EVA Foam Market Trend, Share, Growth, Size, Analysis and Forecast 2032

EVA Foam Industry Prospective:

The global EVA foam market size was worth around USD 11.06 billion in 2023 and is predicted to grow to around USD 19.78 billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.68% between 2024 and 2032.

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EVA Foam Market: Overview

Ethyl vinyl acetate (EVA) foam is a versatile and widely used material in various industries, known for its excellent lightweight characteristics, flexibility, and durability. EVA foam is widely used in fields such as automotive, tire making, agriculture, packaging, footwear and sports equipment, etc due to its ability to absorb shocks, provide thermal insulation, and show resistance to chemicals. The foam is typically available in a range of densities and thicknesses and can be easily cut, shaped, and formed using various tools and techniques. EVA copolymer which is based on a low proportion of vinyl acetate (VA) in the quantity of approximately up to 4% may be referred to as vinyl acetate-modified polyethylene.

EVA copolymer, which is based on a medium proportion of VA in the quantity of approximately 4 to 30% is referred to as thermoplastic ethylene-vinyl acetate copolymer and EVA copolymer which is based on a high proportion of VA (greater than 60%) is referred to as ethylene-vinyl acetate rubber. EVA is an elastomeric polymer that creates materials that are flexible and "rubber-like" in softness. The material has gloss, waterproof properties, stress-crack resistance, hot-melt adhesive, low-temperature toughness, and resistance to ultraviolet radiation.  

Key Insights:

• As per the analysis shared by our research analyst, the global EVA Foam market is estimated to grow annually at a CAGR of around 6.68% over the forecast period (2024-2032)
• In terms of revenue, the global EVA Foam market size was valued at around USD 11.06 billion in 2023 and is projected to reach USD 19.78 billion by 2032.
• The market is projected to grow at a significant rate due to its highly tear-resistant property.
• Based on application segmentation, packaging was predicted to show maximum market share in the year 2023.
• Based on product type segmentation, EVA foam blocks were the leading in 2023
• On the basis of region, Asia-Pacific was the leading revenue generator in 2023

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EVA Foam Market: Growth Drivers

Rapid increase in demand for EVA foam in various sectors results in the growth of the market

The global EVA foam market is experiencing exponential growth driven by several factors. The global solar power industry is witnessing exponential growth. Huge investments are made by the governments of different developed and developing nations to promote renewable energy. Solar power is one of the most reliable and clean sources of energy and is a sustainable alternative to fossil fuels that are largely polluting the environment and contributing to global warming. Ethylene-vinyl acetate (EVA) performs the role of an encapsulating agent in solar modules since it can impact excellent radiation transmission capabilities while also delivering low sunlight degradability. Hence, there is more demand for EVA foam as the world is moving towards renewable sources of energy.

In addition to this, the consumption of EVA foam is further affected by the growing application of the material in the footwear industry. As the world population is growing along with the increase in the disposable income of the general population, there has been a rise in the demand for efficient footwear items. The foam’s high-quality cushioning properties and light weight contribute to enhanced comfort and performance in sports players and everyday footwear. The automotive sector is another boost, with EVA foam being utilized in interiors to enhance comfort and safety.

EVA Foam Market: Restraints

Environmental concerns, substitute materials, and price fluctuations in raw material prices can restrict market growth

The disposal of EVA foam waste is a concern for the environment. Fluctuations in raw material prices Particularly ethylene and vinyl acetate, can impact the production costs of EVA foam and it can create challenges for manufacturers. Moreover, this foam is not biodegradable and can take a long time to break down in landfills. One of the most promising substitutes to EVA copolymers arising in the form of LDPE (Low-Density Polyethylene) is considered due to its low cost while delivering similar properties.

Since EVA with lower vinyl acetate content has faced competition with metallocene LDPE, many producers are focusing on differentiated or value-added products with a high concentration of vinyl acetate by increasing the vinyl acetate content in EVA copolymers thus impacting the global EVA foam market growth rate

EVA foam Market: Opportunities

Biobased EVA foam may generate more growth opportunities in the coming years

Biobased EVA are products derived from plant-based materials. They are environmentally friendly. More people across nations are making environmentally friendly decisions as a result of increased consumer awareness about the implications of synthetic EVA form on the environment. The substitution of petroleum-based EVA with bio-based EVA can become a milestone in the industry.

