The ethyl acetate market size was valued at USD 4.36 Billion in 2022 and is likely to reach USD 10.03 Billion by 2031 , expanding at a CAGR of 9.7% during 2023 – 2031. Growth of the market is attributed to rising interest in DIY home decoration.
Ethyl acetate is a colorless liquid with a distinctive sweet odor that is used as a solvent, as well as in glues and nail polish removers. The ester of ethanol and acetic acid is ethyl acetate. Ethyl acetate is used to make urethanes, cellulosic, acrylics, epoxies, and vinyl. Nitrocellulose and cellulose varnishes, acetate lacquers, and shellacs for wood furniture and fixtures, embellishing ceramic objects, automobile, auto restoration, and architectural coatings for interiors and exteriors. It has high dilution ratios with both aromatic and aliphatic diluents and is one of the least harmful industrial organic solvents. The demand for furniture is estimated to expand at a high CAGR owing to housing development activities, population growth, and rising income levels in nations like India, China, Mexico, and Brazil. As a result, demand for ethyl acetate is increasing, largely for the formulation of these coatings. Furthermore, the growing need for epoxy coatings in the aerospace and food and beverage industries worldwide is likely to boost ethyl acetate demand over the projection period.
Market Trends, Drivers, Restraints, and Opportunities
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Increasing demand from the paint and other industries is fueling the market.
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Its use in different industries is driving the market.
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Covid-19 pandemic has restrained the market growth.
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R&D investment and innovation of bio-based products is expected to offer significant opportunities for the market players.
Scope of the Report
The report on the ethyl acetate market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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The Ethyl Acetate Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Adhesives & Sealants, Paints & Coatings, Pigments, Process Solvent, and Intermediates), Applications (Food & Beverage, Pharmaceutical, Automotive, Artificial Leather, Packaging, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Adhesives and Sealants, Paints and Coatings, Pigments, Process Solvent, and Intermediates
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Market Segment Insights:
The pigments segment is anticipated to expand at a high CAGR
Based on types, the ethyl acetate market is segregated into adhesives & sealants, paints & coatings, pigments, process solvent, and intermediates. The pigment segment is projected to grow at a rapid pace during forecast period. A pigment is a colored substance that is water insoluble or nearly insoluble. Pigments are inorganic substances, whereas dyes are usually organic substances.
Liquid extraction, also known as solvent extraction or partitioning, is a technique for separating chemicals or metal complexes based on their respective solubilities in two immiscible liquids, often water and organic solvent.
The food and beverage segment is estimated to hold a major market share
On the basis of applications, the ethyl acetate market is segregated into food & beverage, pharmaceutical, automotive, artificial leather, packaging, and others. In the food sector, ethyl acetate is commonly used as a solvent as well as an artificial flavor enhancer in ice creams, cakes, other confectionery foods. Decaffeinating tea and coffee with an ethyl acetate solvent is becoming more popular as demand for decaffeinated beverages is projected to grow at a substantial rate. It can be utilized in printing and pharmaceuticals at low purity levels.
Asia Pacific is projected to hold a major market share
In terms of regions, the ethyl acetate market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is estimated to dominate the market. Growth of the market in the region is attributed to rising household incomes and urbanization in nations like China, India, and Malaysia. Though the economy has grown steadily in recent years, it is expected to rebound and expand at a high rate in the next few years.
Segments
The ethyl acetate market is segmented on the basis of
Types
- Adhesives & Sealants
- Paints & Coatings
- Pigments
- Process Solvent
- Intermediates
Applications
- Food & Beverage
- Pharmaceutical
- Automotive
- Artificial Leather
- Packaging
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- INEOS
- Sipchem
- Celanese Corporation
- Eastman Chemical Company
- DAICEL CORPORATION
Competitive Landscape
Key players competing in the ethyl acetate market include INEOS, Sipchem, Celanese Corporation, Eastman Chemical Company, and DAICEL CORPORATION
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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