Vinyl acetate monomer is a colorless liquid organic compound that is highly flammable and with pungent smell. It is primarily used to produce polyvinyl acetate and its copolymers such as ethylene vinyl acetate and polyvinyl alcohol. Polyvinyl acetate is used in adhesives, films, paints, and coatings. Ethylene vinyl acetate is used in pipes, food packaging, foams, wires and cables owing to its flexibility and elasticity. The global vinyl acetate monomer market is dominated by applications in the construction, textile, automotive, and packaging industries. Rapid urbanization, infrastructure development and increasing disposable income, especially in developing countries support the high demand for paints and coatings, thereby driving the vinyl acetate monomer market.
The global vinyl acetate monomer market is estimated to be valued at US$ 9.35 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Vinyl acetate monomers produce bio-based polyvinyl alcohol (PVOH) which offers properties like biodegradability, renewability, and moisture barrier. It is widely used in food packaging for its high tensile strength to replace traditional plastics that are non-biodegradable. Furthermore, growing demand for ethylene vinyl acetate from solar panel encapsulants and hot melt adhesives also supports growth of the vinyl acetate monomer market. The solar panel encapsulant made from EVA provides high transparency, low cost and easy processing which makes it a material of choice in solar panel manufacturing. In addition, rising construction activities along with increasing production and sales of vehicles worldwide are fueling the market growth over the forecast period.
Segment Analysis
The global vinyl acetate monomer market is dominated by the emulsion polymerization segment which holds around 70% share of the overall market. In the emulsion polymerization process, vinyl acetate monomer is polymerized in an aqueous medium using water-soluble initiators to produce polymers in the form of latex or emulsion. This process is preferred by most manufacturers owing to its cost-effectiveness, safety, and uniform product quality.
PEST Analysis
Political: The government regulations regarding VOC emissions during the vinyl acetate monomer production can slightly impact the market. However, manufacturers are adopting new techniques to reduce emissions.
Economic: The growing demand from the building & construction industry along with rising disposable incomes is driving the growth of the vinyl acetate monomer market.
Social: Increasing population along with rapid urbanization is necessitating more residential & commercial construction works, boosting the vinyl acetate monomer demand.
Technological: Manufacturers are focusing on developing new production processes that are safe, cost-effective and environmentally friendly to gain a competitive advantage.
Key Takeaways
The Global Vinyl Acetate Monomer Market Size is expected to witness high growth at a CAGR of 13% during the forecast period of 2023 to 2030. The global vinyl acetate monomer market is estimated to be valued at US$ 9.35 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
Regionally, Asia Pacific dominates and is expected to maintain its lead position during the projected timeframe. Factors such as rapid industrialization and infrastructure development activities are fueling the market growth in the region. This region is expected to remain the priority market for vinyl acetate monomer producers over the forecast period supported by factors such as rapidly expanding construction, textile, and packaging industries in the region.
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, Wacker Chemie AG. Celanese Corporation leads the market with over 15% share owing to its world-class production facilities and strong distribution network across regions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it