The market is segmented by Application (Polyvinyl Acetate, Polyvinyl Alcohol, Ethylene Vinyl Acetate, and Other Applications), by End-user Industry (Solar, Automotive, Building and Construction, Packaging, Textile, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America and Middle-East and Africa).
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The market for vinyl acetate is anticipated to register a CAGR of more than 4% during the forecast period. The increasing use of vinyl acetate products in the solar power-generation industry is also likely to stimulate the market growth.
Increased use of adhesives in food packaging and growing use in solar power generation are augmenting the growth of the market.
Stringent health and environmental regulations and fluctuating prices of raw materials are likely to hinder the market’s growth.
Use of EVA for 3D Printed Medical Drug Delivery Devices is projected to act as an opportunity for the market in future.
Scope of the Report
The vinyl acetate market report includes:
Ethylene Vinyl Acetate (EVA)
Building and Construction
Other End-user Industries
Rest of Asia-Pacific
Rest of Europe
Rest of South America
Middle-East and Africa
Rest of Middle-East and Africa
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Key Market Trends
Increasing Demand from the Solar End-user Industry
Ethylene vinyl acetate (EVA) is used for the encapsulation of photovoltaic (PV) modules in the majority of solar cells, due to the advantages, such as good light transmittance and elasticity, excellent melt fluidity, low processing temperature, and adhesive property.
The use of solar cells has constantly been increasing worldwide. With increasing government support, the new installation capacity of solar photovoltaic cells is increasing rapidly around the world from the past decade.
Solar power industry is one of the fastest growing industries in the world. According to International Energy Agency (IEA), this industry accounts for almost two-thirds of net power capacity worldwide. The value of solar power was estimated USD 86 billion in year 2015 and is projected to reach USD 422 billion by year 2022.
The United States is the second-largest PV market after China. According to Solar Energy Industries Association (SEIA), the solar industry generated USD 17 billion investment in the American economy.
India’s annual Solar PV additions have been doubled, with 9.6GW coming online, due to government’s policy to increase the share of solar power in the country’s energy mix and also due to falling down equipment prices globally.
Whereas, in Japan solar PV capacity growth slowed down by 12% to 7GW and in European Union, annual PV additions remain stable at below 6GW.
Therefore, the aforementioned factors are expected to increase the usage of solar energy, in turn, increasing the demand for vinyl acetate during the forecast period.
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Asia-Pacific to Dominate the Market
Asia-Pacific region to witness the robust growth in the vinyl acetate market, owing to the increasing expenditure on construction and automotive industry in countries like China.
China stands as the largest producer in the automotive and paints & coatings industry. Additionally, it is the largest consumer and producer of adhesives and sealants worldwide.
As vinyl acetate is widely used in the production of paints and coatings, adhesives, and packaging materials. With China being a major player in these markets, the demand for vinyl acetate is expected to grow during the forecast period.
The Chinese government has increased public spending on transportation infrastructure. China’s transport ministry and National Development and Reform Commission (NDRC) planned to invest USD 724 billion, for constructing 303 key transportation projects, which include railways, highways, waterways, airports, and urban rail. Such investments are expected to increase construction activities in the country, further creating demand for vinyl acetate-based products.
Moreover, automotive production in China is also expected to increase during the forecast period, due to increasing demand for SUV’s, lightweight and fuel-efficient vehicles, and popularity of electric vehicles.
Additionally, China is majorly focusing on increasing the production and sale of electric vehicles in the country. For this purpose, the country has planned to increase the production of electric vehicles (EVs) to 2 million a year, by 2020, and 7 million a year by 2025. The target, if achieved, is likely to increase the share of electric vehicles to 20%, of total new car production for China, by 2025.
Therefore, as vinyl acetate finds varied applications in such end-user industries, in the form of coatings, adhesives, primers, etc., the demand for vinyl acetate is projected to increase in the country during the forecast period.
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The vinyl acetate market is a consolidated market among the top players, with the top five accounting for a major chunk of the market. Key players in the vinyl acetate market include Celanese Corporation, China Petrochemical Corporation (Sinopec), Exxon Mobil Corporation, Kuraray Co. Ltd, LyondellBasell Industries Holdings BV, and Sipchem, among others.