India’s Ethylene Vinyl Acetate Demand to Accelerate at a CAGR of 5.25% by 2030
by Chem Analyst Chemical Database PriceAccording 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.
Browse Complete Report
: India
Ethylene Vinyl Acetate (EVA) Pricing
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.
Chemical-Pricing: https://www.chemanalyst.com/ChemicalPricing/ChecmPriceYearlyChart?Customer=False
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 215 times.