Global Ethylene Vinyl Acetate (EVA) Resins & Films Market to Grow with a CAGR of 5.9% during 2022-2031 and Touch a Revenue of USD 12127.4 Million by 2031; Increasing Demand for Solar PV Panels and Footwear to Drive the Market Growth

New York, May 13, 2022 (GLOBE NEWSWIRE) — In the year 2020, according to the statistics by the International Energy Agency (IEA), the use of renewable energy worldwide increased by 3%. Moreover, the statistics also stated that during the same year, the share of renewables in global electricity generation jumped to 29%, up from 27% in the year 2019. Furthermore, in the year 2021, renewable electricity generation was expected to expand by more than 8% to reach 8300TWh. Besides this, the statistics also stated that in the year 2020, solar PV generation increased by 23% (156 TWh) and reached 821 TWh.

Kenneth Research has recently released a report on “Global Ethylene Vinyl Acetate (EVA) Resins & Films Market” which is studied for the forecast period, i.e., 2022-2031. The market research report is studied by utilizing different analytical tools, such as Porter’s five forces analysis, SWOT analysis, and others, and also includes a detailed review of the key players operating in the market along with their product portfolio analysis.

The demand for solar energy has undoubtedly increased over the past few years, backed by the shift towards renewable energy from conventional energy sources. In the other statistics by the IEA, solar PV generation in the Net Zero Scenario, by the end of 2030, is expected to touch 6970.0 TWh, up from 821.0 TWh in the year 2020. With an almost fivefold increase expected in the annual deployment of solar energy until 2030, the demand for solar panels is expected to multiply massively in the coming years. According to the statistics by the International Renewable Energy Agency (IRENA), the total installed capacity of solar globally touched 843086 MW in the year 2021, up from 72216 MW in the year 2011. The surge in need for solar PV panels is therefore expected to drive the demand for ethylene vinyl acetate (EVA) resins & films, and in turn, contribute to the growth of the market in the coming years. EVA films are used as a key encapsulation material for conventional solar panel lamination, backed by their properties of low degradability to sunlight and good radiation transmission. The global ethylene vinyl acetate (EVA) resins & films market generated a revenue of USD 6863.6 Million in the year 2021 and is estimated to garner a revenue of USD 12127.4 Million by the end of 2031, by growing with a CAGR of 5.9% during the forecast period.

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On the other hand, with the growing population worldwide, which according to the World Bank touched 7.76 Billion by the end of 2020, up from 6.92 Billion in the year 2010, the demand for footwear is also increasing significantly. As a result, there is a raising need for different footwear materials and components among the footwear manufacturers. EVA resins are used to manufacture the sole of different types of footwear, and hence, with the growing demand for footwear components, the need for EVA in the footwear industry is also projected to increase, which in turn, is anticipated to drive the growth of the market in the coming years. According to the statistics by the International Trade Center (ITC), the value of exports of footwear with outer soles of rubber or plastics and uppers of textile materials touched USD 25795627 Thousand in the year 2019, up from a revenue of USD 8661181 Thousand in the year 2010. Furthermore, the growth of the market can also be attributed to the rising imports of copolymers of ethylene-vinyl acetate in its primary forms, which according to the ITC, touched USD 4636841 Thousand in the year 2019, up from USD 3283847 Thousand in the year 2010.

The global ethylene vinyl acetate (EVA) resins & films market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Amongst the market in these regions, the market in the Asia Pacific generated the largest revenue of USD 4051.9 Million in the year 2021 and is further expected to touch USD 7437.1 Million by the end of 2031. The presence of several manufacturers of footwear products across countries in the region, followed by the growing deployment of solar energy are some of the major factors anticipated to drive the growth of the market in the region. For instance, the cumulative annual PV installations in China by the end of 2025 is expected to cross 370 GWdc. On the other hand, according to the statistics by the Ministry of New and Renewable Energy of the Government of India, the total stand alone power plants in India touched 216407.67 kW as of 31^st March 2021, up from 150001.44 kW as of 31^st March 2016. Furthermore, according to the statistics by the IEA, net solar PV additions in China, Japan, and India, in the year 2020, touched 48.2 GW, 3.9 GW, and 8.7 GW respectively. Besides this, the region is also expected to witness significant growth in solar PV manufacturing, which is also expected to create numerous opportunities for market growth in the coming years in the region. For instance, in the other statistics by the IEA, the share of China in global solar PV manufacturing grew from 0.11% in the year 2006 to 0.50% in the year 2017.

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The ethylene vinyl acetate (EVA) resins & films market in the Asia Pacific region is further segmented on the basis of the country into China, Japan, India, South Korea, ASEAN, and the Rest of Asia Pacific. Amongst the market in these countries, the market in China generated the largest revenue of USD 2523.0 Million in the year 2021 and is further expected to touch USD 4547.8 Million by the end of 2031. Additionally, the market in India is expected to grow with the highest CAGR of 7.0% during the forecast period.

On the other hand, the market in Europe generated a revenue of USD 905.5 Million in the year 2021 and is further expected to garner the second-largest revenue of USD 1586.3 Million by the end of 2031. The market is further segmented by country into Germany, France, United Kingdom, Italy, Russia & CIS, and the Rest of Europe. Amongst the market in these countries, the market in Germany is projected to garner the second-largest revenue of USD 369.4 Million by the end of 2031, up from a revenue of USD 209.5 Million in the year 2021. Additionally, the market in Italy is projected to grow with the highest CAGR of 6.7% during the forecast period.

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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).

The global ethylene vinyl acetate (EVA) resins & films market is segmented on the basis of application into food & beverage packing, hot melt adhesives, wires & cables, foams, inks, bitumen additives & asphalt modifiers, pharmaceutical, EVA film, and others. Amongst these segments, the EVA film segment generated the largest revenue of USD 3006.5 Million in the year 2021 and is further expected to touch USD 5387.1 Million by the end of 2031. The segment is further divided into solar cell encapsulation and glass lamination, out of which, the solar cell encapsulation segment is projected to garner the largest revenue by the end of 2031 and also grow with the highest CAGR of 6.3% during the forecast period. In the Asia Pacific, the EVA film segment is expected to garner the largest revenue of USD 3336.9 Million by the end of 2031, up from a revenue of USD 1793.3 Million in the year 2021. Further, in Europe, the segment generated the largest revenue of USD 391.8 Million in the year 2021 and is further projected to reach USD 695.0 Million by the end of 2031.

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Some of the prominent industry leaders in the global ethylene vinyl acetate (EVA) resins & films market that are included in our report are Arkema, International Polymers Corporation (IPC), Exxon Mobil Corporation, LyondellBasell Industries Holdings B.V., Braskem, LG Chem, Celanese Corporation, Hanwha Solutions Chemical Division Corporation, Folienwerk Wolfen GmbH, SANVIC Inc. (KANEKA CORPORATION), LOTTE Chemical Corporation, Dr. Dietrich Mueller GmbH, Lucent CleanEnergy, SK geo centric Co., Ltd., Changzhou Betterial Film Technologies Co., Ltd., Zhejiang Sinopont Technology Co., Ltd., JIN HEUNG INDUSTRIAL CO., LTD., INTERLAYER SOLUTIONS, Mitsui Chemicals, Inc., Japan Coating Resin co., ltd., The Dow Chemical Company, 3M, and others.

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