The global Ethyl Acetate Market size is expected
to reach USD 8.3 billion by 2028, according to a new study by Grand View
Research, Inc. The market is expected to expand at a CAGR of 8.8% from 2021 to
2028. The market growth can be attributed to a significant increase in the
production of sustainable packaging products such as flexible
packaging owing to rising environmental concerns, which is anticipated to
propel the demand for solvent-based printing inks in the packaging industry
over the forecast period.
Ethyl acetate solvents are witnessing an increase in
demand across the world owing to their growing application scope in various key
end-use industries such as fragrances, food, and beverages, automotive,
Pharmaceuticals, and packaging. Further, it is used in coating formulations
such as acrylics, urethanes, and epoxies. These coatings are applied on
fixtures, wood furniture, and mining equipment. They are also used in
construction, agriculture, marine, and auto refinishing applications. The
consumption of the product in coatings and paints is expected to surge in the
coming years owing to the flourishing construction industry.
It is majorly used as a flavor enhancer in different
food and beverage products such as coffee, tea, and confectionery items. It has
a sweet smell which is also used to add fruity flavors to gum, baked goods,
candy, and others. In the pharmaceutical industry, solvent extraction finds
many applications owing to its suitability for processing heat-sensitive
products and inherent flexibility. As a result, considering environmental
impact and human safety, the product is anticipated to witness high consumption
for solvent extraction in the pharmaceutical industry.
The recent outbreak of COVID-19 has led to disruptions
in the overall value chain of ethyl acetate worldwide. In 2020, the impact of
COVID-19 on the ethanol industry was sharp and swift. Falling
consumption and negative operating margins led to dramatic cut downs in ethanol
production. This, in turn, affected the global demand of the industry in the
year 2020. However, a complete recovery of the market is expected by the first
quarter of 2022 with the stabilization of global economies of industrial
sectors worldwide.
Related Press Release@ Ethyl Acetate Market Report
Ethyl Acetate Market Report
Highlights
- The market is expected to witness significant growth over the
forecast period due to rising product demand in food and beverage and
pharmaceutical applications
- The food and beverage segment emerged as the largest end-use
segment in 2020 and is estimated to generate revenue over USD 2.0 billion
by 2028
- In Asia Pacific (APAC), the market is projected to witness the
fastest growth over the estimated period due to rapid economic progress,
industrialization, and growth of major end-use sectors across countries,
such as India, China, and Japan
- Rapid development of food and beverages and automotive
manufacturing industries in APAC is also fueling the demand for the
product in the regional market
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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