Coronavirus Outbreak: Ethyl Acetate Market Fights Back with Well-defined Business Strategies
The global ethyl acetate market size is expected to reach USD 4,368.9 million
by 2027, exhibiting a CAGR of 9.07% during the forecast period. The growing
application of ethyl acetate in the paints & coatings industry is expected
to foster healthy growth of the market, states Fortune Business Insights, in a
report, titled “Ethyl Acetate Market Size, Share & COVID-19
Impact Analysis, By Application (Paints & Coating, Printing Ink, Process
Solvent, Food & beverage, and Others), and Regional Forecast, 2020-2027.” The
market size stood USD 3,323.2 million in 2019.
The catastrophe
caused by coronavirus has disrupted the supply chain of every industry around
the world. We understand that this health emergency has negatively impacted
various sectors across the globe. Rising support from governments and several
companies can help in the fight against this highly infectious virus. Some
industries are struggling and some are thriving. More or less, nearly every
sector is estimated to be impacted by this pandemic.
We are making endless
efforts to uplift businesses in this crucial need of the hour. Our expertise
and experience can offer enormous benefits to help regain during this global
pandemic.
Market
Driver
Growing
Utilization of Printing Ink to Support Development
The developing
printing ink industry in various regions around the world will contribute
positively to the growth of the market. The growing consumption of ethyl
acetate in the manufacturing of printing ink will foster the healthy growth of
the market. The evolving lifestyle of people will influence the healthy growth
of the market. The increasing juggernaut production capacities of required solvents
such as ethyl solvents used in the manufacturing of printing ink will have a
tremendous impact on the market.
Moreover, the desired
properties of ethyl acetate make it ideal for manufacturing both flexographic
and rotogravure printing inks. Hence, the growing demand for flexographic and
rotogravure printing inks will simultaneously enable speedy expansion of the
market in the forthcoming years.
Hindered
Import and Export Activities to Deteriorate Business Amid Coronavirus
The weak demand for
ethyl acetate due to coronavirus has resulted in an enormous loss for the
market. The restrictions imposed by the governments on import and export
activities has further obstructed the growth of the market. For instance, China
is the largest producer and exporter is facing a trade war with the US which
has further impacted its exports.
However, the demand
for ethyl acetate from the packaging industry has remained poised owing to the
essential supply of packaged food during coronavirus. Besides, the weakened
construction industry on account of labor shortage can consequently impede
business proceeding for the market in the near future.
Regional
Analysis
High
Production of Ethyl to Promote Growth in Asia Pacific
The market size in
Asia Pacific stood at USD 2,312.3 million in 2019 and is expected to dominate
the global market owing to the growing production of chemicals in China, India,
Indonesia, Taiwan. China is the largest manufacturer and exporter of ethyl acetate
in the world. In India, sugarcane molasses is the largest source of ethanol
production, thus aiding in ethyl acetate creation in large quantities.
Moreover, India exports substantial quantities of ethyl acetate to Europe. The
ongoing export activities will back the growth of the market in Asia Pacific.
Europe is expected to exhibit a high growth rate owing to the increasing
consumption of ethyl acetate. The presence of major paints & coating
manufacturing companies such as Akzo Nobel, BASF, Jotun, and others will
further foster growth in the region. The market in North America is expected to
hold a relatively small market share compared to other regions.
Browse
Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/ethyl-acetate-market-104056
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