Ethyl Acetate Market Size, Share & Trends Analysis Report By Application (Paint & Coatings, Inks), By End-use (Artificial Leather, Automotive), By Distribution Channel (Online, Offline), And Segment Forecasts, 2023 - 2030

Ethyl Acetate Market Size, Share & Trends Analysis Report By Application (Paint & Coatings, Inks), By End-use (Artificial Leather, Automotive), By Distribution Channel (Online, Offline), And Segment Forecasts, 2023 - 2030

Ethyl Acetate Market Growth & Trends

The global ethyl acetate market size is expected to reach USD 9.29 billion by 2030, registering a CAGR of 6.8% from 2023 to 2030, as per the new report by Grand View Research, Inc. The industry growth is majorly driven by the increasing production of sustainable packaging products like flexible packaging due to the growing environmental concerns, which, in turn, is predicted to fuel the demand for solvent-based printing inks from the packaging industry during the forecast period.The demand for ethyl acetate solvents is on the rise globally, driven by their increasing utilization in diverse industries including paints & coatings, adhesives, inks, pharmaceuticals, and others.

The product is incorporated into coating formulations, such as acrylics, urethanes, and epoxies, and applied on various surfaces like fixtures, wooden furniture, and mining equipment. These coatings also find usage in construction, agriculture, marine, and auto refinishing applications. One of its primary uses lies in enhancing flavors in various food and beverage items, including coffee, tea, and confectioneries. Due to its pleasant aroma, it is also used to impart fruity notes to chewing gum, baked goods, candies, and other products. In the pharmaceutical domain, solvent extraction benefits from its adaptability to process heat-sensitive substances and overall versatility. Consequently, considering both environmental considerations and human safety, the product is expected to have substantial utilization for solvent extraction within the pharmaceutical industry.

Ethyl Acetate Market Report Highlights

• The market is expected to witness significant growth over the forecast period due to the rising product demand from the automotive and packaging industries
• Paints & coatings was the dominating application segment in 2022 and accounted forthe largest revenue share of 59.3% as the product contributes to the ease of application by controlling the viscosity and ensuring a smooth consistency, resulting in coatings that are easy to apply evenly
• In 2022, automotive emerged as the dominant application segment with a revenue share of over 37% owing to the rapid growth of the automotive industry due to the increasing adoption of electric vehicles across the globe
• Asia Pacific is projected to dominate the market in the coming years owing to the rapid development of food & beverage and automotive manufacturing industries in the region

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