The global market for vinyl acetate is prognosticated to undergo a healthy rise, owing to its multitude of applications in a variety of industries such as automotive, construction, furniture, paints & coatings and packaging. The vinyl acetate monomer (VAM) is largely used as a catalyst during the production of various homopolymers and copolymers, such as polyvinyl alcohol, ethylene-vinyl acetate, and polyvinyl acetate among others. It is a primary component used in the manufacture of coatings, paints, emulsions and adhesives. The growing demand for furniture and construction, along with paints and adhesives, is expected to play a significant role in uplifting the market.
The demand of ethylene vinyl alcohol copolymer (EVOH) in food packaging is witnessing a phenomenal growth due to the unprecedented boost to the food and beverages industry. Over the forecast period, this segment is likely to showcase greater market opportunities. Photovoltaic cells require the use of ethyl vinyl acetate (EVA) as a film. Solar energy as a source is also rising in applications globally, and this factor is also predicted to act as an impetus to market rise.
The worldwide vinyl acetate market is foretold to reach an estimated valuation of US$9.26 bn by the end of the 2019, and is expected to showcase a vigorous CAGR.
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Ethylene-Vinyl Alcohol to Emerge As a Lucrative Segment Due to Industry Demand
The international market for vinyl acetate monomer is classified on the basis of application into polyvinyl alcohol (PVOH), polyvinyl acetate (PVA), ethylene-vinyl acetate (EVA), vinyl acetate ethylene (VAE), and ethylene-vinyl alcohol (EVOH). PVA held the dominant market share over the past years, owing to it being a significant copolymer used in the adhesives industry. PVOH, used in production of resins and films, finds itself being a significant segment as well, with further applications in textile and packaging industries. Holding about 7% share in market revenue, VAE is a substantial segment of the industry.
The contemporary avenues come to light on account of the food and beverage industry, such as food packaging requirements, is expected to augur well for the vinyl acetate monomer market. The surging demand of packaging, distribution and disposal of food and beverages is necessitating the application of EVOH in the food industry. This factor is predicted to be pivotal in contributing to the rise of the vinyl acetate market. The segment is prognosticated to exhibit a steady CAGR over the forecast period. Also, applications such as polyvinyl butyral and VAE are expected to contribute towards market revenue as well.
The global market is anticipated to face some challenges over the forecast duration. The volatility of the costs of raw materials is a significant determinant of the industry. The sudden rise or fall of prices could seriously hinder the global vinyl acetate monomer market. The regulations placed on the chemical industry, and strict environmental regulations may also add to hindrance faced by the market. However, the flourishing demand of industrial applications of the vinyl acetate monomer, on account of construction, packaging and furniture is likely to boost the chances of market growth, well enough to overcome the restraints that may be faced.
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Asia Pacific to Lead Geographically on Account of Industrial Growth
On the basis of geography, the international vinyl acetate monomer market may be divided into Asia Pacific, North America, Europe, and Rest of the World. Among these, Asia Pacific, held roughly half of the total market share in the past couple of years. The trend is anticipated to continue, on account of the burgeoning industrial growth of the region. Countries such as India, China and Japan are the significant contributors of the market revenue, due to briskly emerging economies. Europe is expected to become a significant importer of vinyl acetate monomer, along with being the next biggest market share holder.
The Dow Chemical Company, Dairen Chemical Corporation, Celanese Corporation, Sinopec and LyondellBasell are some of the leading names of the vinyl acetate monomer market worldwide.
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