Ethylene Vinyl Acetate is in high demand due to greater solar

By 2030, the Ethylene Vinyl Acetate market is expected to reach USD 13,149.7 million from USD 7,060.8 million in 2019, growing at a CAGR of 7.2% between 2021 and 2030. During the covid-19 epidemic, the growth of the restaurant industry has been reduced by around 30%. resulting in a loss of $925 billion. However, other parts of the business have grown at unprecedented rates, including online meal delivery, which grew 30% in 2020 from the 20% growth seen in 2019.

Ethylene vinyl acetate foam has a fine, homogeneous cell structure that makes it processable in the same way as other thermoplastics. It retains its flexibility and resilience and bounces back quickly after compressions. Ethylene vinyl acetate foam is incredibly versatile, having a plethora of uses that most of us take for granted. Such foam is used in a variety of applications including packaging, construction and building, marine, electronics, healthcare, sports, footwear and recreation.

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Foam holds the largest market share and is expected to maintain its share. This is mainly due to the expansion of end-use sectors in emerging economies such as Thailand, China and India, including electronics, furniture, construction and automotive. Based on distribution channel, direct/institutional sales are likely to dominate the ethylene vinyl acetate market throughout the projection period. This can be attributed to customers’ desire to improve their appearance and health, as well as the distributors’ highly personalized customer experience.

The growing adoption of photovoltaic solar panels is propelling the demand for ethylene vinyl acetate. Solar energy is currently the most abundant source of renewable energy. Some of the largest solar resource projects in the world are in Spain, China, Germany and the United States. Solar energy is actively marketed as a potential alternative to conventional energy in industrialized and developing countries. According to Stanford University, about 1.47 million solar panels were in use in the 48 contiguous United States in 2018.

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When segmented by end use, renewable energy is expected to grow at the highest rate in the ethylene vinyl acetate market. This is due to an increasing shift from conventional sources to renewable energy, as well as technological developments. Similarly, the VA category above 28% will likely increase rapidly throughout the forecast period. The surge in demand for solar panels will be the main reason for this.

Therefore, due to the increase in solar photovoltaic installations, the demand for ethylene vinyl acetate is snowballing.

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This press release was published on openPR.

Jack L. Goldstein