Ethyl Acetate Market Size to Grow USD 4190 Million by 2029 at a CAGR of 1.95% | Valuates Reports
BANGALORE, India, March 30, 2023 /PRNewswire/ -- The Global Ethyl Acetate Market is Segmented by Type (0-5L, 5L-30L, Above 30L), by Application (Factory, Lab): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is published in Valuates Reports under the Distance Learning Category.
Due to the COVID-19 pandemic, the global Ethyl Acetate (EA) market size is estimated to be worth 3660 Million USD in 2022 and is forecast to a readjusted size of 4190 Million USD by 2028 with a CAGR of 1.95% during the review period.
Major factors driving the growth of the Ethyl Acetate (EA) market:
Growing demand from the paints and coatings industry and flexible packaging sectors are anticipated to be the main driver of market expansion. Also, the market's expansion is probably supported by strict regulatory standards for the production of natural leather. Improvements in the process of ethanol generation from coal and natural gas are projected to open up new market growth potential. This in turn is expected to drive the growth of the Ethyl Acetate (EA) market
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TRENDS INFLUENCING THE GROWTH OF ETHYL ACETATE MARKET:
Due to worries about the effects of traditional solvents on the environment, there has been an increase in the demand for bio-based solvents like ethyl acetate in recent years. Many businesses have produced bio-based ethyl acetate that is made from renewable resources like corn or sugarcane. This in turn is expected to drive the growth of the Ethyl Acetate market.
Paints and lacquers have traditionally been made using ethyl acetate. Yet, it is becoming more and more in demand from sectors including food and beverage, medicine, and cosmetics. The distinctive qualities of ethyl acetate, such as its flexibility and environmental friendliness, are driving this movement in the ethyl acetate market.
Several new ethyl acetate factories are being constructed all over the world, especially in Asia and the Pacific. This is in response to the region's rising need. The ethyl acetate business is increasingly using renewable feedstocks, like sugar cane ethanol. Concerns about climate change and sustainability are driving this trend.
More than half of the world's ethyl acetate consumption is accounted for by the paint and coatings sector. The sector is growing, particularly in developing nations, and this is anticipated to drive the global market throughout the projection period. The second and third greatest shares belong to the segments for printing inks and process solvents. Applications in the food and pharmaceutical industries are anticipated to grow at brisk rates. A single-digit market share of ethyl acetate is accounted for by adhesive and other uses. This in turn is expected to drive the growth of the Ethyl Acetate market.
The printing ink market is booming, especially in developing nations like India, China, and Indonesia. Double-digit growth in the nation is expected in the future years, according to industry analysts. The growth of the printing ink industry is a result of modern shopping, evolving lifestyles, and the explosive expansion of the packaging sector. The Asia-Pacific region's domestic printing market is also growing, which is likely to result in increased demand for printing ink. The availability of local giant production capacities of necessary solvents, such as ethyl solvents used in the creation of printing ink, can meet this expanding demand. It is perfect for producing both flexographic and rotogravure printing inks due to the needed qualities.
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ETHYL ACETATE MARKET SHARE:
Ethyl acetate is now mostly produced in Asia. It is a crucial component used in many different industries, such as paint & coatings, adhesives, inks, and cleaning supplies. Due to the robust economic expansion and rising manufacturing activity in the region, ethyl acetate demand has been rising rapidly across Asia.
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Key Companies:
- INEOS(CH)
- Celanese(US)
- Showa Denko(JP)
- Jubilant Life Sciences(IN)
- LAXMI ENTERPRISE(IN)
- Rhodia(Solvay)(FR)
- Somaiya(IN)
- Korea Alcohol(KP)
- Sipchem(SA)
- DAICEL(JP)
- BP(UK)
- Ercros(ES)
- Eastman(US)
- Dhampur(IN)
- Sasol(ZA)
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- The global polyamide market size was valued at USD 26.7 billion in 2020 and is projected to reach USD 40.6 billion by 2028, growing at a CAGR of 5.4% from 2021 to 2028. Key drivers of the polyamide market include booming automobile sales.
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