Scienza e Tecnologia
Ethyl Acetate Market Size Worth $8.3 Billion By 2028 | CAGR: 8.8%: Grand View Research, Inc.
Ethyl acetate solvents are witnessing an increase in demand across the world owing to their growing application scope in various key end-use industries such as fragrances, food, and beverages, automotive, Pharmaceuticals, and packaging. Further, it is used in coating formulations such as acrylics, urethanes, and epoxies. These coatings are applied on fixtures, wood furniture, and mining equipment. They are also used in construction, agriculture, marine, and auto refinishing applications. The consumption of the product in coatings and paints is expected to surge in the coming years owing to the flourishing construction industry.
It is majorly used as a flavor enhancer in different food and beverage products such as coffee, tea, and confectionery items. It has a sweet smell which is also used to add fruity flavors to gum, baked goods, candy, and others. In the pharmaceutical industry, solvent extraction finds many applications owing to its suitability for processing heat-sensitive products and inherent flexibility. As a result, considering environmental impact and human safety, the product is anticipated to witness high consumption for solvent extraction in the pharmaceutical industry.
The recent outbreak of COVID-19 has led to disruptions in the overall value chain of ethyl acetate worldwide. In 2020, the impact of COVID-19 on the ethanol industry was sharp and swift. Falling consumption and negative operating margins led to dramatic cut downs in ethanol production. This, in turn, affected the global demand of the industry in the year 2020. However, a complete recovery of the market is expected by the first quarter of 2022 with the stabilization of global economies of industrial sectors worldwide.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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