Global Ethyl Acetate Market – Industry Trends and Forecast to 2029

Market Analysis and Size

In recent years, the ethyl acetate market has seen an increase in demand for green solvents generated from renewable or natural resources. Customers seeking naturally derived products with little environmental impact are driving up demand for green solvents. Furthermore, the market for green solvents such as ethyl acetate is being driven by an increasing number of activities by state and federal governments to limit or eliminate environmental pollutants and related health hazards.

Global Ethyl acetate Market was valued at USD 3059.79 million in 2021 and is expected to reach USD 4913.77 million by 2029, registering a CAGR of 6.10% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Report Scope and Market Segmentation

Market Definition

Ethyl acetate (also known as ethyl ethanoate) is a colorless liquid with a fruity smell. It is slightly soluble in water and soluble in most organic solvents such as alcohol, ether and acetone. It is used as a solvent for wide range of applications across many industries such as food and beverages, pharmaceuticals, packaging, etc. It is an organic compound used across various applications, including artificial fruit essences, artificial flavors, ice cream, cakes, tea and coffee, and nail polish.

 Ethyl Acetate Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• High Usage for Various Applications

In the pharmaceuticals industry ethyl acetate is used as a medium of extraction in concentration and purification of antibiotics. It is also used as an intermediate in the production of drugs such as sulphamethoxazole, rifampicin, etc. Ethyl acetate-based solvent adhesives exhibit a stronger bond strength and a higher resistance to peeling. Ethyl Acetate has applications as a solvent in inks for flexographic and rotogravure printing. Other applications of ethyl acetate include adhesives, cleaning fluids, coated papers, photographic films and plates, and artificial leather.

The properties such as the low cost, low toxicity, and pleasant odor it is primarily used as solvent or a diluent for applications such as nail varnish removal or an additive in cigarettes will further propel the growth rate of ethyl acetate market. Additionally, the improved economic conditions will also drive market value growth. The various government initiatives and the surging population are other market growth determinants that are projected to bolster the growth of the market.

Opportunities

• Developments and Product Developments

Furthermore, various developments by the market players and significant investments in research and development activities that further enhance the product's applications extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing product developments of ethyl acetate will further expand the future growth of the ethyl acetate market.

Restraints/Challenges

• Stringent Laws associated with the Environment

Environmental law is becoming more important all across the world as people become more conscious of environmental challenges. Legislators have begun to draft and adopt strong environmental legislation in order to reduce the environmental impact of hazardous substances. As a result, water-based paints and varnishes are gradually gaining ground on solvent-based alternatives. The solvents' volatile nature makes them risky for users in paint and coating applications. The market for ethyl acetate has slowed as a result of this.

• Fluctuating Raw Material Prices

The ethyl acetate manufacturing requires raw materials such as acetic acid and anhydrous ethanol. However, the prices of these materials are prone to fluctuations, which further increases the overall cost price of the product. Therefore, this factor is estimated to hamper\ the market demand over the forecast period.

Negative Impact on Health

Moreover, the product’s side effects, such as eye, nose, and throat irritation, further hampers the market demand and thus creates the market's challenges.

This ethyl acetate market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the ethyl acetate market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Ethyl acetate Market

The recent outbreak of coronavirus had a negative impact on the ethyl acetate market. Due to the COVID-19 pandemic, construction operations were delayed, and sales of paints and coatings were hampered. Interest in DIY house decorating has developed as a result of the increased time spent at home as a result of the lockdown. As a result, consumer demand for coatings and paints has increased, which is projected to impact the global ethyl acetate market. COVID-19 has also prompted the chemical industry to shut down, resulting in lower output of chemical commodities including pigments, solvents, and intermediates and a negative impact on the ethyl acetate market.

Recent Development

• In March 2021. Celanese Corporation, a global chemical and specialty materials company, announced that its chemical production plant in Clear Lake, Texas will begin using recycled carbon dioxide (CO2) as a substitute feedstock in the fabrication of methanol, a critical raw material in the production of various acetyls products such as ethyl acetate, vinyl acetate monomer (VAM), acetic acid, and other derivatives.

Global Ethyl acetate Market Scope

The ethyl acetate market is segmented on the basis of application, end-use industry and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Application

• Adhesives and Sealants
• Coatings Formulations
• Pigments
• Flavour Enhancer
• Process Solvents
• Intermediates
• Others

End-Use Industry

• Food and Beverage
• Paints and Coatings
• Pharmaceuticals
   Automotive
• Artificial Leather
• Packaging
• Others

Distribution Channel

• Online Retailing
• Offline Retailing

On the basis of distribution channel, the ethyl acetate market is segmented into online retailing and offline retailing.

Ethyl acetate Market Regional Analysis/Insights

The ethyl acetate market is analyzed and market size insights and trends are provided by country, application, end-use industry and distribution channel as referenced above.

The countries covered in the ethyl acetate market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the presence of various emerging economies such as China, India and Indonesia within the region.

Europe on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the presence of major automobile manufacturing units in the region. Moreover, the presence of major industrial economies, such as Germany, France and the U.K. is driving the demand for ethyl acetate in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Ethyl acetate Market Share Analysis

The ethyl acetate market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to ethyl acetate market.

Some of the major players operating in the ethyl acetate market are

• Celanese Corporation (U.S.)
• Eastman Chemical Company (U.S.)
• INEOS  (U.K
• Jubilant Ingrevia Limited (India)
• Lonza (Switzerland)
• Sekab (Sweden)
• Indo Acidatama Tbk (Indonesia)
• Solvay (Belgium)
• Merck KGaA (Germany)
• Shandong Jinyimeng Group Co. Ltd. (China)
• DAICEL CORPORATION (Japan)
• KAI CO., LTD. (South Korea)
• Sipchem (Saudi Arabia)
• SHOWA DENKO K.K. (Japan)
• Jiangsu SOPO (Group) Co., Ltd. (China)
• Ashok Alco - chem Limited (India)
• Solventis (U.K.)
• Kanoria Chemicals & Industries Limited (India)
• Yip's Chemical Holdings Limited (China)
• GODAVARI BIOREFINERIES LTD. (India)

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