Ethyl Acetate Market Revenue to Surpass $8,443.1 Million by 2030, Says P&S Intelligence

NEW YORK, Sept. 26, 2022 /PRNewswire/ -- According to the market research report published by P&S Intelligence, sales of ethyl acetate generated $4,414.6 million in 2021, which is expected to rise to $8,443.1 million by 2030, at a 7.5% compound annual growth rate between 2021 and 2030. The key driver for the ethyl acetate market is the rising usage of solvents as food flavorings, as well as in adhesives, printing inks, and nail polish removers.

The demand for these goods is itself driven by the growth in infrastructure development activities across the globe. Additionally, the base chemical is used by itself in a range of applications in the construction industry, including the enhancement of the functionality and aesthetic appeal of concrete, while bringing about a reduction in the chance of cracks and shrinkage in the material.

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Furthermore, being of organic nature, the chemical is widely used in the production of sustainable paints and coatings. In this regard, the ethyl acetate market is driven by the stringent regulations on the emission of VOCs, which are contained in synthetic solvents. VOCs are not only harmful to the environment but humans and animals as well, which is why ethyl acetate is being used in paints, coatings, printing inks, and adhesives with a solvent base, because of its low ecological impact.

The food & beverage sector contributes more than 25% of the revenue to companies that produce this chemical, because of the rising popularity of processed food and beverages, increasing customer spending, and booming population. As a result, F&B companies are widening their product portfolios, which is pushing up the demand for ethyl acetate.

Moreover, the importance of the chemical as a solvent is also the reason the pharmaceutical industry holds the second-greatest ethyl acetate market share. With the growing incidence of diseases, in part, due to the rising geriatric population, drug manufacturers have been compelled to augment their production and come up with more-effective and less-harmful ingredients.

Due to the same reason, the packaging sector consumes a significant amount of this agent, primarily in the form of a solvent in printing inks. With the rising environmental concerns and increasing demand for flexible packaging, ethyl acetate usage continues to grow in packaging applications.

The highest CAGR, of more than 8%, is predicted in the automotive industry. This is credited to the burgeoning sale of vehicles and increasing usage of synthetic leather in the interiors.

Browse detailed report on Global Ethyl Acetate Market Growth, Development and Demand Forecast to 2030

Demand Analysis of Ethyl Acetate Market by Country

• China holds the largest share in the industry of the APAC region, as the People's Republic is home to huge chemical, automotive, and food & beverage industries. Moreover, due to the low labor costs and cheap raw materials, China is attracting investments from leading pharma companies.
• In the same way, the booming automotive, packaging, construction, and pharmaceutical sectors are propelling the ethyl acetate market advance in Japan.
• In Europe, the majority of the market revenue comes from the U.K., France, and Germany, which are the biggest industrial hubs here. This is because these countries produce a high volume of chemicals and food & beverages, apart from a significant number of automobiles.

Ethyl Acetate Market Report Coverage

By End Use

• Food & Beverage
• Pharmaceuticals
• Automotive
• Artificial Leather
• Packaging

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

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SOURCE P&S Intelligence