The Vinyl Acetate Monomer Market is estimated to be valued at US$ 9.35 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vinyl acetate monomer (VAM) is an essential raw material used in the production of polyvinyl acetate and ethylene-vinyl acetate copolymers. Polyvinyl acetate and ethylene-vinyl acetate copolymers find wide applications in the production of adhesives,coatings,textiles and paints & paper coatings due to their excellent adhesive strength and flexibility. Some key uses of VAM include water-based adhesives for woodworking, paper, automotive and footwear applications as well as emulsion for paints & coatings.
Market Dynamics:
Increasing demand for water-based adhesives across industries such as construction, packaging, footwear and automotive is a major driver for the vinyl acetate monomer market. Water-based adhesives like polyvinyl acetate offer benefits such as less volatile organic compound emissions and ease of cleanup which has increased their preference over solvent-based adhesives. Moreover, growing usage of vinyl acrylate monomer in the production of ethylene-vinyl acetate copolymers which are extensively used in the manufacturing of hot melt adhesives is also fueling market growth. Hot melt adhesives find wide applicability in various packaging applications due to their ability to form strong bonds quickly at room temperature. However, strict environmental regulations around the globe regarding wastewater generation and emissions during the manufacturing process may hinder the market growth.
Segment Analysis
The vinyl acetate monomer market can be segmented based on end-use industries into construction, transportation, packaging, electronics, and others. Among these, the construction segment dominates the market and accounts for over 30% of total consumption. This is because vinyl acetate monomer is a key component in products like adhesives, sealants, mortars and others which see widespread application in the construction industry for bonding, sealing and more.
PEST Analysis
Political: The government regulations regarding greenhouse gas emissions and usage of vinyl acetate monomer may impact the market. However, the market also benefits from supportive governmental policies and initiatives towards infrastructure development.
Economic: The growth of end-use industries such as construction and transportation drives the demand for vinyl acetate monomer. Additionally, economic recovery and development worldwide provide an impetus.
Social: Increasing consumer awareness about benefits of environment-friendly products boosts the usage of vinyl acetate monomer which is recyclable as well as derived from natural raw materials.
Technological: Advancements in production technologies help market players to improve process efficiencies. Emerging applications in new areas like pharmaceuticals also support market growth.
Key Takeaways
Global Vinyl Acetate Monomer Market Demand in 2023 is estimated to be US$ 9.35 Bn. The market is expected to witness high growth, exhibiting a CAGR of 8.6% over the forecast period of 2023 to 2030. This can be attributed to increasing investments in the construction sector across developing nations.
Regionally, Asia Pacific dominates the vinyl acetate monomer market and is anticipated to continue its leading position during the forecast period. Countries like China, India, and Indonesia exhibit significant demand from the thriving construction and packaging industries in the region.
The key players operating in the vinyl acetate monomer market are Celanese Corporation, Dairen Chemical Corporation, Japan VINYL ACETATE MONOMER & POVAL Co. Ltd., Kuraray Co. Ltd., LyondellBasell Industries, Ningxia Yinglite Chemical Co., Ltd., China Petroleum & Chemical Corporation (Sinopec Corp.), The Dow Chemical Company, and Wacker Chemie AG. Celanese Corporation leads the market with over 20% share owing to its wide global production capacity and presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it