EVA Resins & Films Market Size to be Worth USD 6.8 billion by 2031, Growing at CAGR of 6.3% | Exclusive Report by Transparency Market Research, Inc.
Wilmington, Delaware, United States, Transparency Market Research Inc.-, Aug. 21, 2024 (GLOBE NEWSWIRE) -- According to Transparency Market Research (TMR), the global EVA resins & films market (EVA樹脂・フィルム市場) estimated to reach US$ 6.8 Bn by the end of 2031 from US$ 4.6 Bn in 2022 at a stable CAGR of 6.3% during the forecast period.
What’s Cooking in EVA Resins & Films Market?
The goal of EVA resins and films is to improve weather resistance, impact resistance, and thermal stability. They have high adhesive capacity and flexibility at low temperatures.
These films are less expensive and cause lesser harm to the environment than their counterparts and provide versatile solutions for packaging, construction, and other sectors. Therefore they are widely used as base materials for packaging films, solar panels, and shoe bottoms as well as adhesives and sealants.
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EVA resins & films are mainly characterized by low VA content (below 4%) and high VA content (above 4%) on the basis of their thickness and then are employed for various applications such as solar panels, food packaging, and agriculture to cater to various industries, offering flexibility, low-temperature seals, and excellent clarity. It had introduced UNIGILITY Tubular High Pressure PE Process Technology as one of the licensed platforms for manufacturing EVA resins.
Adoption of technological advancements is keeping the cash registers ringing for EVA resins & films industry. Along these lines, Univation Technologies, in June 2024, announced that
EVA Resins & Films Market Key Takeaways
- Increase in Demand for Soles
- Continuous Adoption of EVA Films in Solar Panels
EVA resins are increasingly deployed to produce the soles and insoles for various types of footwear owing to them being lightweight, cushioning, and shock-absorbing properties. Hence with the growing need for high-performance and comfortable footwear components, the demand for EVA resins in the footwear industry is also expected to rise, thereby projected to create significant EVA resins & films market opportunities.
Additionally, EVA films are increasingly employed in solar photovoltaic modules as encapsulates to safeguard them against moisture, UV radiation, and physical stress. These films play an essential role in protecting solar cells and the other components within the module from mechanical damage, moisture, and environmental degradation.
As per the International Energy Agency, (IEA), the year 2022 alone witnessed manufacturing capacity of solar PV reaching close to 640 GW for modules and 450 GW for polysilicon. Some of the largest solar module-producing companies include Longi Green Energy Technology, JinkoSolar, and Trina Solar.
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EVA Resins & Films Market (سوق راتنجات وأفلام إيفا) Regional Insights
- North America dominated the market share in 2022
- Asia Pacific estimated to record rapid growth during the forecast period
North America accounted for the largest market value in 2022. The region is likely to maintain its dominant position during the forecast period.
Robust expansion of the solar energy vertical, expansion of packaging and automotive sectors, advancements in medical and construction applications, innovations in the footwear industry, and the increasing use of electronics are responsible for accelerating the EVA resins & films landscape.
Additionally, rise in emphasis on sustainability, technological advancements, and economic growth further contributes to the market's robust expansion.
Moreover, Asia Pacific region is expected to drive the EVA Resins & Films market share owing to rapid industrialization, growing population, and rising disposable incomes in countries like China and India. As per the Asian Development Bank, the manufacturing sector has expanded two fold in the last few years and the scenario is expected to persist in the near future.
Key Players in EVA Resins & Films Market
Arkema S.A., The Dow Chemical Company, International Polymers Company (IPC), Exxon Mobil Corporation, LyondellBasell Industries Holdings B.V, Oryza Oil & Fat Chemical Co., Ltd., Braskem, LG Chem Ltd., Celanese Corporation, Hanwha Solutions, Folienwerk Wolfen GmbH, SANVIC INC. (KANEKA CORPORATION), LOTTE ALUMINIUM, 3M and others are some of the leading players covering the EVA resins & films market report.
- In June 2024, Univation Technologies, LLC announced the launch of its latest licensed technology platform – a tubular high-pressure PE process enabling the production of both low-density polyethylene (LDPE) and ethylene-vinyl acetate (EVA) copolymer resins that are offered under the brand name UNIGILITY™ Tubular High-Pressure PE Process Technology.
EVA Resins & Films Market Segmentation
- Type
- Vinyl acetate-modified polyethylene (low VA density)
- Thermoplastic ethylene vinyl acetate (medium VA density)
- Ethylene vinyl acetate rubber (high VA density)
- Application
- Packaging
- Solar panels encapsulation
- Laminated glass
- Adhesives (Hot melt adhesives)
- Sports Equipment
- Others
- End-use
- Consumer and Packaging
- Renewable Energy
- Food and Beverages
- Sports
- Others
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