TAGS: Inks
The global ethyl acetate market is anticipated to expand at a CAGR of approximately 6% by 2026, according to a new report published by Transparency Market Research. Increase in demand ethyl acetate from the paints & coatings industry drives the global market.
Market to Grow at a CAGR of 6% by 2026
Ethyl acetate is used in a wide range of applications in printing inks due to their quick drying properties. The ethyl acetate market in Asia Pacific is expanding at a significant pace owing to the rise in demand for this chemical in paints & coatings applications in the region.
Ethyl Acetate – Widely Used Solvent
Ethyl acetate is extensively used as a solvent for high-resolution printing inks and laminated adhesives employed in various types of flexible packaging and plastic films owing to its rapid evaporation property.
Ethyl acetate is extensively employed in the solvent cast process to manufacture flexible packaging films. Flexible packaging is highly flexible, and available in various sizes, has a long shelf life, cost less, and can be recycled and hence, it is extensively utilized in the packaging industry. These benefits make flexible packaging a preferred type of packaging in several industries. Companies are spending more on packaging to achieve differentiation due to growing consumer awareness and increasing focus on building brand image. This is anticipated to drive the demand for flexible packaging in the next few years. Therefore, rising demand for flexible packaging drives the ethyl acetate market. The trend is expected to continue during the forecast period, as the demand for flexible packaging is increasing owing to the emergence of e-commerce and e-retail companies.
Ethyl acetate is a widely used solvent in several coatings, paints, and varnishes, which are extensively employed in building & construction and automotive industries.
The global construction industry is expanding at a significant pace. According to Oxford Economics, the construction industry is anticipated to expand at an average annual growth rate of 3.9% by 2030. Steady growth of this industry is anticipated to fuel the demand for paints and coatings. This, in turn, is projected to drive the demand for ethyl acetate in the next few years.
Additionally, rapid urbanization in developing countries such as China and India is likely to drive the automotive industry in these countries in the next few years. This is expected to boost the ethyl acetate market in China and India during the forecast period. Thus, increase in the demand for paints and coatings from construction and automotive industries is expected to propel the demand for ethyl acetate in the next few years.
Paints & Coatings Segment to Dominate Ethyl Acetate Market
In terms of application, the global ethyl acetate market has been divided into printing inks, adhesives, cosmetics, paints & coatings, pharmaceuticals, food & beverages, herbicides, and others (including marine and mining). The paints & coatings segment is projected to dominate the market. The segment is projected to expand at a significant pace from 2018 to 2026.
Rise in Usage of Ethyl Acetate in Developing Economies to Create Opportunities for Market Growth
In terms of region, the global ethyl acetate market has been split into Asia Pacific, Europe, North America, Middle East & Africa, and Latin America. Rapid urbanization in developing countries such as China, India, and Mexico is boosting the requirement for new construction. This, in turn, is propelling the demand for ethyl acetate in these countries.
Source: TMR