The North America Ethyl Acetate Market would witness market growth of 6.3% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 742.2 Kilo Tonnes, showcasing a growth of 5.6% (2019-2022).
Ethyl acetate, also known as ethyl ethanoate, is a colourless liquid with a characteristic sweet smell. This is produced by the esterification of ethanol with acetic acid, typically using a catalytic amount of sulfuric acid. The market is witnessing robust growth, driven by its widespread applications in various industries such as paints and coatings, pharmaceuticals, food and beverages, cosmetics, and adhesives and sealants.
One of the key drivers of the market is the increasing demand for paints and coatings, particularly in the construction and automotive industries. It is used as a solvent in these applications, helping to dissolve other substances and maintain the desired consistency of the paint or coating. The growing construction activities, especially in emerging economies, are fuelling the demand for paints and coatings, thereby driving the growth of the market.
The pharmaceutical industry in North America has been witnessing significant growth, driven by factors such as an aging population and increasing healthcare spending. For example, according to the data published by the Government of Canada in February of 2024, pharmaceutical sales in Canada have a 2.2% share of the global sector, making Canada the 8th largest pharmaceutical industry in the world. Therefore, the region presents lucrative growth prospects for the market.
The US market dominated the North America Ethyl Acetate Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,059.4 million by 2030. The Canada market is experiencing a CAGR of 6.5% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.9% during (2023 - 2030).
Free Valuable Insights: The Ethyl Acetate Market is Predict to reach 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 U.S., Mexico, Canada, and Rest of North America.
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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