A white liquid with a distinctive sweet scent called ethyl acetate is an organic substance that is used in glues, nail polish removers, and as a solvent. The ester of acetic acid and ethanol is known as ethyl acetate.
By 2030, the worldwide ethyl acetate market will touch USD 8,443.1 million value, as per P&S Intelligence. This is explained by the rise in the use of consumer items that employ solvents, such as nail polish removers, adhesives, and printing inks, as well as the expansion of global infrastructure projects.
Growing Paint and Coating Demand Drives Ethyl Acetate Consumption
Paints and coatings frequently utilize ethyl acetate as a solvent or a hardener. These chemicals are widely utilized in the construction industry and come in a variety of compositions to suit the needs of various uses, such as improving the visual appeal and functioning of concrete while minimizing shrinkage and cracking.
Additionally, the growing consumer awareness of environmentally friendly goods and escalating strict environmental laws aimed at lowering emissions of volatile organic compounds are fueling the need for environmentally friendly paints and coatings.
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Expanding Flavor & Fragrance Sector Encourages Product Use
Ethyl acetate is frequently used as a flavoring component and fragrance to give cough medicines, perfumes, soaps, mouthwashes, air fresheners, and other cosmetic goods a sweet taste.
Fastest-Growing Category Will Be Automotive
The automotive category will grow at the quickest rate, with a CAGR of almost 8%. This may be attributable to a number of causes, such as the rapidly expanding automotive industry, the rising use of synthetic leather in automobiles, continued technical improvements, and the expanding economies of OEMs and aftermarket participants.
The demand for artificial leather from automobile OEMs is also driving up the price of the chemical, which is used to make interior car parts including sun visors, knob covers, door trims, seat coverings, and steering wheel covers. This is fueling the overall growth of the ethyl acetate market.
Exploring the Growth Potential of the Ethyl Acetate Market