ExxonMobil Corporation (US) and Dow Inc. (US) are the Leading Players in the Ethylene Vinyl Acetate Market
The EVA market size is estimated to be USD 9.7 Billion in 2021 and is projected to reach USD 13.6 Billion by 2026, at a CAGR of 6.8%. EVA is the copolymer of ethylene and vinyl acetate. It is an elastic material with the presence of about 10% – 40% of vinyl acetate content. It is also known as polyethylene vinyl acetate (PEVA), with high flexibility and softness. EVA also possesses good clarity and gloss, low-temperature toughness, stress-crack resistance, high friction coefficient, hot-melt adhesive waterproof properties, and resistance to UV radiations. These copolymers are used in various end-use industries such as footwear & foams, packaging, agriculture, photovoltaic encapsulation, and others end-use industries.
EVA is a versatile, recyclable, sustainable, and durable material, owing to which it is gaining traction across several industrial applications. Due to its superior properties and the changing government policies such as European Green Deals, the global market for EVA is expected to grow.
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The demand for EVA is mainly catered to by global players manufacturing these coatings for various end-use industries Leading players operating in the EVA market include ExxonMobil Corporation (US), Dow Inc. (US), LG Chemical (South Korea), SIPCHEM (Saudi Arabia), LyondellBasell Industries N.V. (US), Celanese Corporation (US), Clariant AG (Switzerland), Formosa Plastics Corporation (Taiwan), China National Petroleum Corporation (China), Hanwha Total Petrochemical LanXess AG (South Korea Germany), Sumitomo Chemical Co., Ltd. Repsol SA (Spain), and Braskem SA (Brazil), and others. The EVA market has been witnessing key growth strategies, such as expansion, partnerships, and acquisitions.
Owing to the COVID-19 pandemic, there has been a mixed impact on the EVA market on the globe. Various industries such as footwear and building & construction, have witnessed a significant slump.
Most European and North American countries, especially Italy, Spain, the UK, France, the US, and Germany, are severely impacted by the COVID-19 pandemic. The suspension of manufacturing operations in several industrial sectors has resulted in a slump in overall specialty EVA market. Moreover, owing to the COVID-19 pandemic, the demand from the manufacturing sector had slumped sharply in the H-1 2020. This impact was further intensified by increasing the supply-demand gap in the supply chain and led to a sharp spike in raw material prices. However, during the pandemic period, the growing demand from the footwears supports to offset the marginal decline in demand caused due to the slowdown in the manufacturing sector across the globe.
LANXESS SS has reached a deal with American Securities LLC, a private equity firm based in the United States, to acquire 100% of the shares of Emerald Kalama Chemical. Emerald Kalama Chemical The American firm is one of the worlds largest producers of specialty chemical specialty chemicals producers, particularly for the consumer products industry.
Lyondellbasell Industries N. V acquired TIVACO, a Blandain, Belgium-based plastics recycling firm based in Blandain, Belgium, was acquired by the corporation. QCP, LyondellBasells current 50/50 plastics recycling joint venture with SUEZ, now includes the firm. QCP will boost its recycled material manufacturing capacity to around 55,000 tons per year because of this deal. Other companies have initiated the following developments:
- In 2020, Tosoh Corporation The company launched the full-scale operation of its new main research building located in Shuan city, China.
- In Feb 2020, Dow Inc. The company had announced the expansion of Canada based ethylene production facility by 130 kilotons.
- In 2020, Ineos Group acquired 100% shares in its joint venture "Gemini HDPE" with Sasol Chemicals. The company produces high high-density polyethylene in LA Porte, Texas.
Related Reports:
Ethylene Vinyl Acetate Market by Type (Very low-density, Low-density, Medium-density, and High-density EVA), End-use Industry (Photovoltaic Panels, Footwear & Foams, Packaging, Agriculture), Application, and Region - Global Forecast to 2026
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