From 2023 to 2033, the global market is projected to grow at a constant CAGR of 4.2%. According to forecasts, the market would grow from US$ 59.4 billion in 2023 to US$ 89.6 billion by 2033. Previously, the market for ethylene copolymers was expanding at a CAGR of 3.5% between 2018 and 2022, with a market value of US$ 57.4 billion in that year.
The global vehicle industry’s increasing need for ethylene copolymers is regarded as a key driver driving the global ethylene copolymers market. Ethylene copolymers are used to make weatherstripping and seals for automobiles. These copolymers are added to motor oils as a supplement. Engine mounts, brake parts, and windshield wipers are among the products made with them.
Another major factor driving demand for ethylene copolymers is an increase in the need for industrial rubber for use in tire manufacturing. The worldwide vehicle rubber-molded components market is expected to be revolutionised in the near future as a result of research and development operations in the automobile and automobile component sectors.
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During the forecast period, demand for ethylene copolymers is expected to be driven by innovations (such as eco-friendly rubber components made from soy oil) and research labs working to develop better and more durable rubber materials (such as EPDM). The global ethylene copolymers market is expected to benefit from an increase in demand for lightweight automotive components in order to produce more fuel-efficient automobiles.
Because of its qualities, such as heat resistance, chemical reactivity, formulation flexibility, and cohesion and adhesion, demand for ethylene copolymers is gradually increasing. The packaging and automobile industries are also expected to boost the demand for ethylene copolymers. The demand for ethylene copolymers is projected to be fuelled by food packaging.
As per the ethylene copolymers market analysis, the industry is expected to increase further as customers become more mindful of waste packaging and recycling. Increased R&D initiatives for technological and equipment development, as well as creative product offerings by companies, are all contributing to the growth of the ethylene copolymer market.
The adoption of ethylene copolymers may be hampered by fluctuating raw material prices and regulatory regulations on various compounds. Nonetheless, there are chances for ethylene copolymers market players to engage in this market, given the consistent growth of the chemical processing industry and the automotive and packaging industries.
Key Takeaways:
- Over the next eight years, the rise of the automobile industry in some regions, such as India and China, is predicted to drive demand for ethylene copolymers.
- Due to the growing presence of significant companies in the food and beverage and consumer products industries in the United States and Canada, North America dominates the ethylene copolymers market.
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Competitive Landscape:
Product launches, product approvals, and other growth initiatives such as patents and events are all being focused on by various companies. Acquisitions, as well as partnerships and collaborations, were among the ethylene copolymers market’s growth tactics. These initiatives have paved the road for market players to expand their business and client base.
The major players covered in the ethylene copolymers market report are
BASF SE, Celanese Corporation, Dow, Exxon Mobil Corporation, N SHASHIKANT & CO., Benson Polymers Limited, Dycon Chemicals, Triveni chemicals, AVH Polychem Private Limited., Sushila Parmar International Pvt. Ltd, Amatya Impex Private Limited., Jai Chemicals., Trinity Pigment Industries, Khushi Enterprises LANXESS, LyondellBasell Industries Holdings B.V, Sipchem and USI Corporation, among other domestic and global players.
The businesses are pursuing a variety of growth strategies and spending heavily in the development of technologically advanced, one-of-a-kind, and biodegradable products to change the ethylene copolymers market outlook.
Avantium N.V. was awarded a Horizon 2020 grant for 25 million euros ($28 million) to develop an innovative value chain for plant-based furan dicarboxylic acid and polyethene furonoate, which are used to make biodegradable products. The new expansion is being fueled by an increase in demand for renewable and biodegradable materials. Green polyethylene and bio-based EVA resin, for example, are guiding the chemical sector toward more sustainable innovation.
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Key Segmentation
By Application:
- Hot Melt Adhesives
- Asphalt Modification
- Thermo Adhesive Films
- Others
By Type:
- Ethylene Vinyl Acetate (EVA)
- Ethylene Ethyl Acrylate (EEA)
- Ethylene Butyl Acrylate (EBA)
- Ethylene Propylene
- Other Types
By End Use:
- Packaging
- Building & Construction
- Automotive
- Textiles
- Other End Users
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia & Pacific Market
- The Middle East and Africa (MEA) Market
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