The global EVA resins & films market is expected to reach a value of US$ 6.8 Bn by the end of 2031, experiencing a steady growth rate of 6.3% annually. This growth is driven by the versatile nature of EVA resins and films, which offer several advantages, including improved weather resistance, impact resistance, and thermal stability. They also possess high adhesive capacity and flexibility at low temperatures, making them an attractive alternative to traditional materials. The demand for EVA resins and films is being propelled by their widespread use in packaging, construction, and other industries.
These films are employed as base materials for packaging films, solar panels, and shoe bottoms, as well as in adhesives and sealants. Their applications range across various sectors, including solar panels, food packaging, and agriculture, catering to the need for flexibility, low-temperature seals, and excellent clarity.
One key factor driving the market growth is the increasing demand for EVA resins in the production of soles and insoles for various types of footwear. EVA resins are lightweight, cushioning, and shock-absorbing, making them ideal for comfortable and high-performance footwear components. As the demand for comfortable and durable footwear continues to grow, so too will the demand for EVA resins in this sector.
Another major driver of market growth is the increasing use of EVA films in solar photovoltaic modules. These films serve as encapsulants, protecting the modules from moisture, UV radiation, and physical stress. Their role in safeguarding solar cells and other components from damage and environmental degradation is crucial. The International Energy Agency (IEA) reports that in 2022 alone, the manufacturing capacity for solar PV modules reached close to 640 GW. This rapid growth in the solar industry is further fueling the demand for EVA films.
In terms of regional insights, North America dominated the market share in 2022 and is expected to maintain its leading position throughout the forecast period. This dominance is attributed to the robust expansion of the solar energy vertical, advancements in medical and construction applications, and the growing use of electronics. Additionally, the rise in emphasis on sustainability and technological advancements in the region further contribute to the market’s growth.
The Asia Pacific region is projected to experience rapid growth during the forecast period, driven by rapid industrialization, a growing population, and rising disposable incomes in countries like China and India. The Asian Development Bank notes that the manufacturing sector in the region has expanded significantly in recent years, with this trend expected to continue.
Key players in the EVA resins & films market include:
* 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
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. This new technology, known as UNIGILITYTM Tubular High-Pressure PE Process Technology, is expected to further enhance the capabilities and applications of EVA resins in the market.
