South Korea’s Asacco recently announced that its vinyl acetate monomer (VAM) unit in Ulsan is undergoing expansion and reconstruction due to strong downstream demand for ethylene-vinyl acetate (EVA). The entire expansion project will be completed in mid-September and the plant's production capacity will increase by 40% to 210,000 tons/year.
South Korea's domestic demand for EVA growth is mainly in the photovoltaic cell market. The three largest EVA producers in Korea are: Samsung Total Petrochemical Company, Hanwha Chemicals, and Hunan Petrochemical Company. Due to the surge in market demand, it is estimated that the three companies will increase EVA production capacity in the next few years. The increased production capacity will be used to meet the Korean domestic market. Asacco is a joint venture between BP, Dow, and Samsung, each with 34%, 34%, and 32%.
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