Jul 9, 2020 10:54 PM ET
iCrowd Newswire – Jul 9, 2020
According to Market Research Future (MRFR), Global Ethyl Acetate Market Size was 4.75 million in 2018 and is anticipated to register a CAGR of 4% from 2019 to 2025 (forecast period). The study offers a summary of the current scenario, the economic condition, and COVID-19 analysis on the overall industry.
Ethyl Acetate, also identified as ethyl ethanoate, is an organic ester compound with a C4H8O2 molecular formula. It is a colorless liquid with a distinctive fruity odor, commonly used as glues and nail polish removers. Ethyl Acetate is extremely flammable at a flashpoint of -4°C and is highly miscible with specific organic solvents such as alcohols, ketones, glycols, and esters. Nonetheless, there is just minor miscibility in the water. This product is widely used as a solvent for cleaning, removal of paint, and coatings.
Some of the Leading Participants Operating in the Global Ethyl Acetate Market are Celanese Corporation (US), INEOS (UK), Jubilant Life Sciences (India), Eastman Chemical Company (US), Lonza (Switzerland), Sekab (Sweden), Solvay (Belgium), Merck KGaA (Germany), Shandong Jinyimeng Group Co. Ltd. (China), DAICEL CORPORATION (Japan), KAI CO., LTD. (South Korea), Sipchem (Saudi Arabia), Jiangsu SOPO (Group) Co., Ltd. (China), Ashok Alco – chem Limited (India), SHOWA DENKO K.K. (Japan), Solventis (UK), Kanoria Chemicals & Industries Limited (India), Yip’s Chemical Holdings Limited (China), PT. Indo Acidatama Tbk (Indonesia), and GODAVARI BIOREFINERIES LTD. (India).
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The Global Market for Ethyl Acetate is mainly driven by its strong demand in major end-use industries. It has applications as an activator and stronger in paints and several coating formulations, such as epoxies, urethane, cellulosic, acrylic, and vinyl, due to its superior efficiency, low cost, low odor, and low toxicity. Demand for Ethyl Acetate is increasing due to its growing use in wood furniture and agricultural coating formulations, construction, mining, and marine equipment. In the food and beverage industry, it is used as a flavor enhancer, creating a range of flavors such as pineapple, strawberries, bananas, and others. It has a sweet aroma used to bring a fruity flavor to sweets, baked goods, and gum, among others. It is also an important ingredient in alcoholic drinks such as wine and beer. It is used to extract tobacco from cigarettes, decaffeinate coffee, and decaffeinate tea leaves. This is also used for cleaning electric circuit boards and as a high-purity nail polish remover. It can be used at a lower purity level as in printing, pharmaceuticals, perfumes, and as a carrier solvent for herbicides. This is used as a means of extraction in the concentration and purification of antibiotics. It is also used as an intermediate in the manufacture of drugs such as sulphamethoxazole, rifampicin, and others. In addition, Ethyl Acetate is an integral part of the synthetic leather industry and is used to manufacture leather bags, purses, belts, wallets, and other accessories.
However, the uncertainty of raw materials’ prices may restrict the market’s growth during the forecast period. In addition, prolonged exposure to Ethyl Acetate causes eye, nose, and throat irritation, as well as other serious health issues, which, in effect, is expected to inhibit the market growth.
The Global Market for Ethyl Acetate has been segmented by Application and End-Use Industry.
By Application, the Global Market for Ethyl Acetate has been segmented into adhesives & sealants, pigments, coatings formulations, flavor enhancer, process solvents, intermediates, and others.
Based on the End-Use Industry, the global market has been categorized into food & beverage, paints & coatings, pharmaceuticals, automotive, artificial leather, packaging, and others.
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By Region, Global Ethyl Acetate Market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The Asia Pacific captured the largest market share in 2018 due to the high demand for Ethyl Acetate in significant end-use industries such as food & beverage, pharmaceuticals, paint & coatings, and automotive. Rapid industrialization, improving economic conditions, supportive government policies, and the availability of cheap labor coupled with a growing population, are significant factors propelling the growth of the Ethyl Acetate Market in the region.
The market in Middle East & Africa is predicted to show significant demand for Ethyl Acetate during the forecast period due to the strong demand for paints & coatings in the construction, oil & gas, and automotive industries in the area.
The market in Europe is anticipated to witness significant growth due to the high production and sales of automotive components in Germany, the United Kingdom, France, Russia, and Italy. As per the European Federation of Pharmaceutical Industries and Associations, the region invested USD 42,356.88 million in pharmaceutical R&D in 2017, which is estimated to push market growth in the region.
North America is anticipated to show significant CAGR during the review period due to high demand from the automotive, pharmaceutical, food & beverage, and construction industries.
Industrialization in developing economies such as Brazil and Chile are expected to boost demand for products in Latin America during the forecast period.
COVID-19 Study in Detail:
COVID-19 Impact Analysis on Bio-Based Chemicals Market @ https://www.marketresearchfuture.com/report/covid-19-impact-bio-based-chemicals-market
COVID-19 Impact Analysis on Surfactant Market @ https://www.marketresearchfuture.com/report/covid-19-impact-surfactant-market
Impact of COVID-19 on Recycled Polyethylene Terephthalate Market @ https://www.marketresearchfuture.com/report/covid-19-impact-recycled-polyethylene-terephthalate-market
NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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