EVOH Resin Market Size, Share, Growth, And Industry Analysis By Type (Ethylene(mol%)＜29, 29≤Ethylene(mol%)＜35, 35≤Ethylene(mol%)＜38, 38≤Ethylene(mol%)＜44, Ethylene(mol%)≥44) By Application (Food Packaging Material, Household Wrapping Material, Automotive Gas Tanks, Pipes For Floor Heating Systems, Wall Coverings, Other) Regional Forecast to 2028

Report Overview

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The global EVOH Resin Market size was USD 1.049 billion in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with EVOH Resin Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 1.317 billion in 2027, exhibiting a CAGR of 3.86 % during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Through the co-extrusion process, EVOH resins are specifically utilized as a barrier in packagings, such as films, trays, and bottles, to protect food from oxygen, which can result in moisture in packed food. The demand for packaged foods is being fueled by both the growing population and the rising per capita disposable income of consumers.

The need for EVOH resins in the food packaging industry is being driven by changing consumer lifestyles and rising bread, sausage, and other snack consumption, particularly in Germany and the UK. The market for EVOH resins in food applications is being driven by the rising demand for packaging with strong barrier qualities, the surge in shelf life requirements, and consumer safety. The use of EVOH in the food packaging sector is growing in response to the increased awareness of consumable hygiene and clean room packaging. Utilizing technology-based packaging, producers are taking extra steps to maintain the quality and shelf life of meals.

COVID-19 Impact: COVID-19 Pandemic Negatively Affected The Market Growth

Significant economic losses were brought on by the COVID-19 pandemic, particularly in 2020 and early 2021. The pandemic's negative impacts on the EVOH Resins Industry for Food Application market were also seen in 2020. The pandemic temporarily reduced the operating effectiveness of many businesses, which had a negative impact on the market for lubricants and EVOH resins used in food applications. Nevertheless, a number of economies began to revive in 2021. During the forecast period, the market is anticipated to be driven by the expanding demand for EVOH resins for culinary applications and considerable investments made by leading manufacturers to boost production capabilities.

Latest Trends

"Market Players Are Putting More Emphasis On Product Innovation And Consumer Convenience"

Additionally, the market for EVOH resins used in culinary applications will rise as new competitors enter the industry. The desire for packaged foods that are healthy has also encouraged producers to concentrate on creating environmentally friendly packaging that doesn't interact with food goods, adding to the product's value.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into Ethylene(mol%)＜29, 29≤Ethylene(mol%)＜35, 35≤Ethylene(mol%)＜38, 38≤Ethylene(mol%)＜44, Ethylene(mol%)≥44. Ethylene(mol%)＜29 is anticipated to be the dominating segment.

• By Application Analysis

Based on application, the market can be divided into Food Packaging Material, Household, Wrapping Material, Automotive Gas Tanks, Pipes For Floor Heating Systems, Wall Coverings, Other. Food Packaging Material will be the largest segment.

Driving Factors

"Growing Use in the Food Packaging Industry"

The rising demand for packaged foods is one of the main drivers of barrier resin growth. Sometimes it is necessary to prevent the harmful effects of exposure to the outside environment on packed meals that must be carried across large distances. In these situations, barrier resins are employed to stop taste loss and aid in stopping food oxidation. The most significant factor driving the growth of the barrier resin market is the increased awareness of the benefits of ingesting fresh, healthy foods that are packaged properly. Health-conscious consumers are becoming more and more interested in interactive food packaging. EVOH packaging provides solutions with value. Additionally, it is a cost-effective packaging option that aids in preserving the integrity of food goods along the supply chain regardless of the weather. Antimicrobial, antioxidant, and moisture absorbers found in EVOH packaging also aid in delaying the ripening of food goods and extending shelf life by lowering microbial development. Additionally, as customers become more aware of environmental pollution and global warming, they are choosing to utilize eco-friendly food packaging, which is helping to drive up demand for EVOH resins in the food packaging industry.

"Use of Sustainable Eco-Friendly Packaging: Rules and Regulations"

Many beverage firms are beginning to develop organic and non-alcoholic juices to appeal to consumers which are health-conscious due to the increased demand for nutritious foods. Over the coming years, this aspect will support the expansion of applications for sustainable packaging in the food packaging industry.

Food contamination cases are on the rise, thus producers are employing safe packing materials for their goods. The antistatic qualities of EVOH resins for packaging ensure that airborne dust particles do not adhere to the packaging, preventing contamination and the development of microorganisms.

Restraining Factors

"Availability of Low Cost Alternatives will Hamper The Market Growth"

The danger of alternatives and less expensive products, which may result in a long-term decrease in its utilisation, is one of the main limitations on the market for EVOH for packaging. It is anticipated that it will maintain its dominance up till competing items are introduced to the market.

Regional Insights

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"North America Region Will Dominate The EVOH Resin Market"

North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific, Middle East & Africa, and Japan are the seven geographic regions that make up the EVOH for Packaging market. Due to increased sustainability guidelines and regulations to adopt eco-friendly packaging options, Europe and North America control the majority of the EVOH for Packaging market. Due to the rise in packaged food consumption, North America now holds the greatest market share for barrier resins, followed by Europe. Due to its emphasis on the healthcare sector, the Asia Pacific is expected to provide large amounts of revenue in the future for barrier resins.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Chang Chun Petrochemical (Taiwan)
• Kuraray (Japan)
• Nippon Gohsei (U.K.)
• SINOPEC ChongQing SVW Chemical Co.,LTD. (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.