As per a report published by P&S intelligence, the total value of the ethylene vinyl acetate market was USD 7,060.8 million in 2021, and it will grow at a rate of 7.2% by the end of this decade to touch USD 13,149.7 million by 2030.

The main factors which are responsible for the development of the industry include growing solar photovoltaic installation, increasing demand for the material in a number of industries, and increasing agricultural activities happening all over the world.

The foam category dominated in the past, on the basis of application. This is chiefly due to the developing end-use industries, including furniture, automotive, electronics, and building & construction in Thailand, India, and China. 

The direct/institutional sales category will dominate the industry, on the basis of distribution channel. This is mainly because of the customers' desire for improving their health and appearance and exclusively personalized customer experience offered by distributors, sharing their thirst for products.

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The renewable energy category will grow the fastest in the years to come. The main reason for this will be the rising shift from fossil fuels to renewable energy and growing technical advancements.

Above 28% VA category will have the fastest growth in the industry, on the basis of grade. This has a lot to do with the sudden increase in the requirement for foam and solar cell encapsulation. 

Growing installations of solar panels globally and technological progresses improving functionalities of solar will also contribute to the growth of this category. 

APAC will be the leader of the pack in ethylene vinyl acetate market by the end of this decade. The factors including increasing urbanization and commercial activities, growing population, and rising disposable income have powered the industry. Also, the booming regional packaging and footwear industries have triggered the growth of the industry in this region.

One of the main drivers  of the industry is the increasing installation of solar PV panels. Solar power is the most abundant and cleanest renewable energy source presently available. China, Spain, Germany, and the U.S. have some of the world's most-extensive solar resource projects. Solar energy is promoted aggressively in both developing and developed nations as a viable substitute to conventional energy.