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Vinyl Acetate Monomer Market 2024 - By Size, Share, Industry Growth Analysis Report By 2033
Vinyl Acetate Monomer Market
According to The Business Research Company's, The vinyl acetate monomer market size has grown strongly in recent years. It will grow from $9.14 billion in 2023 to $9.66 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to growth in construction industry, expanding packaging sector, textile and nonwoven applications, rise in consumer goods manufacturing, increased demand for paints and coatings.
The vinyl acetate monomer market size is expected to see strong growth in the next few years. It will grow to $11.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to urbanization and infrastructure development, advancements in packaging materials, focus on sustainable and eco-friendly products, automotive industry expansion, technological innovations in textile sector. Major trends in the forecast period include enhanced formulations in food packaging, focus on asia-pacific market expansion, adoption in photovoltaic encapsulation, shift toward water-based adhesives, innovation in packaging solutions.
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Market Drivers and Trends:
The growing construction industry is expected to propel the growth of the vinyl acetate monomer market going forward. The construction industry refers to the sector of the economy that is involved in the planning, design, construction, and maintenance of physical structures and infrastructure. It encompasses a wide range of activities and disciplines related to the development of buildings, roads, bridges, dams, utilities, and other types of construction projects. Vinyl acetate monomer (VAM) is used in the construction industry primarily as a key component in the production of adhesives and coatings. It is a versatile ingredient in the construction industry, contributing to the development of strong, durable, and high-performance adhesives, sealants, and coatings used in various construction applications. So these factors boost the vinyl acetate monomer market. For instance, in May 2023, according to the report shared by the United States Census Bureau, a US-based government agency, construction spending increased from $1,768.2 billion in March 2022 to $1,834.7 billion in March 2023, a 3.8 percent increase in construction spending. Therefore, the growing construction industry is driving the vinyl acetate monomer market.
New plant installations are the key trends gaining popularity in the vinyl acetate monomer market. Major companies investing in the vinyl acetate monomer market are developing vinyl acetate monomer products and materials to sustain their position in the market. For instance, in October 2022, Asian Paints Ltd., an India-based paint company, invested $32.1 million to set up a manufacturing facility for vinyl acetate ethylene emulsion and vinyl acetate monomer. The factory will be able to produce 100,000 tons of vinyl acetate monomer (VAM) and 150,000 tons of vinyl acetate ethylene emulsion (VAE) annually. And to establish a joint venture in Fujairah, United Arab Emirates, the business has also entered into a deal with Riddhi Siddhi Crusher & Land Transport, Fujair, UAE, and Associated Soap Stone Distributing, among others, with an investment of over $6.7 million over the next two years.
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Major Key Players of the Market:
The Dow Chemical Company;Wacker Chemie AG;Kuraray Co.Ltd.;Sinopec Corp.;LyondellBasell Industries N.V.;Japan Vam And Poval Co. Ltd.;Saudi International Petrochemical Company; Dairen Chemical Corporation;Solventis Ltd.;DuPont de Nemours Inc.;Chang Chun Group;Innospec Inc.;Exxon Mobil Corporation;Arkema S.A.;Lotte BP Chemical Co. Ltd.;LANXESS AG;Celanese Corporation;China Petrochemical Corporation; Braskem SA;Borealis AG;Mitsui Chemicals Inc.;Sumitomo Chemical Co. Ltd.;Hanwha Chemical Corp.;Versalis S.p.A.;LG Chem Ltd.;Formosa Plastics Corporation;BASF SE;Tosoh Corporation;UBE Industries Ltd.;Reliance Industries Limited
Vinyl Acetate Monomer Market 2024 Key Insights:
• The vinyl acetate monomer market will grow to $11.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Vinyl Acetate Monomer Market Surges With Construction Industry Growth
• Key Trends In Plant Installations Propelling The Vinyl Acetate Monomer Market
• Asia-Pacific was the largest region in the vinyl acetate monomer market in 2023
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