“Easier recyclability of EVOH is appealing to a lot of manufacturers to continue its usage in the food packaging industry, despite its petroleum origin,” says a Fact.MR analyst.
United States, Rockville MD, Aug. 04, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR’s latest published report on ethylene vinyl alcohol (EVOH), the global market is valued at US$ 1.7 billion in 2022 and is predicted to expand at a CAGR of 6.4% from 2022 to 2032. Market growth is attributed to factors such as pivoting demand arising from the packaging industry, where EVOH is widely used in the manufacturing of films, pouches, and bags.
Continued demand from the food & beverage industry where EVOH is used in the packaging of various food items, including fresh food, processed food, and bakery items, is poised to generate higher revenues in the long run. This is true as EVOH packaging enables food retailers and shop owners to store perishable food items for a longer duration, ensuring continued sales.
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In general, none of the commonplace polymeric materials offers such high barrier to various gases and vapours that the long-term storage of food requires. Although aluminium foil laminates offer a nearly perfect barrier when they are brand new, pinholes that develop during the lamination, forming, filling, processing, transportation, storage, and handling of the packaging are very likely, and here’s where EVOH packaging comes in handy.
Growing food packaging demand and enhanced technologies are transforming ethylene vinyl alcohol usage across the industry. Increasing usage of EVOH in the food processing industry has driven market growth over the past few years. Ethylene vinyl alcohol is essentially used in maintaining the PH level and limiting atmospheric interaction with food & beverages, thereby driving market growth.
Key Takeaways from Market Study
Over the decade, standard grade EVOH is anticipated to offer an absolute dollar opportunity of US$ 841.2 million.
On the other hand, specialty grade EVOH is predicted to hold 47.5% market share by 2032.
By downstream form, film & sheet usage is anticipated to be valued at US$ 981.4 million by 2032.
Out of the end uses considered in the scope, packaging is set to remain the most attractive segment expanding at 6.5% CAGR to reach US$ 992.3 million by 2032.
By 2032, it is anticipated that North America will account for 19.5% of the world's ethylene vinyl alcohol market share.
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Key EVOH manufacturers should focus on global leadership in innovative solutions by leveraging their R&D capabilities to enhance their geographical reach and appeal to a much wider audience base.
Market players are concentrating more on well-established distributors and offering them higher profit margins to push their products into the market. Companies should focus on product line extension in untapped markets and look to expand their presence in untapped segments to generate revenue-generating opportunities in the short term with its continued usage, especially in fresh and processed food.
Soarnol (Mitsubishi Chemical Corporation), Kuraray, Chang Chun Group, NSB Polymers, SK Functional Polymers, and Reliance Industries Limited are leading manufacturers of ethylene vinyl alcohol.
By utilising their R&D capabilities to expand their product lines, encouraging commercial excellence and value-based product positioning, ethylene vinyl alcohol manufacturers should concentrate on achieving global leadership in innovative EVOH solutions.
Fact.MR has provided comprehensive information on the different business models employed by ethylene vinyl alcohol (EVOH) market participants, as well as detailed sales analysis of ethylene vinyl alcohol, top EVOH manufacturers, top specialty/standard ethylene vinyl alcohol suppliers, and SWOT analysis and sales generated from target products of top ethylene vinyl alcohol manufacturers.
Segmentation of EVOH Industry Research
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the ethylene vinyl alcohol market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on grade (standard, specialty), downstream form (films & sheets (co-extruded, laminated), fuel tanks & containers, pipes & tubes, bottles & pouches), and end use (packaging (food & beverages (fresh produce, bakery & confectionery, processed food), pharmaceuticals, cosmetics, others), industrial (gasoline tanks, protective membranes, piping systems, landfill covers, others)), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals & materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemical & materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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