Key Factors Influencing the Vinyl Acetate Monomer Market Growth
Vinyl acetate monomer is an organic compound that is produced by the reaction of ethylene and acetic acid with oxygen by using palladium catalyst. It is one of the key chemical compounds use to produce various industrial and consumer’s goods such as polymers and which are further used in coatings, wire, construction materials, etc.
The global vinyl acetate monomer market is estimated to account for US$ 8,848.2 Mn in terms of value and 7,556.0 Kilo Tons in terms of volume by the end of 2019.
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Drivers:
High demand for adhesives from various end-user industries is predominantly fueling the market growth of the vinyl acetate monomer. Adhesives are widely used across paints and coatings, construction, laminates, paper, and textiles for bonding applications due to their excellent adhesion properties to a substrate such as ceramics, metals, paper, and wood. Hence, the growing demand for adhesives from various end-user industries are propelling the market growth of the vinyl acetate monomer.
The growing use of vinyl acetate monomer for the production of polyvinyl alcohol which is further used across packaging films, photosensitive coatings and thickeners are augmenting market growth. Also, polyvinyl alcohol is used in the production of polyvinyl butyral (PVB) which has great toughness and clarity that offer a protective layer to glass. PVB is further used in the production of laminated glass of automobiles and building and construction.
Market Opportunities
Growing demand for shale gas for production of vinyl acetate monomer’s raw materials is projected to offer potential growth opportunities. Crude oil is the basic material used in the manufacturing of ethylene. Ethylene is mainly produced through cracking of naphtha. However, with the use of shale gas the content of ethane in the vinyl acetate monomer stream is relatively high when compared to crude oil or naptha.
Market Trends/Key Takeaways
Increasing focus of the manufacturer on production capacity by establishing new plants is one of the current trends in the market. For instance, in February 2019, INEOS invested £150 million in Hull to construct a new Vinyl Acetate Monomer (VAM) plant. The capacity at the site is expected to produce 300,000 metric tons per year (m.t./yr). The new plants help in strengthen U.K. manufacturing of the product and also exports from the U.K. to Europe and the rest of the world.
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Few Recent Developments
In May 2019, Celanese has signed a memorandum of understanding (MoU) to supply vinyl acetate monomer (VAM) to China-based Anhui Wanwei Group. The MoU is a long-term commercial agreement for the supply of Celanese’s green technology-based, ethylene-based VAM to Wanwei from its chemical industrial facility in Nanjing, China.
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