Ethylene-Vinyl Acetate Copolymers Market

The article discusses the projected growth of the global ethylene-vinyl acetate copolymers market in both volume and value terms, with a forecasted CAGR of +2.6% and +4.8% respectively from 2022 to 2030. China leads in both consumption and imports, while South Korea is the largest exporter. Price trends show variations amongst major importing and exporting countries, with China experiencing the highest growth rate in export prices.

Market Forecast

Driven by increasing demand for ethylene-vinyl acetate copolymers in primary forms worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market volume to 5.5M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.8% for the period from 2022 to 2030, which is projected to bring the market value to $14.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Ethylene-Vinyl Acetate Copolymers In Primary Forms

In 2022, the amount of ethylene-vinyl acetate copolymers in primary forms consumed worldwide expanded notably to 4.5M tons, increasing by 5.6% against 2021. The total consumption volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2018 when the consumption volume increased by 6.4%. Global consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

The global ethylene-vinyl acetate copolymers market revenue expanded significantly to $9.9B in 2022, picking up by 12% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market hit record highs in 2022 and is expected to retain growth in the near future.

Consumption By Country

The country with the largest volume of ethylene-vinyl acetate copolymers consumption was China (1.2M tons), accounting for 26% of total volume. Moreover, ethylene-vinyl acetate copolymers consumption in China exceeded the figures recorded by the second-largest consumer, India (449K tons), threefold. The United States (446K tons) ranked third in terms of total consumption with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +2.9%. In the other countries, the average annual rates were as follows: India (+3.1% per year) and the United States (-2.0% per year).

In value terms, China ($2.8B) led the market, alone. The second position in the ranking was taken by India ($965M). It was followed by the United States.

In China, the ethylene-vinyl acetate copolymers market increased at an average annual rate of +5.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+3.2% per year) and the United States (-3.8% per year).

The countries with the highest levels of ethylene-vinyl acetate copolymers per capita consumption in 2022 were South Korea (2.5 kg per person), Italy (1.9 kg per person) and France (1.9 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by South Korea (with a CAGR of +8.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Ethylene-Vinyl Acetate Copolymers In Primary Forms

In 2022, global ethylene-vinyl acetate copolymers production expanded notably to 4.3M tons, growing by 6.6% on 2021. The total output volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when the production volume increased by 9% against the previous year. Global production peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, ethylene-vinyl acetate copolymers production reached $7.5B in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by 13% against the previous year. As a result, production attained the peak level of $7.7B. From 2015 to 2022, global production growth failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were South Korea (1M tons), the United States (525K tons) and Taiwan (Chinese) (399K tons), together comprising 45% of global production.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +11.7%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Ethylene-Vinyl Acetate Copolymers In Primary Forms

Global ethylene-vinyl acetate copolymers imports expanded modestly to 2.9M tons in 2022, growing by 3.6% on the year before. Over the period under review, total imports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +3.3% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 17% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, ethylene-vinyl acetate copolymers imports soared to $8B in 2022. In general, imports showed a buoyant increase. The growth pace was the most rapid in 2021 when imports increased by 59%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, China (1.2M tons) represented the major importer of ethylene-vinyl acetate copolymers in primary forms, mixing up 42% of total imports. Vietnam (185K tons) took a 6.5% share (based on physical terms) of total imports, which put it in second place, followed by India (6.4%). Italy (118K tons), Germany (112K tons), the United States (76K tons), Indonesia (72K tons), Turkey (69K tons) and Mexico (51K tons) followed a long way behind the leaders.

Imports into China increased at an average annual rate of +7.1% from 2012 to 2022. At the same time, Vietnam (+13.8%), Turkey (+9.8%), Indonesia (+5.5%), India (+5.2%), Italy (+4.8%), Germany (+2.2%) and Mexico (+1.2%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in the world, with a CAGR of +13.8% from 2012-2022. The United States experienced a relatively flat trend pattern. From 2012 to 2022, the share of China and Vietnam increased by +6.8 and +3.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($3.3B) constitutes the largest market for imported ethylene-vinyl acetate copolymers in primary forms worldwide, comprising 41% of global imports. The second position in the ranking was held by Vietnam ($602M), with a 7.5% share of global imports. It was followed by India, with a 6.4% share.

In China, ethylene-vinyl acetate copolymers imports expanded at an average annual rate of +10.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (+18.7% per year) and India (+9.3% per year).

Import Prices By Country

The average ethylene-vinyl acetate copolymers import price stood at $2,807 per ton in 2022, jumping by 17% against the previous year. Over the period under review, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ethylene-vinyl acetate copolymers import price increased by +84.8% against 2020 indices. The growth pace was the most rapid in 2021 when the average import price increased by 58% against the previous year. Global import price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Vietnam ($3,246 per ton) and Turkey ($3,207 per ton), while the United States ($2,617 per ton) and China ($2,761 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+6.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Ethylene-Vinyl Acetate Copolymers In Primary Forms

For the eleventh year in a row, the global market recorded growth in overseas shipments of ethylene-vinyl acetate copolymers in primary forms, which increased by 5% to 2.7M tons in 2022. The total export volume increased at an average annual rate of +4.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 when exports increased by 16% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, ethylene-vinyl acetate copolymers exports soared to $7.7B in 2022. Overall, exports recorded buoyant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 59% against the previous year. Over the period under review, the global exports reached the maximum in 2022 and are likely to continue growth in the near future.

Exports By Country

South Korea was the largest exporting country with an export of around 886K tons, which amounted to 33% of total exports. Taiwan (Chinese) (407K tons) took a 15% share (based on physical terms) of total exports, which put it in second place, followed by Belgium (7.1%) and the United States (5.7%). China (122K tons), Thailand (118K tons), France (100K tons), Japan (99K tons), Germany (93K tons), Singapore (92K tons), Canada (85K tons), Saudi Arabia (81K tons) and Spain (67K tons) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to ethylene-vinyl acetate copolymers exports from South Korea stood at +11.9%. At the same time, Saudi Arabia (+44.6%), China (+8.6%), Taiwan (Chinese) (+4.3%), Canada (+4.1%), Singapore (+2.2%), Thailand (+2.0%) and Japan (+1.1%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in the world, with a CAGR of +44.6% from 2012-2022. Belgium, Spain, Germany and France experienced a relatively flat trend pattern. By contrast, the United States (-1.5%) illustrated a downward trend over the same period. South Korea (+16 p.p.), Saudi Arabia (+2.9 p.p.) and Spain (+2.5 p.p.) significantly strengthened its position in terms of the global exports, while Japan, Germany, France, Belgium and the United States saw its share reduced by -1.6%, -2.1%, -2.4%, -4.2% and -4.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($2.4B) remains the largest ethylene-vinyl acetate copolymers supplier worldwide, comprising 31% of global exports. The second position in the ranking was held by Taiwan (Chinese) ($1.1B), with a 15% share of global exports. It was followed by Belgium, with a 7.6% share.

In South Korea, ethylene-vinyl acetate copolymers exports increased at an average annual rate of +16.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+8.5% per year) and Belgium (+2.9% per year).

Export Prices By Country

The average ethylene-vinyl acetate copolymers export price stood at $2,814 per ton in 2022, with an increase of 12% against the previous year. Over the period under review, export price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ethylene-vinyl acetate copolymers export price increased by +77.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 58% against the previous year. The global export price peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($3,322 per ton), while Canada ($2,027 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform