ASEAN Ethylene Vinyl Acetate Resins Market worth USD 8,532.6 million by 2030

The Market Statsville Group (MSG) publishes the new report on the "ASEAN Ethylene Vinyl Acetate Resins Market by Type (Polypropylene (PP) Vinyl Acetate-modified Polyethylene, Polyethylene (PE) Thermoplastic Ethylene Vinyl Acetate, and Ethylene Vinyl Acetate Rubber), by Application (Film, Foam, Hot Melt Adhesives, Wire & Cable, Extrusion Coating, Solar Cell Encapsulation, and Others), by End-Users (Automotive, Packaging & Paper, Paints, Coatings, & Adhesives, Electronics & Electrical, Pharmaceutical, Footwear, Photovoltaic Panels, and Others), by Country – ASEAN Share and Forecast to 2030".

The ASEAN ethylene-vinyl acetate resins market size is expected to grow from USD 5,078.9 million in 2021 to USD 8,532.6 million by 2030, at a CAGR of 6.7% during the forecast period. The ASEAN ethylene vinyl acetate resins market is growing significantly due to factors such as the development of the packaging industry, an increase in the economy, a surge in disposable income of consumers, an increase in investment in the renewable energy sector, and the upsurge in demand for EVA resin from the footwear and defense industries. However, the advent of inexpensive substitutes and problems associated with usage of EVA resin in photovoltaic packaging as it decomposes on exposure to UV rays and atmospheric water are the factors expected to hamper the market's growth. On the contrary, the introduction of bio-based ethylene-vinyl acetate materials is anticipated to offer future growth opportunities to the market.

Global ASEAN Ethylene Vinyl Acetate Resins Market Segmentation

The overall ASEAN ethylene-vinyl acetate resins market has been segmented into type, application, end-users, and country.

• By Type (Polypropylene (PP) Vinyl Acetate-modified Polyethylene, Polyethylene (PE) Thermoplastic Ethylene Vinyl Acetate, and Ethylene Vinyl Acetate Rubber)
• By Application (Film, Foam, Hot Melt Adhesives, Wire & Cable, Extrusion Coating, Solar Cell Encapsulation, and Others)
• By End-Users (Automotive, Packaging & Paper, Paints, Coatings, & Adhesives, Electronics & Electrical, Pharmaceutical, Footwear, Photovoltaic Panels, and Others)
• By Country (Vietnam, Malaysia, Indonesia, Thailand, Singapore, and the Rest of ASEAN)

Foam, by application, is estimated to hold the largest market share during the forecast period

Based on application, the ASEAN ethylene-vinyl acetate resins market is segmented into film, foam, hot melt adhesives, wire & cable, extrusion coating, solar cell encapsulation, and others. The foam segment generated the highest revenue of 56.5% of the total ASEAN ethylene-vinyl acetate resins market in 2021, and it is expected to register a significant CAGR from 2022 to 2030. EVA foams are used as a substitute for various materials including vinyl, neoprene, natural rubber, polyurethane and PVC foams, wood composites, felts, fiberglass, and mineral wool. It possesses high clarity and UV-resistant properties, which makes it suitable for book binding and coated papers. In addition, EVA foams are used in electronics, healthcare, packaging, and automotive industries.

Commercially used EVA foam has a uniform cellular structure like other thermoplastics. The rise in demand for EVA foam in automotive and electronics due to its high flexibility and high resilience will drive the market growth. In addition, advanced properties such as vibrations and impact absorptions and low production costs make it superior to conventional vinyl and natural rubber products. EVA is also used in biomedical applications for drug delivery inside a human body. Furthermore, the growing application of EVA foam in sports equipment padding due to its high flexibility and robustness drives the market growth.

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China had the largest market share in the ASEAN ethylene-vinyl acetate resins market

By country, the ASEAN ethylene-vinyl acetate resins market has been segmented across China, India, Vietnam, Malaysia, Indonesia, Thailand, Singapore, and Rest of ASEAN. In 2021, China accounted for the highest market share of 53.8% in the ASEAN ethylene-vinyl acetate resins market and was anticipated to maintain its dominance throughout the forecast period. China is one of the major producers of EVA and also accounts for more than 35% of the total demand of EVA. The rising demand of EVA in the manufacturing foam for the footwear, sport related products, automobile bumpers, films and flexible packaging, helmets, and others.

Furthermore, the rise in demand for clean energy through solar energy will increase the demand for EVA due to increased awareness regarding the usage of EVA in solar power generation and the agriculture industry. The national plan to subsidize 434 PV power projects with a total installed capacity of 26 gigawatts across 15 regions will boost this market during the forecast period.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the ASEAN ethylene-vinyl acetate resins market. It also consists of the profiles of leading companies such as Adtek Consolidated Sdn. BHD, Arkema S.A., Braskem, Celanese Corporation, China Petrochemical Corporation, Dairen Chemical Corporation, Dow Inc., Eastman Chemical Company, Entec Polymers, ExxonMobil Corporation, Formosa Plastics Corporation, Hanwha Chemical Corporation, Innospec Inc., LG Chem, Lotte Chemical Corporation, Lyondellbasell Industries Holding B.V., Sipchem, Thai Asia Polymer Co., Ltd., The Polyolefin Company (Singapore) Pte Ltd., Total SA, and TPI Polene Public Company Limited. These market players have focused on acquisitions and expansion to gain a larger market share in the ASEAN ethylene-vinyl acetate resins market.

Browse complete report: https://www.marketstatsville.com/asean-ethylene-vinyl-acetate-resins-market

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