Pune India, April 21, 2022 (GLOBE NEWSWIRE) -- Ethyl Acetate Market is anticipated to grow at a steady growth rate over the forecast period, owing to extensive usage of ethyl acetate in paints and coatings due to its properties coupled with the significant growth in global building and construction sector. Ethyl acetate is an organic compound and a widely used solvent, especially for paints, varnishes, cleaning mixtures, lacquers, and perfumes. It is a colorless liquid and the ester of ethanol & acetic acid with a characteristic sweet smell.
This chemical compound is highly flammable with a flashpoint of -4° C as well as toxic when inhaled or ingestion, and can be extremely damaging to the internal organs in the case of prolonged or repeated exposure.
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Key Insights & Findings:
- The paints and coatings segment led the ethyl acetate market and valued at USD 1,881.06 Million in 2020. This is mainly due to rising demand for ethyl acetate in manufacture of coatings, varnishes, and paints. For instance, the coatings, varnishes, and paints that are employed in building & construction and automotive industries mostly prefer ethyl acetate solvent.
- The food and beverage segment accounted for the largest market share and valued at USD 1,030.41 Million in 2020. This is due to wide ranging applications of ethyl acetate in food and beverage sector. For instance, ethyl acetate is used to add artificial flavors such as strawberries, bananas, pineapple, and others in food.
- The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia-Pacific region emerged as the largest market for the ethyl acetate market and valued at USD 1,258.32 Million in 2020. Number of factors such as increasing household incomes and rapid urbanizations in countries such as India, China, and Malaysia drives growth of the Asia-Pacific ethyl acetate market. Europe region is anticipated to grow at prominent CAGR over the forecast period, due to Europe region is likely to register the significant growth during the forecast period due to the significant presence of major paints & coating manufacturing companies.
Key players operating in the Global Ethyl Acetate Market are INEOS, Celanese, Eastman Chemical, Jiangsu Sopo, Sekab, Korea Alcohol, Jiangmen Handsome, Wuxi Baichuan, Jubliant, GODAVARI BIOREFINERIES LTD., IOL Chemicals and Pharmaceuticals, among others. To enhance their market share in the global ethyl acetate market, the key vendors are now focusing on adopting the prominent strategies such as recent developments, product innovation, mergers & acquisitions, joint venture, collaborations, and partnership.
- For instance, in June 2020, INEOS acquired BP's global paraxylene (PX), purified terephthalic acid (PTA) and acetyls businesses. This acquisition has strengthened products portfolio of INEOS.
- In August 2019, Celanese Corporation, one of the leading players in the ethyl acetate industry, has increased the price of its ethyl acetate product across the European market. The company has increased its cost by around EUR 110 per ton.
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Global Ethyl acetate Market by Application:
- Adhesives and sealants
- Paints and coatings
- Process solvents
- Intermediates
- Pigments
- Other
Global Ethyl acetate Market by End-user Industry:
- Food and Beverage
- Pharmaceutical
- Packaging
- Automotive
- Artificial Leather
- Other
Global Ethyl acetate Market by Region:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia
- Asia-Pacific
- Japan
- China
- India
- Korea
- Southeast Asia
- South America
- Brazil
- Peru
- Middle East and Africa
- UAE
- South Africa
- Saudi Arabia
About the report:
This research report gives detailed data about the major factors influencing the growth of the ethyl acetate market at the national and local level forecast of the market size, in terms of value, market share by region, and segment; regional market positions; segment and country opportunities for growth; Key company profiles, SWOT, product portfolio and growth strategies. It studies the market essential sides such as top participants, expansion strategies, business models, and other market features to improve market insight.
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