According to Stratistics MRC, the Global Ethyl Acetate Market is accounted for $4.0 billion in 2021 and is expected to reach $9.64 billion by 2028 growing at a CAGR of 10.8% during the forecast period. Ethyl acetate is a colorless, highly soluble substance used by all organic solvents such as glycols, ketones and esters. It is a liquid substance with physical property similar to aromatic odor, best identified for glues and the removal of nail paints. This product is often used as a solvent for cleaning, removing nail paints, and coating. Ethyl acetate, also known as ethyl ethanoate, is an organic ester compound with the chemical formula C4H8O2. Additionally, it is known as acetic ether or acetic ester.
Driver: Increase in Demand for Flexible Packaging
Flexible packaging is highly flexible, available in several sizes, costs less, has a long shelf life, and can be recycled and therefore, it is widely employed in the packaging industry. These benefits make flexible packaging a preferred type of packaging in many industries. Companies are spending more on packaging to achieve differentiation owing to rising consumer awareness and a growing focus on building brand image. Hence, the rising demand for flexible packaging drives the ethyl acetate market. Ethyl acetate is extensively used as a solvent for high-resolution printing inks and laminated adhesives and is employed in numerous types of flexible packaging and plastic films owing to its rapid evaporation property. Ethyl acetate is used in the solvent cast process to manufacture flexible packaging films.
Restraint: High Cost & Health risk
The high cost of raw materials is one of the market’s biggest stumbling blocks. The cost of the raw materials used to create ethyl acetate is considerable, and the high cost of production is limiting market expansion. The adverse effects of ethyl acetate on the body are another key market limitation. Ethyl acetate can also cause infections in the nose, eyes, and throat, and thus has become a market restraint. Furthermore, the market’s expansion may be hampered by several serious health risks associated with ethyl acetate usage.
Opportunity: Increasing use in many industries
As it is used in many industries such as food & beverages, healthcare, packaging, automotive, artificial leather, etc. that has created huge opportunities for the ethyl acetate market growth. It is used to make leather products, and the use of ethyl acetate to make leather products such as bags, wallets, purses, and other accessories is bringing new opportunities for the market. The food industry is increasing rapidly and fulfilling the demand of the customers. The vendors are using ethyl acetate to add artificial flavors, and it is creating a positive impact on the ethyl acetate market. The increasing need for cleaners and nail polish remover, the need for ethyl acetate in pharmaceutical sectors will bring more opportunities for the market in the future.