What are the regulations impacting the Vinyl Acetate Monomer Market?

Vinyl acetate monomer is an organic compound that is produced by the reaction of ethylene and acetic acid with oxygen by using palladium catalyst. It is one of the key chemical compounds use to produce various industrial and consumer’s goods such as polymers and which are further used in coatings, wire, construction materials, etc.

The global vinyl acetate monomer market is estimated to account for US$ 8,848.2 Mn in terms of value and 7,556.0 Kilo Tons in terms of volume by the end of 2019.

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Competitive Section:

Company Names

Celanese Corporation
Dairen Chemical Corporation
Japan VAM & POVAL Co. Ltd.
Kuraray Co. Ltd.
LyondellBasell Industries
Ningxia Yinglite Chemical Co., Ltd.
China Petroleum & Chemical Corporation (Sinopec Corp.)
The Dow Chemical Company
Wacker Chemie AG
Drivers:

High demand for adhesives from various end-user industries is predominantly fueling the market growth of the vinyl acetate monomer. Adhesives are widely used across paints and coatings, construction, laminates, paper, and textiles for bonding applications due to their excellent adhesion properties to a substrate such as ceramics, metals, paper, and wood. Hence, the growing demand for adhesives from various end-user industries are propelling the market growth of the vinyl acetate monomer.

The growing use of vinyl acetate monomer for the production of polyvinyl alcohol which is further used across packaging films, photosensitive coatings and thickeners are augmenting market growth. Also, polyvinyl alcohol is used in the production of polyvinyl butyral (PVB) which has great toughness and clarity that offer a protective layer to glass. PVB is further used in the production of laminated glass of automobiles and building and construction.

Figure 1. Global Vinyl Acetate Monomer Market Share (%) in terms of Value, By Region, in 2019

Vinyl Acetate Monomer | Coherent Market Insights

Asia Pacific region dominated the global vinyl acetate monomer market in 2019, accounting for 46.2% share in terms of value.

Market Restraints

Strict environmental rules and regulations associated with the vinyl acetate products as it exhibits various potential environmental threat is expected to limit the adoption of the products. This is expected to hinder the market growth of the vinyl acetate monomer.

Lack of technological process for the manufacturing of the vinyl acetate monomer is expected to hinder the market growth. Also, high exposure of the vinyl acetate monomers leads to various health issues such as eye irritation and respiratory infections are again expected to restrict the market growth.

Growth Drivers:
High demand for adhesives from various end-user industries is fueling the market growth of the market.
The growing use of vinyl acetate monomer for the production of polyvinyl alcohol drives the market growth.
Restraints & Challenges:
Lack of technological process for the manufacturing of the vinyl acetate monomer is expected to hinder the market growth.
Market Opportunities

Growing demand for shale gas for production of vinyl acetate monomer’s raw materials is projected to offer potential growth opportunities. Crude oil is the basic material used in the manufacturing of ethylene. Ethylene is mainly produced through cracking of naphtha. However, with the use of shale gas the content of ethane in the vinyl acetate monomer stream is relatively high when compared to crude oil or naptha.

Various companies are investing heavily in developing advanced technology for improving catalyst and process technologies. This could bring new prospects to the market in the near future. The goal of developing advanced technology for the production of the vinyl acetate monomer is to reduce the overall cost of the product and enhance the yields at a lower initial cost. Thus growing focus on the technological upgradations will favor the market growth.

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Figure 2. Global Vinyl Acetate Monomer Market– Opportunity Analysis

Vinyl Acetate Monomer | Coherent Market Insights

Market Trends/Key Takeaways

Increasing focus of the manufacturer on production capacity by establishing new plants is one of the current trends in the market. For instance, in February 2019, INEOS invested £150 million in Hull to construct a new Vinyl Acetate Monomer (VAM) plant. The capacity at the site is expected to produce 300,000 metric tons per year (m.t./yr). The new plants help in strengthen U.K. manufacturing of the product and also exports from the U.K. to Europe and the rest of the world.

Supply agreement of catalysts between manufacturers for business expansion is a growing trend in the market. For instance, in July 2020, KBR entered into partnership with Shenghong Refining Petrochemical (Lianyungang) Co. Ltd., China. Where KBR will supply proprietary catalyst for a Shenghong’s grassroot 300 KTA Vinyl Acetate Monomer (VAM). The unit represents the first commercial VAM technology license and engineering contract under an alliance agreement between KBR and Showa Denko K.K. (SDK).

Figure 3. Global Vinyl Acetate Monomer Market Share (%) in terms of Value, By Application, in 2019

Vinyl Acetate Monomer | Coherent Market Insights

On the basis of application in 2019, polyvinyl acetate segment has accounted the largest market share of 45.2% in terms of value, followed polyvinyl alcohol and ethylene-vinyl acetate segment respectively

Global Vinyl Acetate Monomer Market - Impact of Coronavirus (Covid-19) Pandemic

The demand for vinyl acetate monomer market is expected to decrease over the forecast period owing to decline in the polymer and paints & coatings industry. In addition, over 80% of the textile and garment micro garment industries has shut its manufacturing due to the pandemic situation.

Value Chain Analysis

Vinyl Acetate Monomer | Coherent Market Insights

Few Recent Developments

In May 2019, Celanese has signed a memorandum of understanding (MoU) to supply vinyl acetate monomer (VAM) to China-based Anhui Wanwei Group. The MoU is a long-term commercial agreement for the supply of Celanese’s green technology-based, ethylene-based VAM to Wanwei from its chemical industrial facility in Nanjing, China.

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This release was published on openPR.