Global Vinyl Acetate Market - Segmented by Application, End-User Industry and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global vinyl acetate market is expected to witness a CAGR of over 5%, owing to the growing demand from the automotive industry. The increasing use of vinyl acetate products in the solar power-generation industry is also likely to stimulate the market growth.
Automotive Industry Driving the Market
The automotive industry is increasingly driving the demand for vinyl acetate products. The products are used in a wide range of applications, like sealing doors and windows, adhesives for bonding and attractive parts, and others. The increase in the production volume of automobiles across Asia-Pacific is likely to drive the demand for vinyl acetate during the forecast period. The increase in maintenance and repair work is likely to further boost the market growth.
Polyvinyl Acetate the Leading Application
In 2017, the polyvinyl acetate (PVA) application accounted for the highest share of the vinyl acetate market, closely followed by polyvinyl alcohol. The polyvinyl acetate application is expected to witness a growth in the coming years, due to the rise of its demand in the plastic bottling and packaging industry. The use of PVA as additives in the cement construction is likely to boost the market growth. The ethylene vinyl acetate (EVA) application is expected to grow rapidly, owing to the use of ethylene vinyl acetate in the 3D printed medical drug delivery devices.
ASEAN Countries Expected to Drive the Market
Asia-Pacific accounted for the highest market share (50%) for vinyl acetate consumption. Increasing expenditure on construction and rise in automotive production are likely to drive the market demand in the region, over the coming years. Production capacity is also expected to increase in China. In ASEAN countries, the consumption rate is expected to witness a significant growth, with a growth in demand from large bases, like Singapore and Thailand. Europe is a mature market for vinyl acetate, which is expected to witness a sluggish growth rate during the forecast period.
In Sep 2017, INEOS built a new vinyl acetate monomer plant, with a capacity of about 300,000 metric ton per year in Europe.
Major Players: Celanese Corporation, DowDuPont, Kuraray Corporation Ltd., Sipchem, and Lyondellbasell Industries NV, amongst others.
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Various perspectives of the market with the help of Porter’s five forces analysis
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Countries that are expected to witness the fastest growth rates during the forecast period
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