An Overview of the COVID – 19 Impact on this Market:
Ethyl acetate is an organic compound produced by Fischer esterification reaction between ethanol and acetic acid or ethanol dehydrogenation process. The ethanol dehydrogenation process is considered as an economical one and widely used in a chemical plant. It is colorless and possesses a sweet smell. The indiscriminate spread of COVID-19 is already impacting the port traffic globally. Moreover, changing lifestyle and growing personal care concerns are the important trends and factors promoting the market growth positively. Therefore, they are used in various applications such as food & beverage, pharmaceutical, cosmetics, textiles, paints & coatings, adhesives & sealants, and others.
Among the various segments of the ethyl acetate market, the food & beverage segment holds the major portion and is anticipated to continue its dominance as a flavor enhancer in the food production. This product is mainly used in the production of various flavors such as pineapple, bananas, strawberries, and others. It is predicted that the cosmetics segment is set to grow at a higher CAGR due to increasing consumption of ethyl acetate in beauty products such as lip products, nail products, and hair color products to add fragrance, and cost-effective nature to the product. The pharmaceutical segment is projected to expand at a significant rate due to growing use of ethyl acetate as an extraction agent, intermediate in the industry. Additionally, the extraction agents and intermediates are used widely in the production of medicines. Ethyl acetate is used in numerous coating formulations such as epoxies, urethanes, cellulosic, acrylics, vinyl, and others. Therefore, these factors are projected to drive the paints & coating segment during the forecast period.
The Ethyl Acetate Market is segmented on the basis of application. By application, the market is segmented into segments such as pharmaceutical, food & beverage, adhesives & sealants, cosmetics, paints & coatings, textiles, and others.
The noteworthy success factors in the market are accomplished without difficulty in the market which is contributing to a raised tempo of progress in the forecast period. The innovation in products and services of the markets will modify the progression of the market notably. The market pull and competitors’ propensities are markedly enhanced by the strategies that are being used by market competitors.The heightened level of prominence placed on the variants of the products is growing the number of customers in the market appreciably.
- Jubilant Life Sciences Ltd
- The Nippon Synthetic Chemical Industry Co., Ltd
- Celanese Corporation
- Indo Acidatama Tbk
- Carbohim – Wood and Chemical Company
- Chiba Ethyl Acetate Co., Ltd
- Dairen Chemical Corporation
Detailed Regional Analysis
The market is segmented into regions such as Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa. Among these regions, the Asia Pacific region controls the key share of the market owing to the increasing consumption of ethyl acetate in the pharmaceutical, food & beverage, textiles, cosmetics, and others. The food & beverages segment leads the major portion of the market and is expected to carry on its domination in the market as a flavor enhancer and add diverse flavors to various products in the industry. The North American region is rising radically owing to an amplified consumption of ethyl acetate in the decaffeination process to cut the caffeine content of coffee, cocoa and tea leaves. It is forecasted that the rising investment in the end-use industries is expected to direct the market growth through the forecast period. The European market has also witnessed an outstanding level of growth owing to widespread use of ethyl acetate in the production of beverages, wines, and others. The Latin American region is likely to observe a predictable progress in the market owing to the increasing consumption of ethyl acetate in paints & coatings industries and textiles to impart aesthetic look and cost-effective nature to the product.
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