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EVA growth hinges on solar module technology trends

Source:MLT Analytics Release Date:2022-11-09 993
ChemicalPlastics & RubberOthersCompoundingRaw Materials & CompoundsMaterials Handling, Measuring & TestingMolds & Components
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EVA will co-exist with POE in solar module encapsulation; HEVA* to overtake MEVA* as largest EVA sub-resin type in 2032.

The global market for ethylene vinyl acetate (EVA) resin is forecast for 3.5% compounded annual growth over the next ten years, reaching just in excess of 7 million tonnes in 2032 according to a report released this month by MLT Analytics entitled Global EVA Report—2022 Edition: A market and technology analysis and forecast (2019–2032) with a focus on Asia Pacific and POE inter-material competition. This growth will be fueled by developments in the solar module sector, with contributions also coming from footwear, hot melt adhesives and wire & cable. In all four of these applications, EVA will face increasing competition from polyolefin elastomers (POEs), although in some cases EVA and POE will be used in combination.

 

“While 2021 and 2022 proved to be breakout years for POE usage in solar module encapsulation due to a combination sky-high EVA prices and technical developments in modules, EVA looks like reverting to historical pricing levels, so we expect the two materials to co-exist in the market with both enjoying solid growth,” says MLTA CEO and Founder Stephen Moore. “Going forward, we expect EVA and POE to develop their market niches and become the preferred material types depending on the module format and cell structure.”


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MLT Analytics also forecasts production of solar module encapsulant sheet to globalize accompanying legislative developments such as the U.S. Inflation Reduction Act, the European Solar Initiative, and the Indian Production Linked Incentive scheme. “We are also seeing footwear manufacture diversify outside of China, particularly to Southeast Asia, but this is being driven by economic fundamentals amid the quest for supply chain resilience,” says Moore.

 

On the supply side, China will add over 77% of the new announced EVA capacity slated for installation between 2022 and 2027. “Many of the operators of these plants have stated their intent to focus on HEVA grades for solar and other applications but sheet makers’ preferences for proven offshore Tier I solar grade suppliers’ materials, especially for high-end, high output modules, may force them to pursue more balanced production strategies encompassing LDPE and MEVA grades,” says Moore.

 

Global EVA Report—2022 Edition: A market and technology analysis and forecast (2019–2032) with a focus on Asia Pacific and POE inter-material competition is available immediately as a PDF report with accompanying Excel Pivot Tables and an online interactive dashboard.


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