By 2030, the ethylene vinyl acetate market is set to hit $13,149.7 million from $7,060.8 million in 2019, advancing at a 7.2% CAGR between 2021 and 2030. During covid-19 epidemic has reduced the growth of the food service industry by around 30%, resulting in a $925 billion loss. However, other parts of the business expanded at previously unheard-of rates, including online meal delivery, which climbed saw a 30% rise in 2020 from the 20% growth registered in 2019.
Ethylene vinyl acetate foam has a fine, homogenous cell structure that makes it processable in the same way that other thermoplastics are. It keeps its pliability and resilience and rebounds rapidly from compressions. Ethylene vinyl acetate foam is incredibly versatile, having a plethora of usages that most of us take for granted. Such foam is used in a variety of applications, including packaging, construction and building, marine, electronics, healthcare, sports, footwear, and leisure.
Foam holds biggest share in the market and it is expected to maintain its share. This is mostly due to the expansion of end-use sectors in rising economies such as Thailand, China, and India, including electronics, furniture, construction, and automotive. Based on the distribution channel, direct/institutional sales are likely to leads the ethylene vinyl acetate market throughout the projection period. This may be attributed to desire of customers to enhance their appearance and health, as well as distributors’ highly personalized client experience.
When segmented by end use, renewable energy is predicted to develop at the highest rate in the ethylene vinyl acetate market. This is owing to a growing transition away from conventional sources and toward renewable energy, as well as technological developments. Similarly, the above-28% VA category will likely grow rapidly throughout the forecast period. The significant surge in demand for solar panels will be the primary reason for this.
Hence, due to the increasing solar photovoltaic installation snowballing the demand for ethylene vinyl acetate.