experts. It is expected to be a positive move toward more efficient management of the country's massive plastic waste. This incentive is expected to promote flexible packaging in the country and further increase the demand for ethylene vinyl acetate in the food industry in the projected period.

• Asia Pacific's ethylene vinyl acetate (EVA) market is anticipated to grow significantly.

Asia Pacific is anticipated to be the leading ethylene vinyl acetate (EVA) market globally, supported by high demand from India and China. This upsurge is also owed to the growth in adhesive and packaging industry applications. As per the Packaging Industry Association of India, the India Packaging Industry is expected to reach US$204.81 billion in 2025. Furthermore, the Chinese packaging industry is expected to register a CAGR of 13.5% by 2025, as stated in Sea Circular.

In addition to this, EVA plays a significant role in the protection of the electronic part. The resins are cascaded to cover delicate portions and guard them from chemicals, water, and dust. Not only does this bring a certain longevity to the operation of the devices, but it also helps keep them more reliable and long-lasting. According to Invest India, the electronics market value of India will stand at US$155 Billion by the end of 2024. These investments have been spurred by 5G networks and IoT's deployment. Programs like" Digital India" and" Smart City" have opened up newer electronics opportunities and helped create a larger market for IoT. With the growth in per capita disposable income and private consumption, the nation has emerged as one of the largest electronics products markets in the world. Alongside this, to pave the way for India's technological leadership in the industry, the Semicon India Program was established with an incentive outlay of US$10 Billion to develop a sustainable semiconductor and display ecosystem in the nation. This material thus serves as a cornerstone and ensures the performance of a wide array of electronic products, which in turn, impacts the market growth.

Global Ethylene vinyl acetate (EVA) Market Key Developments:

• In February 2024, Celanese Corporation, a leading specialty materials and chemical company, announced the launch of iDOSE TR using Celanese's VitalDose EVA. This was launched by Glaukos Corporation and is used to provide sustained drug release for glaucoma treatment.

The global ethylene vinyl acetate (EVA) market is segmented and analyzed as follows:

By Grade

• Low Density
• Medium Density
• High Density

By Application

• Films
• Adhesives
• Foams
• Solar Cell Encapsulation
• Others

By End-User Industry

• Footwear
• Construction
• Electrical and Electronics
• Packaging
• Automotive
• Pharmaceuticals
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Rest of South America
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Middle East and Africa
• Saudi Arabia
• United Arab Emirates
• Rest of the Middle East and Africa
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Rest of Asia-Pacific