It is used as a solvent in coatings, inks, and cleansing agents as it is able to dissolve both polar and non-polar compounds. The global ethyl acetate market demand has surged in recent years owing to growing requirement from paints and coatings manufacturers. The ethyl acetate acts as a thinner and provides gloss and finish to paint formulations. Moreover, it finds extensive applications in nail paints and varnishes due to its excellent solvent properties.
The global ethyl acetate Market is estimated to be valued at US$ 6.35 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for ethyl acetate has witnessed a steep rise mainly from paints and coatings segment where it is used as a solvent. The paints and coatings industry has seen an uptick in activities on account of burgeoning construction industry worldwide. According to research, the global construction output is forecast to grow by 85% by 2030. This sharp rise in construction activities is directly boosting consumption of paints and coatings, requiring increased volumes of ethyl acetate as a solvent. With construction industry continuing to proliferate across developing regions of Asia Pacific and Latin America, demand for ethyl acetate from paints and coatings applications is likely to observe exponential growth over the coming years.
Segment Analysis
Ethyl acetate is widely used as a cleaning agent in metal degreasing and solvent applications. This segment accounts for the largest share. Ethyl acetate is an excellent solvent for coating applications due to its fast evaporation rate and low toxicity. The coating segment is the second largest and fastest growing segment. Key applications include spray paints and lacquers.
Key Takeaways
The Global Ethyl Acetate Market Size is expected to witness high growth over the forecast period driven by increasing demand from coating applications. The global ethyl acetate Market is estimated to be valued at US$ 6.35 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024-2031.
Regional analysis
North America is expected to dominate the global market over the forecast period supported by growing demand from end use industries like food and beverages in the US. Asia Pacific is anticipated to be the fastest growing region owing to increasing industrial activities and expanding coatings industry in China and India.
Key players
Key players operating in the ethyl acetate market are Berkshire Corporation, Kimberly-Clark Corporation, Contec, Inc., DuPont, Ansell Ltd., Illinois Tool Works Inc., Thermo Fisher Scientific Inc., Valutek Inc., Steris, Avantor, Inc., and KM Purely.
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