Vinyl Acetate Monomer Market 2020 - Factors that contribute to industry growth?
On the other hand, polyvinyl alcohol demonstrates strong applications in photosensitive textiles, coatings, and packaging owing to its properties such as high tensile strength, resistance to solvents, oil, and grease. Growing applications of these vinyl acetate monomer based products across customer and industrial sectors is, therefore, playing a pivotal role in the vinyl acetate monomer market expansion.
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Further proliferating the packaging sector, the ever-increasing millennial population is a key factor augmenting the growth of packaged food products which is eventually expanding the segment share. In addition, owing to shifting customer eating habits and thus increasing consumption of packaged and processed food, the packaging end-use segment will witness an upsurge in its demand thereby pushing the overall industry size.
Apart from packaging sector growth, the textile segment is poised to observe burgeoning demand owing to great escalation in customer grooming habitat. The major inclination of the population towards this shift is further augmenting the fashionable apparel market thereby fueling the vinyl acetate monomer market trends in the textile sector. The extensive use of VAM as a stiffening agent to manufacture footwear, handbag, flame resistant fabric, and accessories would further expand the demand for VAM through the forecast timespan. Moreover, China, the U.S., Mexico, and India would exhibit heavy growth factors for the textile industry by 2024.
Growth drivers are
o Rising global demand for paints & coatings in construction industry
o Increasing investment in infrastructure and building activities
o Growing demand for packaging application
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Speaking on the same geographical front, rapid urbanization, ever-increasing population and growing industrialization are increasing the demand for packaged and processed food across the Asia Pacific. The region has also witnessed an upsurge in the beverage, food and dairy sector in the past few years. Growing consumption of juices, energy drinks and other breweries due to growing health concerns among the population is further expanding the beverage industry in the region.
In fact, as per the reports of the World Bank, the urban population of the APAC is growing at a very high rate. Due to this, the region is also slated to observe the growing need for packaged food, as well as other beverages and dairy products. In addition, health-conscious customers are further paving ways to have better packaging over all these food and beverages. The growing consumption of food and also the increasing need to have better packaging for the foods and beverages is, therefore, the prime factor magnifying the growth of the VAM market across APAC.
Considering these development factors, Global Market Insights Inc. predicts global vinyl acetate monomer market to exceed $10 billion through 2024.
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Some of the major players operating in the global landscape of vinyl acetate monomer market are Sinopec Group, Ineospec Inc, Celanese Corporation, Exxon Mobil, NINGXIA YINGLITE CHEMICAL, Dow Chemical, KURARAY CO., LTD, Wacker Chemie, LyondellBasell, etc. Companies are using various organic and inorganic strategies to gain a competitive edge over other players in the industry.
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