The huge economic progress of countries across Asia is the primary driver for the continued growth of the global Ethylene Vinyl Acetate (EVA) market, states a report from business intelligence providers GBI Research.
The new report, “Ethylene Vinyl Acetate (EVA) Global Market to 2017- Growth in the Asia-Pacific and North American Solar Panel Sectors to Drive Demand”, says the continent’s impressive manufacturing industry will be largely responsible for a predicted worldwide EVA demand increase, from 2011’s total of 2.2 million tons to 2.9 million 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%).
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.
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%, notes GBI Research.