According to the report published by Extrapolate Pvt. Ltd., the global EVA Resins & Films market size is expected to grow from USD 4.3 billion in 2021 to USD 7.4 billion by 2030, registering a CAGR of 5.3%. Increasing utilization of EVA resins and films in multiple applications is anticipated to boost market growth during the forecast period.
The production process of EVA films involves the usage of copolymers of ethylene vinyl acetate (EVA) and other additives. Several industries are adopting the utilization of EVA films in their applications including automotive, packaging and paper, chemical, and footwear industries along with others.
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Increasing Usage of EVA Films in Solar Cell Encapsulation and Glass Lamination Applications to Propel Market Growth
Based on the applications of EVA films the market is segmented into solar cell encapsulation, glass lamination, cosmetics, agriculture, and others. However, solar cell encapsulation and glass lamination applications are expected to dominate the EVA resins & films market during the forecast period.
EVA encapsulation has become very popular due to its wide range of applications in solar cells. As a whole, around 80% of photovoltaic (PV) modules are encapsulated by EVA materials. EVA comes with several benefits such as low processing temperature, good light transmittance and elasticity, adhesive property, and excellent melt fluidity. On the other hand, the glass lamination segment is anticipated to grow at a rapid pace during the forecast period owing to its suitability for the production of sound insulation glass, laminated safety glass, and fire-protection glass.
Advancements in EVA Laminated Glass to Create Value-grab Opportunities in Solar Sector
The continuously growing advancements in the construction industry create value-grab opportunities for participants in the EVA resins & films market. This is the primary reason for the stable demand for EVA laminated glass films in the construction industry. Besides that, EVA films are being increasingly used in photovoltaic solar modules as sealants to construct solar panels.
The use of laminating films to capture and keep solar cells vacuumed under the panel. Except for the agriculture and cosmetics sectors, EVA resins & films are being used increasingly and have become common to use for several applications in the solar industry due to their ability to boost the performance levels of solar panels.
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Key Players Mentioned in the Report:
- 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
- Dr. Dietrich Mueller UK Limited
- Lucent CleanEnergy
- SKC
- Changzhou Bbetter Film Technologies Co., Ltd.
- Zhejiang Sinopont Technology Co., Ltd.
- Mitsui Chemicals Tohcello, Inc.
- Interlayer Solutions Inc.
- Others
North America to Dominate the Market as Adoption of Green energy and Renewable Sources Increases
The global EVA resins & films market is distributed into Asia-Pacific, North America, Latin America, Europe, Middle East, and Africa, based on the regional aspect. North America is anticipated to grow significantly during the forecast period due to the presence of market leaders and the growing adoption of renewable sources and green energy.
Several industries such as automotive, footwear, packaging and paper, pharmaceutical, and solar panels in the Asia-Pacific are expected to boost the market size during the projection period, which ultimately increases the product demand in the region. However, Europe is anticipated to drive market growth during the forecast period due to increased demand for the product in foam and solar cell encapsulation applications in the region, mainly in Germany.
Several Companies Leading the Market to Invest More in R&D Activities
Prominent companies in the EVA resins & films market are aiming to invest in advanced extrusion lines to deliver high-quality products to their consumers. Additionally, companies in the market are engaging more in their research and development activities to better understand the dynamics of quality control in products as per clients’ specific requirements.
Some of the prominent market leaders participating 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, Dr. Dietrich Mueller UK Limited, Lucent CleanEnergy, SKC, Changzhou Bbetter Film Technologies Co., Ltd., Zhejiang Sinopont Technology Co., Ltd., Mitsui Chemicals Tohcello, Inc., Interlayer Solutions Inc.
About Extrapolate
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