The Europe Ethyl Acetate Market would witness market growth of 6.0% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 608.4 Kilo Tonnes, showcasing a growth of 5.2% (2019-2022).
The pharmaceutical industry is another major consumer of ethyl acetate, which is used as a solvent in producing medicines, tablets, and capsules. In recent years, the pharmaceutical industry has experienced significant growth, driven by an aging population, increasing prevalence of chronic diseases, and rising healthcare expenditure. This is expected to boost the demand for this in the pharmaceutical sector.
NCDs affect individuals of all ages, regions, and nationalities. 17 million noncommunicable disease-related fatalities occur before the age of 70, contrary to the common perception that these conditions only affect older age groups. The WHO projected that 86% of these untimely fatalities transpire in nations classified as low-income or middle-income.
The European Union possesses a robust and fiercely competitive pharmaceutical sector. It drives job creation, commerce, and scientific progress while serving public health alongside other public and private actors. Data from the European Commission indicates that pharmaceutical companies contributed more than €37 billion to research expenditures in 2019. A trade surplus of €109.4 billion is generated by this sector. Thus, the expanding pharmaceutical industry in Europe is driving an increasing demand for ethyl acetate due to its versatility, safety, and effectiveness in pharmaceutical applications.
The Germany market dominated the Europe Ethyl Acetate Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $372.3 million by 2030. The Russia market is exhibiting a CAGR of 5.6% during (2023 - 2030). Additionally, The UK market would experience a CAGR of 5.5% during (2023 - 2030).
Free Valuable Insights: The Global Ethyl Acetate Market will Hit USD 8.5 Billion by 2030, at a CAGR of 6.6%
Based on Distribution Channel, the market is segmented into Offline, and Online. Based on Application, the market is segmented into Paint & Coatings, Inks, Process Solvents, Pigments, and Others. Based on End-use, the market is segmented into Automotive, Artificial Leather, Food & Beverage, Pharmaceutical, and Packaging. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Distribution Channel (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End Use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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