Vinyl Acetate Monomer
Introduction
Vinyl Acetate Monomer (VAM) is a colourless, volatile, flammable liquid used in the homopolymer and copolymer production of polyvinyl acetate, reacting with each other to produce derivatives like ethylene-vinyl alcohol and polyvinyl alcohol. Vinyl acetate monomer is typically produced through the catalytic reaction of acetic acid with acetylene or ethylene. This process involves several steps, including the formation of a vinyl acetate catalyst and subsequent polymerization. Limited processing technologies and high capital costs are entry barriers for producers, and the market thus has limited operating players.
VAM Demand Outlets
VAM is a versatile chemical compound with a wide range of applications:
Adhesives and Sealants: VAM is a key ingredient in the formulation of adhesives and sealants, providing excellent bonding properties in industries such as construction, packaging, and automotive.
Paints and Coatings: The paints & coatings industry relies on VAM to create high-quality paints, varnishes, and coatings with desirable adhesion and durability properties.
Textiles: VAM-based emulsions are used in textile finishing processes to impart water resistance and improve fabric quality.
Packaging: VAM-based adhesives play a crucial role in the packaging industry, ensuring the integrity and sealing of various packaging materials.
VAM Supply-Demand Overview
Global VAM capacity crossed 8,600 kilo tons in 2022, with more than 60% residing in Asia Pacific. With no new capacity announcements in Western Europe, the region is expected to continue to remain a net importer of VAM. Key manufacturers operating across the globe include Dow Chemical, Celanese, Dairen Chemical, INEOS, LyondellBasell, Lotte Chemicals, Showa Denko, and Kuraray. Representing a 17% share in the global supply, Celanese is the largest manufacturer, operating its facilities in Germany, USA, China, and Singapore.
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Vinyl Acetate Monomer Capacity, By Company – 2022 (Kilo Tons)
Forecast will see major supply additions in China, as the country reduces its import dependency and becomes self-sufficient. A plethora of newer supplies in China have forced producers in Western Europe and North America to either trim run rates or adjust capacity. INEOS shut its VAM plant in UK, while Celanese announced the shutdown of its VAM facility in Spain, owing to competitiveness.
Global vinyl acetate monomer market size was estimated at 7,200 kilo tons in 2022, with a projected compound annual growth rate (CAGR) of 3.5% over the next ten years. Rising demand for VAM in automotive and construction sectors will drive the market during the forecast. Asia Pacific and North America are the leading consumers, collectively responsible for more than three-quarters of the global demand.
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VAM Pricing Dynamics
Vinyl acetate monomer prices have shown resilience in the face of economic fluctuations. The pricing dynamics are influenced by factors such as raw material costs, production techniques, and global demand. In 2022, North American VAM prices stood at USD 2281 per metric ton, while those in Europe were assessed at USD 1954/MT. Meanwhile, Asia Pacific prices hovered at around USD 1470/MT.
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