According to a new research report by Global Market Insights Inc., the global Vinyl Acetate Monomer (VAM) Market size is set to reach over USD 11 billion by 2028 due to growing adhesive industry owing to increasing adhesive usage in the automotive and construction industries.
Vinyl acetate monomer is one of the key components used for manufacturing adhesives owing to its enhanced fiber-forming, adhesive, optical, and electrical properties. The rising automotive industry and augmenting construction activities around the globe are expected to remain the key factors propelling the market growth. For instance, the global automotive manufacturing size was USD 2.5 trillion in 2020 and USD 2.7 trillion in 2021 and is projected to continue its growth over the study timeframe.
Increasing demand for paints & coatings, particularly from developing regions including Latin America and Asia Pacific, owing to rising infrastructural spending is anticipated to spur market growth. VAM-based polymers such as polyvinyl acetate are used to produce many interior latex paints owing to advantages such as low environmental impact, high water-resistance, low solvent demand, and more economical as compared to acrylates.
The hazardous effect of vinyl acetate monomer and its products on human health may create adversity in industry expansion during the forecast period. Exposure to these monomers results in eye, respiratory tract, and skin irritations. According to the International Agency for Research on Cancer, vinyl acetate was concluded as carcinogenic to humans. However, the increasing demand for vinyl acetate monomer from the global food & beverages and packaging industries is anticipated to provide lucrative opportunities to the Vinyl Acetate Monomer (VAM) market.
Browse key industry insights spread across 437 pages with 785 market data tables & 20 figures & charts from the report, “Vinyl Acetate Monomer (VAM) Market By Application (Polyvinyl Alcohol [PVOH], Polyvinyl Acetate [PVA], Ethylene-Vinyl Acetate [EVA], Vinyl Acetate Ethylene [VAE], Ethylene-Vinyl Alcohol [EVOH]), By End-User Industry (Packaging, Construction, Textile, Cosmetics), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022-2028”, in detail along with the table of contents:
Increasing use of polyvinyl alcohol is anticipated to support market growth
The polyvinyl alcohol (PVOH) segment is expected to grow at a CAGR of 5% through 2028. Polyvinyl alcohol is majorly used in textile, food packaging, and paper industries owing to its low manufacturing cost, high barrier properties for oxygen & moisture, and high thermal & chemical stability. Additionally, PVOH is used in water-soluble packaging as it has high optical transparency and strength in water.
The packaging sector is set to exhibit steady growth during the forecast period
The packaging sector is expected to generate over USD 2.6 billion by 2028. Rising packaging demand owing to VAM-based food packaging maintains food quality & safety, prevents product retardation, increases shelf-life, and maintains the beneficial effects of processing. The growing consumption of processed food, rising trend of flexible packaging, and rapid growth in exports and e-commerce are anticipated to boost the vinyl acetate monomer market share.
Increased demand for VAM-based products in Asia Pacific
The Asia Pacific vinyl acetate monomer market accounted for over 43.5% volumetric shares in 2021 and is expected to generate over USD 4.8 billion by 2028. The expanding end-user industries coupled with rising industrialization and urbanization will drive market growth throughout the study timeframe. The rising demand for VAM-based products from the automotive, food, and paint industries of emerging economies, such as China, India, and Japan, is anticipated to further drive market growth.
Acquisitions, joint ventures, and geographic expansion are the key market strategies
The global vinyl acetate monomer (VAM) market has widespread applications in many industries. The key market players are involved in acquisitions, new product developments, and capacity expansion. For instance, in February 2022, Dow, Südpack, and Sartorius collaborated to support the supply of COVID-19 vaccines by manufacturing bioprocessing bags. These bags are manufactured with Dow Chemical resins including Polyolefin Plastomer and layered with ELVAX ethylene vinyl acetate copolymer resins.
The key market participants in the vinyl acetate monomer industry include The Dow Chemical Company, Wacker Chemie, Celanese Corporation, Kuraray Co., Ltd., Sipchem, and Dairen Chemical Corporation (DCC) Group.