In 2021, ethyl acetate market was valued at about $4,415 million, and this will increase to above $8,443 million by 2030, advancing at a growth rate of 8% in the future. This is credited to the increasing use of synthetic solvents for flavouring food products; the snowballing purchase rate of goods like adhesives, nail paint removers, and printing inks, in which the solvent is employed; and the increasing number of infra-activities around the world.
The automobile industry will have the fastest growth in the years to come, proceeding at a growth rate of around 8% in the industry. This can be mainly credited to the factors like the exponentially increasing automobile industry, increasing use of synthetic leather in automobiles, enduring technological progressions, and economic development of OEMs and aftermarket players.
Food & beverage had the largest revenue share, of above 25%, in the year 2021, in the ethyl acetate market and it is further dominate the industry in the future. This is due to the wide use of this chemical in packaged food and beverages, the surging requirement for packaged food, the increasing population around the world, the increasing customer spending, and the increasing product portfolio of prominent market players.
Ethyl acetate is extensively used as a flavouring agent and fragrance to and gives a sweet taste to products like cough syrups, perfumes, soaps, air fresheners, cosmetic products, and mouthwashes. Furthermore, the demand for this chemical has augmented, because of the rising requirement for flavouring agents and perfumes from cosmetic, houseware, and toiletry producers. Also, continuing R&D initiatives including aroma chemicals are helping the industry to grow.
Because of the increasing demand for artificial leather, growing automotive, construction and pharma sector has a lot to do with the growing demand for ethyl acetate across the globe.
