LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global ethylene acrylic acid (EAA) copolymer market to grow at a CAGR of close to 9% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the rise in demand for bio-based acrylic acid as one of the key emerging trends driving the global ethylene acrylic acid copolymer market. Acrylic acid is a key component of EAA copolymers. Factors such as the rising popularity of bio-based acrylic acid over petroleum-based acrylic acid will impact the prospects of the global EAA copolymer market during 2018-2022. Acrylic acid is derived from petrochemicals with the help of multiple processes. Of late, research is being conducted to derive acrylic acid from renewable resources with the help of biotransformation methodologies. The primary reason influencing the key acrylic manufacturers to deviate from petroleum-based feedstocks is the fluctuations in global crude oil prices and unprecedented price hikes. This stimulated for the production of acrylic acid using sugar and glycerol as raw material.
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In this report, Technavio analysts highlight the increasing demand in the food packaging industry as a key factor contributing to the growth of the global ethylene acrylic acid copolymer market:
Increasing demand in the food packaging industry
EAA copolymer is characterized by multiple packaging applications in the food packaging industry, owing to adhesive properties. It adheres to packaging substrates such as paper, foil, LDPE, and polyamides. Thickening and binding properties; resistance to solvents, grease, and water; and thermo-plasticity are some of the characteristics of EAA copolymer. The polymer is characterized by high bond resistance, which makes it appropriate for acid-food packaging applications. EAA copolymer’s heat-sealing property makes it suitable for high-speed packaging. EAA copolymer is also used for the packaging of juice and aseptic milk, snack foods, ketchup, and oil, apart from their use in tea bags, alcohol swabs, dry-food packages, and laminated tube container packages.
According to a senior analyst at Technavio for specialty chemicals, “The key players in the food industry are venturing toward developing smart packaging solutions to expand their customer bases. This has increased the demand for EAA copolymer, contributing to the growth of the global EAA copolymer market.”
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Global ethylene acrylic acid copolymer market segmentation
This market research report segments the global ethylene acrylic acid copolymer market into the following applications, including adhesives and barrier coatings and key regions, including the Americas, APAC, and EMEA.
Of the two major applications, the adhesives segment held the largest market share in 2017, accounting for nearly 45% of the market. The market share for this application is expected to decrease nearly 3% by 2022. The fastest growing application is barrier coatings, which will account for nearly 32% of the total market share by 2022.
APAC was the leading region for the global ethylene acrylic acid copolymer market in 2017, accounting for a market share of nearly 55%. By 2022, the Americas is expected to witness the highest growth rate.
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