Ethylene-vinyl Alcohol Copolymer Market size is projected to surpass USD 1 billion by 2028, according to a new research report by Global Market Insights Inc.
The market development will be chiefly driven by the packaging films sector growth. The antistatic properties of these materials ensure that dust particles in the air do not settle on the packaging, thus preventing fungal growth and the spoilage of the natural aroma & taste of the content in the container. Rapid economic developments, rising income levels, and urbanization in the developing countries of Asia Pacific have led to the proliferation of the packaging sector.
Large-scale investments in emerging automotive, plastics, and packaging clusters are expected to foster EVOH demand in developing countries such as China, India, Indonesia, the UAE, and Brazil. Furthermore, packaged food demand has increased due to rising disposable incomes, population growth, and demand for quick & ready-to-eat meals. EVOH is largely utilized to make laminated or coextruded flexible food packaging films and blow molded or thermoformed food containers and bottles, thus is fueled by the ethylene-vinyl alcohol copolymer market expansion.
Additionally, export bans and tariffs have delayed trade in addition to increasing prices. The disruptive effects of COVID-19 have placed an enormous strain on the global product supply due to the shortage of raw materials. The North America EVOH industry is rising at a significant rate. The U.S. is among the largest consumers of ethylene-vinyl alcohol copolymers, i.e., they are used by various industries including food & beverage, pharmaceutical, and cosmetics.
Many manufacturers across the globe source raw materials directly & indirectly from China and now are facing a shortage of raw materials. This is majorly observed due to the suspension of international trading; therefore, this factor is likely to moderately impact the industry landscape.
Browse key industry insights spread across 300 pages with 440 market data tables & 22 figures & charts from the report, “Ethylene-vinyl Alcohol Copolymer Market By Grade (Standard Grade, Specialty Grade), Application (Packaging, Films & Sheets, Fuel Tanks & Containers, Pipes & Tubes), End-use Industry (Food & Beverages, Agricultural, Automotive, Cosmetics, Pharmaceuticals, Construction), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022–2028” in detail along with the table of contents:
Cosmetics segment is anticipated to register 6% CAGR through 2028. The barrier property against oxygen, nitrogen, and carbon dioxide makes it highly suitable for cosmetics for the extension of the shelf-life of the products. The incorporation of copper acetate into these materials produces antimicrobial properties, making it useful for cosmetic packaging. This also reduced the glass transition temperatures and storage modules that prove suitable for packaging. These are often extruded with polyethylene or polyethylene terephthalate to offer a competitive advantage and makes it one of the best materials for cosmetic container till date.
Rising ethylene-vinyl alcohol copolymers demand from fuel tanks & containers applications
Ethylene-vinyl Alcohol Copolymer Market from fuel tanks & containers segment will account for 15% revenue share by 2028. Ethylene-vinyl alcohol copolymers are widely used in fuel tanks in the automotive industry. It is an excellent barrier to hydrocarbons such as gasoline owing to its unique polar chemical composition. This problem is solved by the coextrusion of HDPE with EVOH. The automotive sector benefits from design flexibility while also reducing VOC emissions.
These materials are used in automotive industry in multi-layer tanks and fuel lines due to their exceptional barrier properties to aliphatic hydrocarbons and aromatic. These barrier materials are crucial to comply with the challenging requirements of fast-changing and limit environmental fuel emissions.
Increasing use of standard-grade EVOH to augment market outlook
Standard-grade segment is expected to witness 5% CAGR during the forecast period. Standard-grade EVOH is an excellent gas barrier and is primarily used in co-extrusion blow-molded containers, co-extruded films & tube applications. Furthermore, it can also be used in co-extruded sheets/thermoforming and shrink packaging. The product has good gas barrier and excellent water resistance property, especially in high humidity environments. It’s property of gas barrier is not drastically lower at high humidity.
Europe is set to exhibit steady growth during the forecast period
Europe ethylene-vinyl alcohol copolymer market is projected to grow at a CAGR of around 4.5% during the assessment period. Pharmaceutical is one of the top-performing industries in Europe. The incorporation of EVOH in various clinical & pharmaceutical applications to increase the shelf life of the drugs will drive the regional market demand.
European cosmetic industry is the largest market for cosmetic products across the globe. The products are used in perfumes and the packaging of cosmetic products. Thus, the rising demand for cosmetics will propel the market expansion in the region. Additionally, growing construction activities will also fuel the market progression.
Some of the top players in ethylene-vinyl alcohol copolymer market include Mitsubishi Chemical Corporation, Kuraray Co., Ltd., and Chang Chun Group.