ALBANY, New York, January 28, 2019
ALBANY, New York, January 28, 2019 /PRNewswire/ --
Transparency Market Research (TMR) witnesses the global ethyl acetate market has a highly consolidative vendor landscape. Some of the companies operating in the global ethyl acetate market are INEOS AG, Solventis Ltd., Sekab Biofuels & Chemicals AB, Sasol Ltd., Ashok Alco-Chem Ltd., Daicel Corporation, Celanese Corp., and Eastman Chemical Co. These players are increasingly engaging in strategic activities such as merger & acquisition and collaborations for business expansion and enhancing production of the ethyl acetate.
According to TMR, the global ethyl acetate market accounted for the overall revenue of US$3 bn in the year 2017 and expected to expand with a CAGR of 6% over the forecast period from 2018 and 2026.
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Based on the applications, the paint & coating segment dominated the global ethyl acetate market and is expected to expand with faster pace over the forecast period. Based on the region, Asia Pacific dominated the global ethyl acetate market in the year 2017 and is expected to remain dominant over the forecast period from 2018 to 2026. This growth is attributable to the growing manufacture of the ethyl acetate market.
Growing Demand for Advanced Packaging to Propel Growth
Ethyl acetate is increasingly used as a solvent for high-quality inks and laminating adhesives used in the numerous types of advanced packaging and plastic films. Ethyl acetate has speedy evaporation properties, which make it's suitable for use as a solvent, and is likely to be used in the packaging films. Widening applications of ethyl acetate across numerous industries are propelling the growth of the global ethyl acetate market.
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Flexible packaging offers advantages such as long shelf life and low-cost alternatives; thus, it has extensive applications in the packaging industry. Also, the packaging material made with the ethyl acetate is recyclable which is expected to boost the growth of the global ethyl acetate market. Companies are increasingly spending on improving the existing flexible packaging in order to cater demand for the ethyl acetate and likely to propel the growth of the global ethyl acetate market.
This trend observed in the market is leading to boost demand for flexible packaging, which is due to the emergence of e-commerce and e-retail companies. This is propelling demand for ethyl acetate and likely to drive the growth of the global ethyl acetate market.
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Extensive Demand from Paint & Coating to Propel Growth
Ethyl acetate has extensive application across the paints & coatings and varnishes industries as a solvent, which is expected to boost the growth of the ethyl acetate market. Growing paint & coating industry is propelling demand for the solution and likely to drive the growth of the global ethyl acetate market. This demand is again supported by the growing construction industry globally and especially in the Asia Pacific.
The factors such as rapid urbanization across developing countries such as India and China coupled with growing automation across numerous industries are propelling the growth of the market. Additionally, growing automotive industry across the developing region is boosting the growth of the ethyl acetate market.
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This information is encompassed in the report by TMR, titled "Ethyl Acetate Market (Application - Printing Inks, Adhesives, Cosmetics, Paints and Coatings, Pharmaceuticals, Food and Beverage, Herbicides) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
For the study, the ethyl acetate market has been segmented as follows:
Global Ethyl Acetate Market, by Application
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