Ethyl Acetate Market Study | Identify Growth Opportunities and Future Scope

The COVID-19 outbreak has adversely affected the sales of coatings and paintings due to halt in construction industry. But the growing DIY activities for home decoration even during lockdown have added growth perspective in the ethyl acetate market. So, the increased customer interest in coatings and paintings is developing growth prospective in the ethyl acetate market.

Further, it finds application in tea and coffee decaffeination. Another use of ethyl acetate is for herbicides as it works as the carrier solvent. Such a wide range of applications boosts ethyl acetate market growth. It is not limited to mentioned areas but is also applied during coating formulations in mining equipment, marine equipment, agriculture equipment, construction equipment, and wood furniture.

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Flexible Packaging Industry Demand to Bolster Ethyl Acetate Market

With extensive evaporation properties, ethyl acetate finds application in laminated adhesives and also for printing inks. They are also used in different types of plastic films and flexible packaging. Ethyl acetate is applied for the manufacturing of flexible packaging files in the process of solvent casting. This flexible packaging has been available in different sizes, is cost-effective, and provides a longer shelf life. It has recycling properties. These properties are expected to boost growth in the ethyl acetate market. Currently, companies are paying a lot for the advancement in packaging solutions because of rising customer awareness and growing emphasis on brand image building. So, it is predicted to boost requirements for pliable packaging in near future. This increased need for pliable packaging will create lucrative market opportunities in the ethyl acetate market. With anticipated growth in the e-retail and e-commerce platforms, the flexible packaging demand will increase, and it will further boost the ethyl acetate market.

Ethyl acetate is comprehensively applied in different types of varnishes, paints, and coatings that are further used in the automotive and building, and construction industries. The growth in the building and construction industry will fuel the coatings and paint industry. And, it will generate demand for the products in the ethyl acetate market in the near future. Further, an increased rate of industrialization in developing economies will drive growth in the automotive market. In turn, it will help the ethyl acetate market create new growth prospects. Thus, the growth in the automotive and building, and construction industries are anticipating growth in the ethyl acetate market.

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Some of the key industry players from the ethyl acetate market encompass Sasol Ltd., Solventis Ltd., INEOS AG, Celanese Corp., Daicel Corporation, and Godavari Biorefineries Ltd. The players are using geographical expansion, M&A (mergers and acquisitions), frequent product launches, and collaborations to create lucrative opportunities in the ethyl acetate market.

Developing Economies Expected to Provide Lucrative Opportunities

Ethyl acetate is majorly used in varnishes, coatings, and paints due to the exceptional performance and economical features of the product. It comes with lesser toxic elements and light odor. These characteristics fuel growth in the ethyl acetate market. A significant rise in industrialization and development in the construction industry will also add value in the ethyl acetate market.

During the forecast period, Asia Pacific has expected to grow at a rapid speed for value addition. There is a rising demand for solvents for the manufacturing of protective coatings and varnishes in the Middle East & Africa market. These are commonly applied in the automotive and building, and the construction industry. Further, it will create growth opportunities in the global ethyl acetate market. Further, industrialization is also boosting the ethyl acetate market in this region. Furthermore, the increasing need for ethyl acetate in pharmaceuticals, cosmetics, food and beverages, and printing inks may propel growth in the market.

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The Ethyl Acetate Market is segmented into the following sections:

Ethyl Acetate Market, by Application
Printing Inks
Adhesives
Cosmetics
Paints and Coatings
Food and Beverages
Herbicides
Others (including Marine and Mining)
Ethyl Acetate Market, by Region
Asia Pacific
China
Japan
India
ASEAN
Rest of Asia Pacific
Europe
Germany
U.K.
France
Italy
Poland
Hungary
Czech Republic
Russia & CIS
Rest of Europe
North America
U.S.
Canada
Middle East & Africa
South Africa
GCC
Rest of Middle East & Africa
Latin America
Brazil
Mexico
Rest of Latin America

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This release was published on openPR.