New York, Jan. 20, 2020 (GLOBE NEWSWIRE) -- The global ethyl acetate market is forecast to reach USD 5.47 Billion by 2027, according to a new report by Reports and Data. Ethyl acetate is an organic compound with a colorless liquid formation and has a distinctive sweet and fruity smell. This compound is widely mixed as the solvent and diluent in the paints & coatings and adhesives & sealants for its comparatively low cost, low toxicity, and agreeable odor. It is commonly used in nail varnish removers and in the color and inks to mark fruit or vegetables. The global ethyl acetate market is growing at a substantial pace due to the growing demand for ethyl acetates in the food & beverages for its distinctive sweet flavor and in the adhesives & sealants as a comparatively low-cost solvent. The low toxic and biodegradable nature with a very high flash point characteristics of this organic compound makes it a highly demanding and largely accepted solvent in the paint & coatings and adhesives & sealant industries worldwide.
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The Asia Pacific market is forecasted to generate the highest revenue of USD 2.04 Billion in the year 2027, owing to its extensive demand for ethyl acetates in the adhesive, paint and packaging industries. Asia Pacific, with its elevated growth in the consumer goods especially the foods and beverages in China, India, and Indonesia, is likely to retain its superiority in this market. China and India are some of the fastest-growing markets, while Germany and Japan hold some of the most prominent players in the market.
Further key findings from the report suggest
- A massive quantity of ethyl acetate are required to use in the manufacturing of flexible packaging and the polyester, Biaxially Oriented Polypropylene (BOPP) films. The treatment of the aluminum films involves this organic compound as a solvent. Also, the high printing resolution provided by this compound on both the plastics and metal surfaces makes it highly favorable for the packaging industry. The packaging industry sub-segment in the end-use verticals is forecasted to gain a market valuation of USD 0.68 Billion by 2027.
- APAC, owing to its impressive advancements in the consumer goods especially the foods & beverages and packaging industries in China, India, and Singapore, is expected to grow with the fastest CAGR of 6.3% throughout the forecast period and is expected to retain its superiority in the market by the end of 2027.
- European region is forecasted to witness a significant growth in the overall market, with 25.6% of market possession by 2027, having grown with a CAGR of 2.8% during the forecast period. Germany holds some of the most prominent players in this region.
- North America, with its high demand in the automotive paints, is accounted to retain a significant position in the global market with a market share of about 26.8% by 2027, and the CAGR is calculated to be 5.2% during the forecast period.
- Key participants include Celanese Corporation, Eastman, Chemical Company, Jubilant Life Science Ltd., Jiangsu Sopo (Group) Co., Ltd., INEOS, PT. Indo Acidatama Tbk, Solvay S.A., Daicel Corporation, Sipchem, and Merck KGaA.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global ethyl acetate market on the basis of type of devices, insertion route, applications, end-users, and region:
Distribution Channel Outlook (Revenue, USD Billion; 2016-2027)
- Online Retailing
- Offline Retailing
Application Outlook (Revenue, USD Billion; 2016-2027)
- Paints & Coatings
- Adhesives & Sealant
- Process Solvent
- Activator & Hardener
- Other Applications
End-Use Verticals Outlook (Revenue, USD Billion; 2016-2027)
- Food & Beverages
- Architectural
- Packaging Industry
- Automotive
- Textile Industry
- Others
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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