Ethyl Acetate Market Analysis and Industry Analysis by Application (Adhesives and Sealants, Coating Formulations, Pigments, Flavor Enhancer, Process Solvents, Intermediates and Others), End Use Industry (food and beverage, paints and coatings, pharmaceuticals, automotive, artificial leather, packaging and others) and region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), size, share, trends and competitive market forecast to 2027
New York, United States, July 17, 2021 (GLOBE NEWSWIRE) – Ethyl Acetate Market Overview:
According to a comprehensive research report from Market Research Future (MRFR), âEthyl Acetate Market Information by Application, End-Use Industry and Region – Forecast to 2027The market is expected to reach $ 4,365.0 million by 2027, with a CAGR of 9.0%.
Artificial fruit essences, artificial flavors, ice cream, pastries, tea and coffee, and nail polish are just a few examples of the various applications of ethyl acetate. Ethanoate is another name for it. It is used in glues and is colorless. Alcohol, ketones, and Easter are all soluble in ethyl acetate, which is also very combustible. The cleaning, coasting and paint stripping were all accomplished using it. Due to its effectiveness, low toxicity, low odor and low cost, ethyl acetate is used as a hardener and activator in paints and coatings such as cellulose, vinyl, epoxies and acrylics. Since the coating is used in construction, mining, agriculture and other industries, the need for ethyl acetate will increase.
The increasing demand for ethyl acetate in many packaging industries, the increase in foam production, the increasing use of ethyl acetate in paints, enamels and other chemical processes modifying customer lifestyles, and other general applications of ethyl acetate all contribute to the growth of the industry.
Besides these growing online food businesses, the ethyl acetate industry is also expanding through e-commerce. The food industry contributes greatly to the growth of the market, as many food products in the market require artificial food essences. Food companies therefore use ethyl acetate. The global ethyl acetate market is also impacted by the need for artificial flavors in various food products. Due to the increasing demand for ethyl acetate in many industries and the wide range of uses for ethyl acetate, the market will develop at a favorable rate during the forecast period.
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Notable players in the ethyl acetate market are:
Celanese Corporation (United States)
Eastman Chemical Company (United States)
INEOS (United Kingdom)
Jubilant Life Sciences (India)
TP. Indo Acidatama Tbk (Indonesia)
Merck KGaA (Germany)
Shandong Jinyimeng Group Co. Ltd. (China)
DAICEL CORPORATION (Japan)
KAI CO., LTD. (South Korea)
Sipchem (Saudi Arabia)
SHOWA DENKO KK (Japan)
Jiangsu SOPO (Group) Co., Ltd. (China)
Ashok Alco – chem Limited (India)
Solventis (United Kingdom)
Kanoria Chemicals & Industries Limited (India)
Yip’s Chemical Holdings Limited (China)
GODAVARI BIOREFINERIES LTD. (India)
The high cost of raw materials is one of the biggest stumbling blocks in the market. The cost of the raw materials used to create ethyl acetate is considerable and the high production cost limits the expansion of the market. Another key constraint in the market is the harmful effects of ethyl acetate on the body. Ethyl acetate can also cause infections of the nose, eyes and throat, and has therefore become a drag on the market. Additionally, market expansion may be hampered by a number of serious health risks associated with the use of ethyl acetate.
Browse the In-Depth (138 Pages) Ethyl Acetate Market Research Report: https://www.marketresearchfuture.com/reports/ethyl-acetate-market-945
COVID-19 Analysis Ethyl Acetate Market
Many businesses and organizations have been severely affected by the covid-19 epidemic. Work in several industries has been halted due to covid-19 social distancing standards and a labor shortage. Businesses have been forced to temporarily close due to the lockdown. Many places have stopped manufacturing due to these causes. Covid-19 has also had an impact on the ethyl acetate market as manufacturing has ceased. Demand for ethyl acetate has declined due to lower manufacturing. Food, construction, leather, and other industries have also been affected by the covid-19 epidemic, leading to lower demand for the ethyl acetate market. Covid-19 had a negative influence in the first and second quarters of 2020, but with fewer restrictions and a better case scenario, the demand for ethyl acetate increased slightly.
The application segment of the market is divided on the basis of coating formulations, flavor enhancers, adhesives and sealants, pigments, processing solvents and others.
The global end-user market is divided on the basis of food and beverage, pharmaceuticals, automotive, paints and coatings, artificial leather, and others. The food and beverage industries contribute the most to the market.
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North America, Europe, Asia-Pacific and the rest of the world are the main regions of the market. Due to the increasing demand for ethyl acetate in industries such as pharmaceuticals, food and beverage, paints and coatings, and automotive, Asia Pacific holds the largest market share of ethyl acetate. In this region, the price of ethyl acetate is higher. Apart from this, the market in this region is on the rise due to improving economic conditions, government initiatives and growing population.
Due to growing automotive industry, economy, demand for food and beverage, and pharmaceuticals, North America holds the second largest market share for ethyl acetate. Due to the increasing production of vehicle components in Europe, the market in this region is also expected to grow rapidly. The price of ethyl acetate is cheaper in Asia-Pacific area. One of the major growth factors of the ethyl acetate market in Europe is the high level of investment in pharmaceutical companies.
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