The global ethylene vinyl acetate market features a moderately consolidated landscape, notes Transparency Market Research (TMR). Presence of profuse lucrative avenues in the global ethylene vinyl acetate market is a key factor that has been attracting new entrants in recent years. Despite the constant flux of new companies, well-entrenched players leverage the advantage of steady procurement of raw materials to retain their stronghold in the global ethylene vinyl acetate market, observes TMR. Additionally, top players tend to benefit from consolidating their supply chains. Several of these players are actively looking for substantial streams of revenues in the end-use applications of agricultural coatings, dispersions, and construction and building materials. A growing number of players in the global ethylene vinyl acetate market find it increasingly lucrative to shift their attention to bio-based copolymers, with an aim to garner competitive gains.
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Some of the players with sizeable shares in the global ethylene vinyl acetate market are Sumitomo Chemical, ExxonMobil, LyondellBasell Industries Holdings, Celanese, and DuPont.
The global ethylene vinyl acetate market is projected to touch valuation of US$11.41 Bn by the end of 2023 and will clock a CAGR of 5.1% during 2015–2023.
Among the various applications where ethylene vinyl acetate are used, photovoltaic (PV) cells are expected to be the most attractive segment in the global market in the next few years. The application has been receiving a massive boost from the rising application of the copolymer in PV cells used for generating solar energy.
Regionally, Asia Pacific held the major share of over 35.0% in the global ethylene vinyl acetate market in 2014. Moving ahead, the regional market is expected to expand at the most lucrative pace. The growth is likely to be driven by the extensive demand for ethylene vinyl acetate in the food and beverages and personal care industries for packaging applications.
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Profuse Demand for Copolymer in Flexible Packaging Applications continually bolsters Growth
The growth of the global ethylene vinyl acetate market is increasingly underpinned by the rising demand for the copolymer in flexible packaging applications in several end-use industries, world over. Amazing toughness, stress-crack resistance, and high tensile elongation are few of characteristics that make the copolymer the matter of choice for these applications. Ethylene vinyl acetate copolymers have, hence, emerged as cost-effective and high-performing packaging material in various industries. Furthermore, there is a profuse demand for the copolymer in making photovoltaic encapsulants and sheets.
Rising Use in Solar PV Cells Encapsulation contributes Generous Revenues
The ethylene vinyl acetate market is also propelled by the rising demand for the copolymer as sealants for wire and cable insulation in the electrical and electronics industries. It is considered a better performing substitute for plasticized PVC owing to its properties of low-temperature sealability and better durability. However, the advent of inexpensive substitutes and technical concerns in photovoltaic encapsulation have to some extent hampered the revenues of the global ethylene vinyl acetate market.
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Nevertheless, giants strides made in solar energy generation projects have offered generous boost to revenues of the global ethylene vinyl acetate market over the past few years. Industry efforts to develop new potential use of the polymer is expected to create new streams of revenue for manufacturers in the ethylene vinyl acetate market.