India’s Ethylene Vinyl Acetate Demand to Accelerate at a CAGR of 5.25% by 2030by Chem Analyst Chemical Database Price
According to ChemAnalyst report,” India Ethylene Vinyl Acetate (EVA) Market: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End Use, Sales Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030.” India’s Ethylene Vinyl Acetate (EVA) market is anticipated to grow at a healthy CAGR of 5.25% during the forecast period on account of consistent rise in demand for manufacturing of solar panels impacted by increasing number of initiatives to promote utilization of renewable energy in India. EVA is a specialty copolymer of LDPE synthesizing Ethylene and Vinyl Acetate as key raw materials. The product is high popular as a solvent in paint and coating industry owing to the clarity and gloss it offers to the surface. In addition, high consumption of EVA in the manufacturing of flexible packaging in several industries on rising awareness over hygiene after Coronavirus outbreak is likely to bolster the demand for the product in the coming years.
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Leather and foaming segment holds the largest consumption share of EVA in India followed by its demand from Paints and Coating sector. However, incredible surge in demand for producing photovoltaic plates and solar panels from electrical and electronic industry on high investment in innovations over the use of renewable energy resources has provided the much-needed boom to India EVA market in the past few years. In 2019, government of India imposed anti-dumping duty over countries like Saudi Arabia, Malaysia, Thailand, and China in order to compensate for the material injury being faced by the domestic manufacturer of EVA sheets. This initiative has further enhanced the consumption of EVA resin to produce EVA sheets in India that are highly utilized in electrical and electronics industry.
In quarter four of 2020, the astonishing outbreak of Coronavirus lingered the market sentiments of majority of products in chemical and petrochemical industry as a result of the halt in production taken up by industries in response to the lockdown imposed by the government to combat to the novel Coronavirus. Automotive and construction sector were reported to be worse affected, as slacked production at the back of low sales of automobiles and crashed construction projects have declined the revenues of several companies in India. This has made companies in automotive industry to undergo an indefinite turnaround to reduce their expenditure for improvising their finances. Thereby, taking down the consumption of polymers such as Polycarbonate, ABS and EVA that are widely utilized in interior and exterior parts of automobiles. Moreover, the reduced funds in construction sector backed by consistent slump in economy has reduced the demand for paints and coating, regarded as the largest consuming segment for construction industry. The consistent decline in demand for paints and coatings has further taken down the demand for EVA which acquires high usage as a solvent in this industry. Despite of downfall in some segments, the overall demand for EVA is perceived to grow at a healthy rate on accelerating demand for the product from electrical and electronics followed by packaging industry. The demand for EVA to produce flexible packaging has witnessed a sudden surge after the outbreak of Coronavirus as industries are keener to rely on single-use packaging to restrain risk of virus infection by contact. This segment is likely to provide the potential push to the EVA demand in the next five years on persisting dilemma over the abatement of virus without proper vaccination. Furthermore, the demand for EVA in manufacturing of solar panels and photovoltaic sheets is anticipated to accelerate in the coming years on enhanced stress over the use of renewable energy resources to fight perverse environmental impacts.
According to ChemAnalyst report,” India Ethylene Vinyl Acetate Market: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End Use, Sales Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030.” In India, Reliance Industries is the only domestic player involved in production of EVA. The company started manufacturing EVA in 2017 in Dahej Petrochemical Complex, making use of the advanced LyondellBasell’s Lupotech technology. Owing to the limited production of EVA in the domestic market, majority of the demand in India is catered through imports. Hence, the market prompts immense opportunities for new manufacturers on account of consistent surge in demand and low supply from the domestic production base. Major manufacturers operating in India EVA Market include Hanwha Group, LG Chem, TPI Polene, Lotte Chemical Corporation, Saudi International Petrochemical Company (Sipchem), Celansese Corporation, The Dow Chemical Company, Biesterfeld AG, Arkema S.A., Exxon Mobil etc.
“ As the nation is more inclined towards domestic manufacturing after the recent initiative of self-reliant India, the production of EVA in the country is likely to experience a sudden boom with new manufacturers entering the market and existing one operating their plants at manifold rates to satisfy the domestic demand . This initiative is aimed at making India a manufacturing hub as the country experienced various restraints in the business cycle due to supply chain disruption of various feedstocks after Coronavirus. The limited availability of feedstock, Vinyl Monomer in the country could strike a challenge for EVA production, as it is a completely import driven product. However, these feeble challenges if handled well could derive enormous positive outcomes for the Indian market in long run. The demand for EVA has witnessed consistent surge in the past few years and is following the same trend on propelling demand from its various end user segments. Currently, the demand for EVA is majorly driven by the requirement for flexible packaging in several industries due to the rising demand for single-use packaging in wake of Coronavirus. This demand is expected to surge at the consistent pace on low hopes for the complete abatement of virus. Moreover, electrical and electronics industry requiring EVA in manufacturing of solar panels and photovoltaic cells has remained strong in the past few years over high stress to inculcate non-renewable resources of energy. In addition, the demand for EVA from leather and foaming industry, is further likely to grow at an impressive rate on increasing preference of EVA over other alternatives owing to its high adhesive properties and impact strength.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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Created on Jun 8th 2020 03:38. Viewed 103 times.