EVA (Ethylene-Vinyl Acetate Copolymer)
EVA (ethylene-vinyl acetate copolymer) is a composite material produced via the copolymerization of ethylene and vinyl acetate. It ranks as the fourth-largest ethylene-based polymer, following high-density polyethylene (HDPE), low-density polyethylene (LDPE) and linear low-density polyethylene (LLDPE). Depending on the vinyl acetate content, EVA can be categorized into EVA resin, EVA elastomer and EVA emulsion.
EVA Classification
| Classification | Vinyl Acetate Content | Use |
|---|---|---|
| EVA Resin | 5%-40% | It is mainly used in the manufacture of low- to mid-range products such as films, foam materials, and cable materials. |
| EVA Elastomer | 40%-70% | Used in the manufacture of rubber elastomers, PVC modifiers, automotive parts, etc. |
| EVA Emulsion | 70%-95% | It is mainly used as an adhesive, paint, and coating. |
Continuous Capacity Expansion of EVA, Concentrated in East China
China’s EVA capacity increased year on year from 2015 to 2017, albeit with a decelerating growth rate, hitting 972,000 tonnes in 2017. No new EVA capacity was added over the subsequent four years, keeping the capacity steady at roughly 972,000 tonnes. After 2020, newly built EVA units were successively commissioned. Driven by rapid development of the photovoltaic industry and other factors, EVA demand kept rising, pushing the industry into a capacity expansion cycle. Statistics show that domestic EVA capacity rose to 1.472 million tonnes in 2021, representing a year-on-year increase of 51.44%. Capacity further grew to 2.45 million tonnes in 2023, registering a compound annual growth rate above 30% during 2020–2023.
Currently, China boasts the world’s largest EVA production capacity, predominantly located in East China, which accounted for over 60% of national capacity in 2023. Northwest China ranks second with a share exceeding 20%.
Tight Supply in EVA Market; PV Encapsulant Films as Top End-use Segment
Fueled by rising EVA production capacity and growing downstream demand, China’s EVA output and apparent consumption have both expanded in recent years, reaching 2.1536 million tonnes and 3.3391 million tonnes respectively in 2023, up 28.53% and 20.85% year on year. At present, China’s EVA market faces supply-demand imbalance with undersupply, which has to be offset by imports.
In terms of downstream consumption, EVA applications in China have expanded from traditional sectors such as foaming materials and wires & cables to emerging areas including photovoltaic encapsulant films. Driven by the continuous advancement of the "Dual Carbon" goals, the domestic photovoltaic industry has witnessed robust growth, making PV encapsulant films the largest downstream consumer of EVA with a continuously rising proportion. Its consumption share climbed from 33.3% in 2020 to 58.44% in the January–October period of 2023. Going forward, sustained growth of the photovoltaic sector will continuously unlock EVA market demand and provide lasting momentum for the development of the EVA industry.
Rising EVA Imports and Net Imports in the Past Three Years
China’s EVA import volume has far outpaced exports in recent years. Starting from 2021, imports and net imports maintained upward momentum, reaching 1.3921 million tonnes and 1.1855 million tonnes respectively, rising 15.8% and 9% year on year. Exports have grown annually since 2018 and hit 206,600 tonnes in 2023, a year-on-year surge of 80.28%.
In terms of trade value, EVA import value fluctuated overall and fell to RMB 16.63 billion in 2023, down 25.04% year on year. By contrast, export value maintained steady growth, jumping from RMB 547 million in 2018 to RMB 3.646 billion in 2023.
Four Enterprises Command EVA Capacity of 300,000 Tonnes Each
The domestic EVA market features fierce competition. Local producers are mostly focused on mid-to-low-end products, with limited presence in high-end segments. According to incomplete statistics, four enterprises each held an EVA capacity of 300,000 tonnes in 2023, namely Jiangsu Sierbang, Zhejiang Petrochemical, Fujian Gulei and Shaanxi Yulin Coal Chemical. Another three enterprises each boasted a capacity of 200,000 tonnes: Yangzi Petrochemical-BASF, Yanshan Petrochemical and Xinjiang Tianli High-tech. The top seven players together account for 73.97% of the national capacity, while all other manufacturers operate capacity of 150,000 tonnes or below.
