October 06, 2022 06:00 ET | Source: SPHERICAL INSIGHTS LLP SPHERICAL INSIGHTS LLP
New York, USA, Oct. 06, 2022 (GLOBE NEWSWIRE) -- The Global Ethylene-Vinyl Alcohol Copolymer Market Size is expected to grow from USD 840 million in 2021 to USD 1348.48 million by 2030, at a CAGR of 5.4% during the forecast period 2021-2030. as per the latest research report by Spherical Insights & Consulting.
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Polymerization and saponification are combined in a two-step procedure to create ethylene-vinyl alcohol copolymers. An initiator and activator mixture is used to help polymerize ethylene and vinyl acetate. The ethylene-vinyl acetate copolymer is saponified to produce EVOH. Excellent permeability, exceptional gas barrier resistance, antistatic, brilliance and clarity, as well as resistance to oil and organic solvents, are only a few of their impressive properties. Due to these qualities, EVOH can be used in a range of end uses, including as the food and beverage, cosmetics, pharmaceutical, automotive, and construction industries. The industry's expansion has been further spurred by the expanding use of EVOH in packaging films. Furthermore, it is anticipated that the market for ethylene-vinyl alcohol copolymers will expand in response to the growing demand for packaging films in the food and beverage, pharmaceutical, and cosmetics sectors. The market for ethylene-vinyl alcohol copolymers is anticipated to expand significantly over the course of the forecast period because of the industry's growing use of these materials for product packaging. Due to its high oxygen barrier qualities, which make it ideal for packaging perishable goods, EVOH is experiencing an increase in demand. Additionally, there will be new opportunities for the industry to prosper due to the growing construction sector, which is centred in developing nations like those in the Middle East and the Asia-Pacific region. Increased focus on infrastructure development is supporting the expansion of the construction industry in various locations. Road and commercial real estate construction trends are what are essentially fueling the industry's growth. The demand for high-rise buildings has soared in the Middle East region, raising market estimates due to growing economic activity, population growth, and a scarcity of suitable land. The COVID-19 pandemic has impeded the growth of the ethylene-vinyl alcohol copolymer market globally. The primary culprit is the scarcity of essential components like ethylene and vinyl acetate. Petroleum or natural gas are the primary sources of ethylene production. Due to governments' implementation of social and travel restrictions and supply reduction in major global petrochemical manufacturing centers, the petrochemical industry has been severely impacted. The packaging industry's sharp increase in demand for ethylene-vinyl alcohol copolymers has pushed the industry landscape even further.
Browse key industry insights spread across 198 pages with 137 market data tables and figures & charts from the report “Global Ethylene-vinyl Alcohol Copolymer Market Size, Share, and COVID-19 Impact Analysis, By Grade (Standard Grade and Specialty Grade), By Application (Packaging, Pipes & Tubes, Films & Sheets, and Fuel Tanks & Containers), By End-users (Food & Beverages, Agricultural, Cosmetics, Pharmaceuticals, Construction, and Automotive), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030” in detail along with the table of contents
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This research report categorizes the market for Ethylene-vinyl Alcohol Copolymer based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Ethylene-vinyl Alcohol Copolymer market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Ethylene-vinyl Alcohol Copolymer market.
Based on application, the ethylene-vinyl alcohol copolymer market is categorized into packaging, pipes & tubes, films & sheets, and fuel tanks & containers. In 2021, the packaging segment dominated the market with the largest market share of 31% and market revenue of 260.4 million. The expanding popularity of products in the packaging applications of several sectors, including food and beverage, cosmetics, and pharmaceuticals, is one of the key aspects influencing the outlook for the ethylene-vinyl alcohol copolymer market. Due to consumers' rising preference for eco-friendly packaging, EVOH has become more and more popular. In barrier packaging, these are additionally used to soothe customer concerns about food waste and to prevent infections brought on by tainted food. Due to the global rise in packaged food product demand, EVOH is becoming more frequently used in packaging applications.
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Among all regions, North America emerged as the largest market for the global Ethylene-vinyl Alcohol Copolymer market, with a market share of around 32.4% and 272.16 million of the market revenue in 2021. Market share will grow in North America as consumers choose environmentally friendly packaging. The growing automotive industry in the region, especially in the U.S., is another factor driving product demand because it is proving suitable for automotive applications. These are also employed in the building sector to reduce radon exposure. The increase in construction activity in the region, which is expected to be strong in the future, is another factor influencing the size of the North American market.
The Asia-Pacific market is expected to grow at the fastest CAGR between 2021 and 2030. In Asia, there is a rising need for ethylene-vinyl alcohol copolymer films, which is also anticipated to increase in the future. Another reason boosting the growth of the ethylene-vinyl alcohol (EVOH) market in the Asia Pacific is the existence of nations that produce automobiles, such as Japan, China, and South Korea, which creates a demand for ethylene-vinyl alcohol copolymers in fuel tanks and liners.
Key Companies & Recent Developments
The report offers the appropriate analysis of the key organizations/companies involved within the Global Ethylene-vinyl Alcohol Copolymer market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. Companies Covered: Schur Flexibles Holding GesmbH, Coveris, Mitsubishi Chemical Holdings Corporation, KURARAY CO., LTD.KUREHA CORPORATION, Arkema, Chang Chun Group, ProAmpac, MULTIFLEX FOLIEN GMBH & CO. KG, Vishakha Polyfab Pvt Ltd, International Plastic Engineering Co., Ltd, Verpackungen GmbH, Plastissimo Film Co., Ltd, Zhongsu New Materials Technology
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