New York, US, July 17, 2021 (GLOBE NEWSWIRE) -- Ethyl Acetate Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Ethyl Acetate Market Information by Application, End-Use Industry, and Region - Forecast till 2027”, the market is expected to reach USD 4,365.0 Million by 2027 witnessing a CAGR of 9.0%.
Market Scope:
Artificial fruit essences, artificial flavor, ice cream, pastries, tea and coffee, and nail polish are just a few examples of ethyl acetate's various applications. Ethanoate is another name for it. It is used in glues and has no color. Alcohol, ketones, and Easter's are all soluble in ethyl acetate, which is also very combustible. Cleaning, coasting, and paint removal have all been accomplished using it. Because of its efficacy, low toxicity, low odor, and low cost, ethyl acetate is used as a hardener and activator in paints and coatings such cellulose, vinyl, epoxies, and acrylics. Because the coating is used in construction, mining, agriculture, and other industries, the need for ethyl acetate will increase.
Market Drives
Increasing demand for ethyl acetate in numerous packaging industries, increased lather production, rising usage of ethyl acetate in paintings, enamels, and other chemical processes changing customers' lifestyles, and other broad applications of ethyl acetate are all contributing to the industry's growth.
Apart from these expanding online food enterprises, the ethyl acetate industry is also expanding due to e-commerce. The food industry is a big contributor to market growth since there are many food products on the market that require artificial food essences, so food companies use ethyl acetate. The worldwide ethyl acetate market is also impacted by the need for artificial tastes in various food products. Due to the increasing demand for ethyl acetate in numerous industries and the wide range of uses for ethyl acetate, the market will develop at a favorable rate over the forecast period.
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Competitive Landscape:
The Notable Players in Ethyl Acetate Market are:
- Celanese Corporation (US)
- Eastman Chemical Company (US)
- INEOS (UK)
- Jubilant Life Sciences (India)
- Lonza (Switzerland)
- Sekab (Sweden)
- PT. Indo Acidatama Tbk (Indonesia)
- Solvay (Belgium)
- Merck KGaA (Germany)
- Shandong Jinyimeng Group Co. Ltd. (China)
- DAICEL CORPORATION (Japan)
- KAI CO., LTD. (South Korea)
- Sipchem (Saudi Arabia)
- SHOWA DENKO K.K. (Japan)
- Jiangsu SOPO (Group) Co., Ltd. (China)
- Ashok Alco - chem Limited (India)
- Solventis (UK)
- Kanoria Chemicals & Industries Limited (India)
- Yip's Chemical Holdings Limited (China)
- GODAVARI BIOREFINERIES LTD. (India)
Market Restraints:
The high cost of raw materials is one of the market's biggest stumbling blocks. The cost of the raw materials used to create ethyl acetate is considerable, and the high cost of production is limiting market expansion. The adverse effects of ethyl acetate on the body are another key market constraint. Ethyl acetate can also cause infections in the nose, eyes, and throat, and thus has become a market restraint. Furthermore, the market's expansion may be hampered by a number of serious health risks associated with ethyl acetate usage.
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COVID-19 Analysis Ethyl Acetate Market
Many businesses and organizations have been severely harmed by the covid-19 outbreak. Work in several sectors has come to a halt as a result of the covid-19 social distancing standards and a workforce scarcity. Businesses have been forced to close temporarily as a result of the lockdown. Many places have halted manufacturing as a result of these causes. Covid-19 has also had an impact on the ethyl acetate market, as manufacture has ceased. The demand for ethyl acetate has decreased as a result of lower manufacturing. Foods, construction, leather, and other industries were also impacted by the covid-19 epidemic, resulting in a decrease in demand for the ethyl acetate market. The covid-19 had a negative influence in the first and second quarters of 2020, but with fewer restrictions and a better scenario, demand for ethyl acetate has increased slightly.
Market Segmentation
The application segment of the market is divided on the basis of coating formulations, flavor enhancers, adhesives & sealants, pigments, process solvents, and others.
The global end-user market is divided on the basis of food & beverages, pharmaceuticals, automotive, paints and coatings, artificial leather, and others. The food & beverage industries are contributing the most to the market.
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Regional Analysis:
North America, Europe, Asia Pacific, and the rest of the world are the primary regions of the market. Due to increasing demand for ethyl acetate in industries such as pharmaceuticals, food & drinks, paints & coatings, and automotive, Asia Pacific has the largest ethyl acetate market share. In this region, the price of ethyl acetate is greater. Apart from that, the market in this region is rising due to improved economic conditions, government initiatives, and a growing population.
Because of the rising automotive sector, economy, demand for foods and beverages, and pharmaceuticals, North America has the second-largest ethyl acetate market share. Due to the increasing production of vehicle components in Europe, the market in this region is also predicted to rise rapidly. The price of ethyl acetate is cheaper in the Asia Pacific area. One of the primary factors for the growth of the ethyl acetate market in Europe is the high level of investment in pharmaceutical firms.
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