Asia Pacific Ethyl Acetate Market Trends 2022-28
The asia pacific ethyl acetate market size was valued at USD x billion in 2021 and is expected to reach USD x billion by 2028, at a CAGR of x% during the forecast period 2022 to 2028. Acetic acid is a colourless chemical formed when natural carbohydrates are fermented or oxidised. Acetic acid, also called as ethanoic acid, is frequently used as a cleaning agent in homes. It's also used to make vinyl acetate monomer, metal acetate, and volatile organic acetate (VAM). Acetic acid is commonly used to make greases, coatings, polyesters, and sealants, which are used in a variety of sectors including electronics, vehicles, textiles, and packaging. One of the primary reasons driving market particularly in the Asia Pacific region is the rapid expansion of these industries.
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For the projection period of 2021 to 2028, the Asia Pacific Ethyl Acetate Market is expected to develop at a 6.56 percent CAGR. The ethyl acetate market research examines the present expansion, which is being driven by a rise in the number of applications from numerous end-use industries around the world. Growing demands for the product from the flexible packaging industry, adoption of strict regulatory norms related to natural leather production, increasing usages of the product as an activator as well as hardener in paints and as a solvent in inks, enamels, and other chemical processes, rising levels of disposable income along with changing consumer lifestyles, rising growth of the synthetic leather manufacturing industry. Some of the significant and important aspects that will likely accelerate the expansion of the ethyl acetate market in the forecast timeline of 2021-2028 include a broad application scope in the making of leather bags, purses, belts, wallets, and other accessories. Nevertheless, in response to the rising number of instances of the coronavirus disease (COVID-19), governments in a number of countries have enforced lockdowns, halting activities at a number of manufacturing facilities and obstructing international trade. Once these countries' lockdown limitations are lifted, the sector will expand.
The Asia Pacific Ethyl Acetate Market segmentation:
- By Application: Paints and Coating additives, Adhesives and Sealants, Pigments, Solvents
- By End User: Food and Beverages, Automotive, Pharmaceuticals, Packaging, Artificial Leather
Due to growing urbanization, rising family incomes, and the expansion of numerous end-use industries such as automotive, furniture, and food & beverages in the area, Asia-Pacific dominates the ethyl acetate market. Because of increased demand from the automobile, pharmaceutical, food and beverage, and construction sectors in the area, North America is predicted to have the fastest growth rate.
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Some of the major key players in the Asia Pacific Ethyl Acetate Market are INEOS (Switzerland) Carbohim – Wood and Chemical Company (U.S.) Jubilant Life Sciences Ltd (India) Celanese Corporation (U.S.) EniChem (Italy) SEKAB (Sweden) Indo Acidatama Tbk (Indonesia) Chiba Ethyl Acetate Co., Ltd (China) The Nippon Synthetic Chemical Industry Co. Ltd (Japan) Dairen Chemical Corporation (Taiwan)
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