New York, USA, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Ethyl Acetate Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Ethyl Acetate Market Information by Application, End Use, and Region - Forecast till 2027”, the market is estimated to grow at a 9% CAGR to reach USD 4,365.0 Million by 2027.
Market Synopsis
Ethyl acetate is an organic chemical with many applications, including artificial fruit essences, flavorings, ice cream, pastries, tea, and nail paint. It is also referred to as ethyl ethanoate. In the automobile sector, ethyl acetate solvents are utilized in car care products. Since these solvents are also employed in chromatographic separation applications in the pharmaceutical industry, the market is stable. Additionally, they are added to meals and drinks to improve flavor. Ethyl acetate is employed in applications requiring challenging separations since it possesses more than four polarities. Its increased use in the wine business for the research of wine vintage and the distinction of different wines is due to its employment in column chromatography applications.
The most prevalent use of this substance, which has no color, is in glues. Alcohol, ketones, and Easter's are all soluble in ethyl acetate and are also quite flammable. Additionally, it has been used for paint removal, coasting, and cleaning. The ethyl acetate industry is expanding due to the rising demand for ethyl acetate in many industrial applications, rising lather production, soaring use of ethyl acetate in paintings, enamel paints, and other chemical processes changing consumer lifestyles, as well as other widespread applications of ethyl acetate.
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Report Scope:
| Report Attribute | Details |
| 2027 Market Size | USD 4,365.0 Million |
| CAGR | 9% (2021–2027) |
| Base Year | 2020 |
| Forecast Period | 2021–2027 |
| Historical Data | 2019 |
| Forecast Units | Value (Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Application, End Use, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The application of ethyl acetate in the coating and paints |
| Increasing the application of coatings in furniture, construction, mining, marine, and agriculture, driving the growth of the market |
Market Competitive Landscape:
The robust contenders in the ethyl acetate market are:
- Celanese Corporation (US)
- Solvay (Belgium)
- Jubilant Life Sciences (India)
- Lonza (Switzerland)
- Yip's Chemical Holdings Limited (China)
- Eastman Chemical Company (US)
- INEOS (UK)
- DAICEL CORPORATION (Japan)
- Merck KGaA (Germany)
- Shandong Jinyimeng Group Co. Ltd. (China)
- Jiangsu SOPO (Group) Co., Ltd. (China)
- Ashok Alco - chem Limited (India)
- Solventis (UK)
- Kanoria Chemicals & Industries Limited (India)
- Sekab (Sweden)
- Indo Acidatama Tbk (Indonesia)
- GODAVARI BIOREFINERIES LTD. (India)
- KAI CO., LTD. (South Korea)
- Sipchem (Saudi Arabia)
- SHOWA DENKO K.K. (Japan)
Market U.S.P. Covered:
Market Drivers:
The global need for flexible packaging solutions is driven by the rising demand for practical and environmentally friendly packaging. The market for ethyl acetate solvent-based printing inks is predicted to increase internationally. As a result of the extensive usage of added flavors, which include strawberries, pineapple, and bananas, as well as other flavors, the market is expanding. This substance is utilized in cakes, gum, baked goods, and other products because of its sweet scent. Alcohol uses it as a vital component as well. The usage of ethyl acetate is driving the market in various foods and beverages, as well as in the extraction of tobacco from cigarettes and the decaffeination of coffee.
Flexible packaging solutions are in high demand in the packaging sector due to their many advantages, which include being lightweight, inexpensive, easily recyclable, more flexible, and having a longer shelf life. The booming e-commerce and retail industries around the world, where these solutions are used, are another factor contributing to the expectation that the need for ethyl acetate-based flexible packaging products will increase in the upcoming years.
Market Restraints:
The high cost of raw materials is one of the main market constraints. The price of the raw materials required to produce ethyl acetate is expensive, and the high manufacturing costs are limiting market expansion. The adverse effects of ethyl acetate on the body are another significant market restriction. The market has been constrained by the potential for ethyl acetate exposure to result in nose, eyes, and throat infections. Additionally, ethyl acetate is associated with several serious health problems that may hinder market expansion.
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COVID 19 Analysis
In the first and second quarters of 2020, there was little demand for ethyl acetate due to the COVID-19 pandemic. However, the market has been gradually recovering, especially in the North East and South Asia region, due to the situation improving and the relaxation of lockdown restrictions towards the conclusion of quarter two. Most importers are wary of the market conditions, resulting in the year's low import volume. Due to various lockdown restrictions to stop the spread of the COVID-19 virus, business from the flexible packaging sector, which comprises packaging films, sacks, and others, is still strong.
However, the sluggish market demand directly affects the slow growth of coatings. As a result, it is anticipated that the market will experience growth challenges throughout the forecast period. Construction activities were delayed as a result of the COVID-19 epidemic, which had an impact on paint and coating sales. However, as more time is spent at home due to lockdowns, interest in DIY home décor has grown. It is therefore projected that the ethyl acetate market will continue to develop at its current rate, given the rising customer interest in paints and coatings.
Market Segmentation
By end-use industry, the market includes food & beverage, automotive, artificial leather, paints & coatings, pharmaceuticals, packaging, and others. By application, the market includes pigments, flavor enhancers, process solvents, adhesives & sealants, coatings formulations, intermediates, and others.
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Regional Insights
Due to the significant demand for ethyl acetate in sectors including medicines, food and beverage, paints and coatings, and automotive, the Asia-Pacific region accounts for the largest market share for the substance. In this area, the price of ethyl acetate shares is higher. In addition, the region's market is expanding due to better economic conditions, social programs, and an expanding population.
Due to its expanding economy, pharmaceutical industry, food and beverage demand, and automotive industry, North America has the second-highest market share for ethyl acetate. Due to the region's high level of vehicle component manufacture, the European market is likewise anticipated to rise quickly. The share price of ethyl acetate is less than that of the Asia-Pacific area. The European region made significant investments in pharmaceutical firms, one of the key factors contributing to the expansion of the ethyl acetate market size in this area.
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