SAN FRANCISCO, Nov. 9, 2021 /PRNewswire/ -- 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.
Key Insights & Findings:
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
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.
Grand View Research has segmented the global ethyl acetate market on the basis of end-use, and region:
Check out more studies on related topics, conducted by Grand View Research:
Ethylene Vinyl Acetate Copolymer Market – The global ethylene vinyl acetate copolymer market size was valued at USD 7.9 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 3.8% from 2020 to 2027.
Ethylene Copolymers Market – The global ethylene copolymers market size was valued at USD 37.80 billion in 2016. Inherent advantages of ethylene copolymers coupled with the global growth in the packaging industry are expected to benefit the market growth over the next eight years.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.