Dallas, Feb. 22, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, The global ethyl acetate market is expected to grow from USD 2.82 billion in 2020 to USD 5.38 billion by 2028, at a CAGR of 7.43% during the forecast period 2021-2028.
The high demand in major end-user industries and demand from the flexible packaging industry are some of the factors fuelling the ethyl acetate market.
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Ethyl alcohol is very commonly found in alcoholic beverages. One can also found Ethyl Acetate in fruit juices, radishes, cereal crops, spirits etc. They are produced by Rubus Species and Anthemisnobilis plants. Ethyl Acetate market will continue to grow because of its varied application in different business segment. They are used in providing the essence of fruits like banana, pineapple, strawberries etc. and therefore in great demand by the food & beverage industry. There is an increase in disposable income of the people in developed and developing countries. This factor has changed the lifestyle of the people and given them the access to high-quality products. This factor has increased the sales of cosmetic products. Food & Beverage industries are also expanding because of this factor. This, in turn, is driving the Ethyl Acetate market. They are widely used by coating industries for wooden furniture, construction, mining and marine equipment. It is also required in agriculture. As a high purity solvent, they are used in the formulation of nail polish remover, and for cleaning electric circuit boards. At lower purity level, they are in great demand by printing, pharmaceuticals and food industries. Ethyl acetate is utilized in the solvent cast process to manufacture flexible packaging films. Flexible packaging is very much flexible. They are available in various sizes, cost less, has a long shelf life, and can be recycled and hence, it is broadly employed in the packaging industry.
Volatile raw material costs may challenge this industry profitability and hence affecting ethyl acetate market price trend. Also, the prolonged exposure to Ethyl Acetate may cause eye, nose and throat irritation. It may cause drowsiness, faintness and cause unconsciousness. It can cause skin eruption and can be serious and fatal to human health in some of the cases. But the awareness about the health in developing countries are also indirectly helping this market; for instance, people in Brazil prefer coffee to soft drinks because they are aware of the harm caused by consuming soft drinks.
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Key players operating in the global ethyl acetate market include Celanese Corporation, INEOS, Eastman Chemical Company, Solvay S.A., Jiangsu Sopo (Group) Co., Ltd., Sigma-Aldrich Corp, Jubilant Life Science Ltd., Jinyimeng Group Co. Ltd, DAICEL CORPORATION, Sasol, Sipchem, Lindeplc and Yip Chemical Holdings Limited among others.
• The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global ethyl acetate industry. For instance, in 2016, Ineos increased its Ethyl Acetate production at one of its manufacturing site in Hull, UK. This help in meeting the demand of the suppliers and hence increasing its market share.
• For instance, in June 2019, Eastman Chemical Company announced to acquire IndustriasdelAcetato de Celulosa S.A., a Spanish producer of cellulosic yarn. The acquisition helps the organization in gaining a well-respected yarn producer and a European site that will help a company’s ability to support the global textiles supply chain.
The Paints and coatings segment is accounted for the highest market value of USD 907.53 Million in 2020
Application segment include Paints and Coatings, Process Solvents, Adhesives and Sealants, Intermediates, Pigments and others. Paints and coatings is accounted to have the highest market value of USD 907.53 Million in 2020. This is due to the fact that paints and coatings are in great demand by wooden furniture industries. They are also in needed in marine equipment etc.
The food and beverages segment is dominating the market with the highest value of USD 615.84 million in 2020
The end-user segment includes food and beverage, pharmaceuticals, automotive, artificial leather, packaging and others. Food and beverage segment is accounted for the highest market value of around USD 615.84 million in 2020. This is because ethyl acetate is widely used as a flavour enhancer in food and beverage industries.
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Regional Segment Analysis of the Ethyl Acetate Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. The Asia Pacific region is likely to witness considerable growth. Countries like India and China governments are fully determined in the making of smart cities in the region and fulfilling the standards to make smart cities. This is the reason that these countries are supporting the companies in building the infrastructure in all segments, be it construction, facility wise, healthcare wise etc. The market in Europe is anticipated to show a substantial growth rate. This is due to the fact that the European Federation of Pharmaceutical Industries and Associations in 2017 have invested the amount of USD 42,356.88 million in the pharmaceutical sector for R&D. This will drive the ethyl acetate market in this region.
About the report:
The global ethyl acetate market is analysed on the basis of value (USD Billion), volume (M MT), consumption (M MT), imports (M MT) and exports (M MT).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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