Westford, USA, Dec. 15, 2022 (GLOBE NEWSWIRE) -- The ethyl acetate market is a large and growing with immense potential. According to SkyQuest's analysis, the market will be worth an estimated $8 billion by 2028. The report provides a comprehensive overview of the market, including its key players, structure, supply chain dynamics, and future outlook. The report also includes an in-depth analysis of the major end markets for ethyl acetate, such as paints and coatings, adhesives, inks, and cleaning solutions.
Paints and coatings is the largest end-use for ethyl acetate market, accounting for an estimated 33% of total demand in 2021. Ethyl acetate is a versatile solvent that provides numerous benefits in paints and coatings applications, such as excellent solvency power, low volatility, and low toxicity. These properties make ethyl acetate an ideal choice for a wide range of paints and coatings formulations, including lacquers, enamels, latexes, and water-based paints. The adhesives industry is the second-largest end-use market for ethyl acetate, accounting for an estimated 28% of total demand in 2021. Ethyl acetate is widely used in adhesives formulations due to its excellent adhesive properties, low toxicity, and low volatility.
Ethyl acetate is a key ingredient in many industries, including the production of adhesives, inks, and plastics. However, its price has been volatile in recent years due to the fluctuating prices of feedstock chemicals and changes in global demand. In order to better understand the future of the market, SkyQuest conducted a detailed analysis of the global ethyl acetate market. Our findings showed that the industry is expected to grow at a moderate pace over the next five years. We also found that the Asia-Pacific region will be the main driver of this growth, followed by North America and Europe.
Looking at specific industries, we expect strong growth in demand for ethyl acetate from the food and beverage industry, as well as from the pharmaceutical and cosmetics industries. In terms of applications, we believe that coatings will be one of the key areas of growth for ethyl acetate. Bain's analysis also identified a number of challenges that could impact the future growth of the ethyl acetate industry. These include environmental regulations, feedstock costs, and competition from alternative chemicals.
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China, Japan, Taiwan, and India Produces Over 75% of the Ethyl Acetate
In recent years, Asia has become the dominant producer of ethyl acetate, with China, Japan, Taiwan, and India accounting for over 75% of global production. Global production capacity of ethyl acetate market is pegged at 4 million metric tons. It is a key ingredient in a variety of industries, including paint and coatings, adhesives, inks, and cleaning products. Demand for ethyl acetate has been growing steadily in Asia due to the region's strong economic growth and increasing manufacturing activity.
China is the largest consumer of ethyl acetate, followed by Japan and India. Taiwan is also a major consumer of the chemical. It has been found that China has production capacity of 3.5 million metric ton per year. Jiangosopo and Jiangmen Handsome are two of the leading players in the Chinese ethyl acetate market. Combined, they account for more than 1 million metric tons of total capacity in the country. Our analysis shows that both companies are well-positioned to capture continued growth in the market.
However, we have also identified some key areas where each company needs to improve in order to solidify its position as a market leader. For Jiangosopo, SkyQuest recommends that the company focus on expanding its production capacity and improving its product quality. For Jiangmen Handsome, Bain recommends that the company focus on increasing its sales and marketing efforts to better compete against Jiangosopo. Overall, the analysis provides valuable insights for companies looking to participate in China's booming ethyl acetate market.
Apart from this, major Asian producers of ethyl acetate include SINOPEC, Mitsui Chemicals, and Formosa Plastics. These companies have benefited from strong demand for the chemical in recent years. The Asian ethyl acetate market is expected to continue growing in the years ahead as economies in the region continue to expand. This will create opportunities for companies that are able to supply high-quality ethyl acetate to meet rising demand.
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Asia Pacific Ethyl Acetate Market is Struggling with Oversupply
Asia Pacific is struggling with oversupply of ethyl acetate according to SkyQuest's analysis. The oversupply is largely due to new production capacity coming onstream in China, which has been export-oriented. In the short term, this has resulted in lower prices and margin pressure for producers in the region. The oversupply situation is expected to continue in the near term, as Chinese exports are forecast to grow. This will put further pressure on prices and margins for producers in the Asia Pacific region. Chinese production of ethyl acetate has more than doubled in the past five years, and Indian production has also been growing rapidly. At the same time, demand growth in the region has been relatively sluggish.
The current situation in the ethyl acetate market is not sustainable in the long term and consolidation is needed to improve the situation. The leading companies in the industry need to continue to acquire smaller firms and integrate them into their operations. This will create a more efficient and effective industry that can provide better products and services.
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Top Trends in Global Ethyl Acetate Market
1. Increasing demand for bio-based ethyl acetate: The demand for bio-based solvents, such as ethyl acetate, has been increasing in recent years due to concerns about the environmental impact of traditional solvents. A number of companies have developed bio-based versions of ethyl acetate, which are derived from renewable sources such as corn or sugarcane.
2. Shift from traditional uses to new applications: Ethyl acetate is traditionally used in the production of paints and lacquers. However, there is an increasing demand for it from industries such as food and beverage, pharmaceuticals, and cosmetics. This shift in the ethyl acetate market is being driven by the unique properties of ethyl acetate, such as its flexibility and environmental friendliness.
3. Growing production capacity: A number of new ethyl acetate plants are being built around the world, particularly in Asia Pacific. This is in response to the increasing demand from the region.
4. Increasing use of renewable feedstocks: The use of renewable feedstocks, such as sugar cane ethanol, is on the rise in the ethyl acetate industry. This trend is being driven by concerns about climate change and sustainability.
Top Players in Global Ethyl Acetate Market
- INEOS (UK)
- Celanese (US)
- Eastman Chemical (US)
- Jiangsu Sopo (China)
- Jiangmen Handsome (China)
- Wuxi Baichuan (China)
- Jubilant (India)
- GODAVARI BIOREFINERIES LTD. (India)
- Sekab (Sweden)
- Korea Alcohol (South Korea)
- IOL Chemicals and Pharmaceuticals (India)
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