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San Francisco, November 9, 2021/PRNewswire/ - A new study by Grand View Research, Inc. shows that by 2028, the global ethyl acetate market is expected to reach US$8.3 billion. The market is expected to grow at a compound annual growth rate of 8.8% from 2021 to 2028. The market growth can be attributed to the significant increase in the production of sustainable packaging products (such as flexible packaging), which is due to increasing environmental issues, which are expected to drive the demand for solvent-based printing inks. The packaging industry is in the forecast period.
Read the 85-page market research report, "Ethyl acetate market size, sharing and trend analysis report by end use (food and beverage, pharmaceutical, automobile, artificial leather, packaging), by region, and from 2021 to 2028 Market Segment Forecasts", Author: Grand View Research
As the application range of ethyl acetate solvents in various key end-use industries such as perfume, food and beverages, automobiles, pharmaceuticals, and packaging continues to expand, their demand continues to increase on a global scale. In addition, it is also used in coating formulations such as acrylic resins, polyurethanes and epoxy resins. These coatings are used in fixtures, wooden furniture and mining equipment. They are also used in construction, agriculture, marine and automotive repair applications. Due to the booming construction industry, the consumption of this product in coatings and paints is expected to surge in the next few years.
It is mainly used as a flavor enhancer for different food and beverage products, such as coffee, tea and candy. It has a sweet taste and is also used to add fruit flavors to chewing gum, baked goods, candies, etc. In the pharmaceutical industry, solvent extraction is widely used because of its suitability for processing heat-sensitive products and its inherent flexibility. Therefore, considering the environmental impact and human safety, the product is expected to be used in the pharmaceutical industry for high consumption of solvent extraction.
The recent outbreak of COVID-19 has disrupted the global ethyl acetate value chain. In 2020, the impact of COVID-19 on the ethanol industry will be sharp and rapid. Declining consumption and operating profit margins have led to a sharp drop in ethanol production. This, in turn, will affect the industry's global demand in 2020. However, with the stabilization of the global economy in the global industrial sector, the market is expected to fully recover by the first quarter of 2022.
Grand View Research has segmented the global ethyl acetate market based on end use and region:
List of major players in the ethyl acetate market
Check out more research on related topics conducted by Grand View Research:
View Grand View Research's report on the global organic chemical industry
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Grand View Research is a US-based market research and consulting company that provides joint and customized research reports and consulting services. The company is registered in California, headquartered in San Francisco, has more than 425 analysts and consultants, and adds more than 1,200 market research reports to its huge database every year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and well-known academic institutions understand the global and regional business environment and seize future opportunities.
Contact: Sherry James Corporate Sales Specialist, Grand View Research, Inc., USA Tel: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: [Email Protection] Website: https://www .grandviewresearch. com follow us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.
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