Ethylene Vinyl Acetate Asia The Driving for Behind Growth in Ethylene Vinyl Acetate
Ethylene vinyl acetate (EVA) grows at solid rates of around 4.4 percent – with the main driver behind this development being the huge economic progress of countries across Asia, states a new report from GBI Research...
The new report says the impressive manufacturing industry in Asia will be largely responsible for a predicted worldwide ethylene vinyl acetate demand increase – from 2011’s total of 2,286,193 tons to 2,966,078 tons in 2017, climbing at a Compound Annual Growth Rate (CAGR) of 4.4%.
According to GBI Research, Asia was accountable for 49% of the global EVA demand in 2011, with the market driven primarily by China (with a 62% share of the continent’s total), followed by Japan (16%) and South Korea (8%).
Solar Industry Drives Demand for Vinyl Acetate
Although extensively used in the foams and films manufacturing industry, EVA can also be used in the construction of solar voltaic panels as an encapsulating material. The growing solar power industry is therefore predicted to play an important role in the future production of the co-polymer, particularly in China – a major producer of solar power equipment.
The number one global use for EVA in 2011 was for the production of foams and shoes, making up 46% of the market. Films, used in packaging, agriculture and other areas, accounted for 30%, while photovoltaic panel production held a 9% portion.
Foams and Shoes – Major Customers for EVA in Asia
However, in Asia, due in no small part to huge manufacturing bases in China and India, the foam and shoe manufacturing industries were responsible for 62% of demand, with the production of adhesives in second place with 12%.