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Global EVA Adhesives Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
The Global EVA Adhesives Market is projected to register a CAGR of 6.86%. Key Highlights. Largest Segment by End User Industry - Packaging : Packaging is the dominant end-user industry owing to its wide applications, including cardboard sealing and joining, paper packaging, and laminating films.
New York, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global EVA Adhesives Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381268/?utm_source=GNW
Largest Segment by Technology - Hot Melt : Hot melt is the largest technology type in the market due to its wide range of applications across major end-user industries, including packaging and automotive.
Largest Segment by Region - Europe : Europe, driven mainly by Germany, the United Kingdom, France, and Italy, is a major EVA adhesives consumer owing to its usage by various end users.
Fastest-growing Segment by Region - Europe : With the increasing demand for food and beverage packaging and the rapid growth of sustainable packaging solutions, Europe is likely to be the fastest-growing region during the forecast period.
Key Market Trends
Packaging is the largest segment by End User Industry.
Globally, EVA adhesives find applications in a range of end-user industries, including packaging, automotive, woodworking and joinery, and building and construction. These adhesives can bond with substrates like paper, wood, plastics, rubbers, metals, and leather. Some major applications of these adhesives are paper/card stock boxes, package labeling, carton sealing, assembly, vehicle interiors, and paper conversion.
The global demand for EVA adhesives grew significantly from 2017 to 2019. The woodworking and joinery industry in the North American region has witnessed the highest growth (CAGR of 9.00%) in demand among all end-user industries from all regions. Increased import duties on furniture products resulted in growth in the domestic woodworking industry.
In 2020, the demand for EVA adhesives declined from all end-user industries because of various factors such as operational and trade restrictions, supply chain constraints, labor shortages, and other factors. The demand from the automotive industry suffered the most, declining by 14.72% Y-o-Y. Reduced travel activity, shortage of raw materials, and various other factors have caused this decline. As the restrictions eased, the global EVA adhesives demand quickly rose to pre-pandemic levels in 2021.
This growth trend is expected to continue during the forecast period. In volume terms, the demand for EVA adhesives from all end-user industries combined is expected to grow, recording a CAGR of 4.32% during the forecast period. The packaging industry favors EVA adhesives because of their fast-curing properties and thus occupies the largest share of the demand. The industry is expected to remain the largest end-user during the forecast period.
Europe is the largest segment by Region.
Asia-Pacific occupied the largest share of the demand for EVA resin-based adhesives throughout the study period because of the large number of construction and packaging activities, automotive, medical devices, and aerospace production capacities, and other well-established end-user industries in the region. China is the largest construction and automotive market globally and generates up to 58% of the demand from the Asia-Pacific region.
During 2017-2019, the demand for EVA resin-based adhesives was sluggish due to the slow growth in the European and Asia-Pacific regions. The global decline in the demand from construction and automotive end-user industries, which are among the major end-user industries, has restricted the overall growth of EVA adhesives to around 3% (in terms of volume) in 2018 and 2019 compared to previous years.
In 2020, the demand for EVA adhesives from all end-user industries declined because of the COVID-19 pandemic. In some countries like Germany, Russia, South Africa, and Brazil, construction activities were deemed essential and were allowed to operate during the pandemic. Factors like these have cushioned the global impact restricting the decline of EVA adhesives by around -6.75% in 2020 compared to 2019 (in terms of volume).
In 2021, due to the relief packages and support schemes in countries like the United States, Australia, and countries in the European Union, the demand started to recover, and this growth trend is expected to continue throughout the forecast period. Increased investments and budget allotments witnessed in European, South American, and Asia-Pacific countries are expected to drive this growth.
Competitive Landscape
The Global EVA Adhesives Market is fragmented, with the top five companies occupying 11.08%. The major players in this market are Aica Kogyo Co..Ltd., Arkema Group, Dow, Henkel AG & Co. KGaA and NANPAO RESINS CHEMICAL GROUP (sorted alphabetically).
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06381268/?utm_source=GNW
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