Bio-based EVA is made from sugarcane, which is a sustainable resource that helps to reduce greenhouse gas emissions by capturing CO2. Green EVA is suitable for usage in footwear, toys, general foams, etc. These factors could lead to higher growth in the global industry for EVA foam.

EVA Foam Market: Challenges

Managing the limitation of form and release of harmful gases during the production of EVA form may be challenging

The global EVA foam market is expected to be subject to certain challenges during the forecast period. Some of them will be related to addressing challenges to minimize the formation and release of harmful gases in EVA foam production since it requires the establishment of emission control technologies, efficient ventilation, opting for materials with reduced emissions, dedicating resources to research sustainable alternatives, and delivering thorough training to employees. This comprehensive strategy is designed to reduce the environmental footprint and elevate safety protocols within the manufacturing process.        

EVA Foam Market: Segmentation

The EVA foam market is segmented based on application, type, product, and region

Based on application the global market is segmented as packaging, tapes, medical, electronics, footwear, padding agent, toys & games, and others. EVA foam is used in packaging for its cushioning properties which helps to transport delicate and fragile items without causing any harm to the packaged item. In footwear, it is widely used in the manufacturing of soles to achieve comfort and flexibility in shoes and sandals. With proper care and maintenance, EVA soles can last as long as 2 years. EVA foam is used as padding in equipment for various sports such as hockey pads, ski boots, bicycle saddles, helmets or gloves for mixed-arts or boxing, wakeboard boots, fishing rods, waterski boots, and fishing reel handles.

Based on type the global EVA foam market divisions are low-density EVA, medium-density EVA, and high-density EVA.

Based on product, the global EVA foam market is segmented into EVA foam blocks, expanded EVA foams, EVA foam sheet and others. The most common application of EVA foam blocks is crafting and prototyping which are widely used. EVA foam sheets are adaptable and flat foam materials that can offer thicknesses and dimensions, providing versatility in applications such as crafting, DIY projects, educational materials, and many more. Plain EVA foam sheet with a thickness of 2 mm, size measuring around 40x80 inches can be easily available for INR 150 also in many different color options such as red, blue, green, yellow, etc.

EVA Foam Market: Report Scope

EVA Foam Market: Regional Analysis

Asia-Pacific to dominate the market growth rate during the forecast period

The global EVA foam market will be dominated by Asia-Pacific during the forecast period. China, India, and other Asian nations have extensive demand for EVA foam due to higher product application as well as improved versatility. For instance, EVA foams are used during the production of shoes due to the greater comfort and shock absorption properties of the materials. China is one of the largest consumer markets followed by India. The rate of consumerism is directly dependent on the number of buyers and the growing purchasing power of the potential customers. Furthermore, these nations are considered the manufacturing hubs as most companies including international consumer goods brands manufacture products in Asian countries. China is considered the largest shoe manufacturer in the world.

In 2021, it produced more than 12.1 billion pairs of shoes as per the official report. Moreover, the growing focus of the regional governments to promote the domestic chemicals & materials industry will further impact growth in Asian countries. In April 2022, reports emerged suggesting the investment plans of two large Japanese companies in the pharmaceutical chemicals sector. The growing demand for toys is one of the leading regional drivers and China’s dominance in export of toys will help drive the production rate of EVA foam in Asia-Pacific.

EVA Foam Market: Competitive Analysis

The global EVA foam market is led by players like:

• Foamcrafted Innovations
• Primepore Creations
• NovaWave Foamworks
• Foammasters Innovate
• EVA Essence Manufacturing
• CoreComfort Creations
• PinnacleFoam Innovations
• VersaFoam Innovations
• EverSpring Foam Co.
• EliteEVA
• FoamForge Innovators
• ZenithFoam Creations
• NovaFlex Foamworks
• EVAElite Creations
• PrecisionFoam Tech
• EverForm Innovations
• ProFoam Creators

The global EVA foam market is segmented as follows:

 By Application

• Packaging
• Tapes
• Medical
• Electronics
• Footwear
• Packaging
• Padding Agent
• Toys & Games
• Others

By Type

• Low-density EVA
• Medium-density EVA
• High-density EVA

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa