Overview and Scope
Ethyl acetate is the acetate ester organic compound formed by the combination of acetic acid and ethanol. It’s a colorless liquid with a fruity odor that has less density than water and vaporizes in air. Ethyl acetate is a natural product found in various plants such as vitis rotundifolia, cinnamomum burmannii, and others. Ethyl acetate is used as solvents in paints, coatings, cleaning mixtures, decaffeinating coffee beans, and others.
Sizing and Forecast
The ethyl acetate market size has grown strongly in recent years. It will grow from $4.7 billion in 2023 to $5.15 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to chemical manufacturing demand, growth in packaging industry, textile industry applications, adhesive and sealant manufacturing, automotive paints and coatings.
The ethyl acetate market size is expected to see rapid growth in the next few years. It will grow to $7.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to bio-based and sustainable production, growth in paint and coating industry, expanding pharmaceutical sector, flexible packaging materials, increasing demand for printing inks. Major trends in the forecast period include growing demand in food and beverage industry, expanding applications in the paints and coatings sector, shift towards bio-based ethyl acetate, increasing use in pharmaceuticals, fluctuating raw material prices.
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Segmentation & Regional Insights
The ethyl acetate market covered in this report is segmented –
1) By Sales Channel: Direct Company Sale, Direct Import, Distributors and Traders.
2) By Application: Adhesives and Sealants, Paints and Coatings, Pigments, Process Solvents, Intermediates, Other Applications.
3) By End-user Industry: Automotive, Artificial Leather, Food and Beverage, Pharmaceuticals, Other End-user Industries.
Asia-Pacific was the largest region in the ethyl acetate market in 2023 and is expected to be the fastest-growing region in the ethyl acetate market during the forecast period. The regions covered in the ethyl acetate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for paints and coatings is expected to propel the growth of the ethyl acetate market. Ethyl acetate is commonly used as an industrial solvent in paints and coatings to dissolve pigments and act as a hardener, which gives long-lasting effects after application to surfaces. The construction industry and the application of painting and coating to existing buildings and infrastructure for décor and protection have significantly increased the usage of paints and coatings applications. According to the European Coatings article, paints and coatings saw a rise in volume from 14 percent in 2021 to 22 percent in 2022 with the majority of applications decorating new and old infrastructure. Therefore, the increasing demand for paint and coating applications is driving the growth of the ethyl acetate market.
Key Industry Players
Major companies operating in the ethyl acetate market report are Ineos Capital Limited, Techstorm Advanced Materials, Covestro AG, Sasol Ltd., Solvay SA, DuPont de Nemours Inc., Nan Ya Plastics Corporation, Eastman Chemical Company, Celanese Corporation, Olin Corporation, Huntsman International LLC, Mapei S.p.A., H.B. Fuller Construction Products Inc., ADEKA CORPORATION, Saudi International Petrochemical Company, Hexion, KAI Co. Ltd., UPC Technology Corporation, Jubilant Pharmova Limited, Atul Ltd., Wuxi Baichuan Chemical Industrial Co. Ltd., Jiangsu Sopo Group Co. Ltd., Yip’s Chemical Holdings Limited, Rhodia SA, Praxair Technology Inc., Galata Chemicals Galata Chemicals LLC, Berje Inc., Daicel Corporation, Showa Denko K.K., Chang Chun Plastics Co. Ltd.
The ethyl acetate market report table of contents includes:
1. Executive Summary
2. Ethyl Acetate Market Characteristics
3. Ethyl Acetate Market Trends And Strategies
4. Ethyl Acetate Market – Macro Economic Scenario
5. Global Ethyl Acetate Market Size and Growth
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32. Global Ethyl Acetate Market Competitive Benchmarking
33. Global Ethyl Acetate Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Ethyl Acetate Market
35. Ethyl Acetate Market Future Outlook and Potential Analysis
36. Appendix
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