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  • Published On : May 2022
  • Code : CMI2353
  • Industry : Bulk Chemicals
  • Pages : 130
  • Formats :

Ethyl acetate is a colourless 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. Ethyl acetate is an organic compound that has so many uses, such as artificial fruit essences, artificial flavour, ice cream, cakes, tea and coffee, and nail polish. Ethyl acetate is also known as ethyl ethanoate.

The ethyl acetate market is estimated to surpass 7.4 MMT by the end of 2028 in terms of revenue, exhibiting a CAGR of 6.0% during the forecast period (2021 to 2028).

Drivers

In 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. Owing to 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. 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 demand for the paints and coatings market is growing significantly, as paints and coatings provide two primary functions of considerable economic importance, namely, decoration and protection. The majority of paints and coatings produced globally are used to decorate and protect new construction as well as to maintain existing structures, including residential homes and apartments, public buildings, and plants and factories. Thus, increased usage of paints and coatings is estimated to drive the market for ethyl acetate.

As ethyl acetate has more than four polarities, it is used in applications with difficult separations. It is also used in column chromatography applications, thereby resulting its surged in the wine industry for the differentiation of various wines and the study of wine vintage. With increasing wine consumption in Germany, the U.K., etc., new chromatography applications are anticipated to emerge contributing significantly to the overall market growth.

Among region, Asia Pacific held dominant position in the global ethyl acetate market in 2020 with a volume share of 76.3%, due to the high demand for ethyl acetate in industries such as pharmaceuticals, food & beverages, paints & coatings, and automotive. Furthermore, improved economic conditions, government initiatives, and a growing population is driving the growth of the market in this region.

Figure 1. Global Ethyl Acetate Market Volume Share (%), By Region, 2020

Ethyl Acetate  | Coherent Market Insights

Market Restraints

The growing awareness of environmental issues has increased the need for environmental legislation all around the world. To decrease the environmental impact of hazardous substances, legislators have begun to draught and enact strict environmental regulations. As a result, solvent-based paints and coatings are slowly losing ground to water-based alternatives. The volatile nature of the solvents makes them dangerous for users in paint and coating applications. This has slowed the growth of ethyl acetate market.

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Ethyl Acetate Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: 4.9 MMT
Historical Data for: 2017, 2018, and 2019 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 6.0% 2028 Value Projection: 7.4 MMT
Geographies covered:
  • Region: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
Segments covered:
  • By Application: Paints & Coating additives, Adhesives & Sealants, Pigments, Solvents
  • By End-use Industry: Food & Beverages, Automotive, Pharmaceuticals, Packaging, Artificial Leather
Companies covered:

Celanese Corporation, Eastman Chemical, Solutia, INEOS Group Limited, Rhodia Brasil, Showa Denko, Shanghai Wujing Chemical, Sasol Limited, Jiangmen Handsome, and Sekab

Growth Drivers:
  • Growth in the global pharmaceuticals industry sector
  • Multiple application of the ethyl acetate in the food & beverages, automotive, packaging, and other sectors
Restraints & Challenges:
  • Replacement of solvent-based coating with water-borne coatings 

Market Trends

In India, the demand for artificial leather is increasing in the automotive industry due to its heat resistant properties, breathability, and elasticity. It is being used for sun visors, roof lining, and other cars, buses, trucks, door trims bikes, steering wheel covers, knob covers, and gear boots. Thus, growth in the demand for artificial leather is estimated to drive the market for ethyl acetate. Due to such factors, the market for ethyl acetate in India is expected to have a steady growth during the forecast period.

Figure 2. Global Ethyl Acetate Market Volume Share (%), By End-use Industry, 2020

Ethyl Acetate  | Coherent Market Insights

Among end-use industry food and beverages held the largest volume share of 37% in the global ethyl acetate market in 2020. Rising demand for food & beverages is expected to drive growth of the global ethyl acetate market. This high volume  share is attributable to increased usage in various food products such as fruits, dairy, meat, and vegetables among others due to its low toxicity, agreeable odor, and low cost.

Global Ethyl Acetate Market - Impact of Coronavirus (COVID-19) Pandemic

The market was negatively impacted by the effect of COVID-19 pandemic. Due to less production, there is a decrease in the demand for ethyl acetate as well. The sectors such as construction, foods, leather, and other sectors were also affected due to the covid-19 pandemic, decreasing the demand for the ethyl acetate market. The covid-19 had a negative impact in the first and second quarter of 2020, but ease of restrictions and improving situation led to a little growth in demand of the ethyl acetate market size.

Competitive Section

Major players operating in the global ethyl acetate market include Celanese Corporation, Eastman Chemical, Solutia, INEOS Group Limited, Rhodia Brasil, Showa Denko, Shanghai Wujing Chemical, Sasol Limited, Jiangmen Handsome, and Sekab

Ethyl acetate is a neutral colorless liquid with a faint, pleasantly fruity odor. It is miscible in all proportions with the common organic solvents. It is slightly soluble in water and soluble in most organic solvents such as ether, acetone, and alcohol. Stringent regulatory norms regarding natural leather production is driving growth of the market. Ethyl acetate is used in spread-coating compounds for artificial leather. Ethyl ethanoate is extensively utilized as a component of lacquer thinners and lacquer thinners. Ethyl Acetate solvent is commonly used in column and thin-layer chromatography. It is manufactured by the esterification of acetic acid, ethanol and catalytic condensation of acetaldehyde with alkoxides. Ethyl acetate, also known as acetoxyethane, acetic acid ethyl ester, acetic ether, ethyl acetic ester, vinegar naphtha, acetic acid, ethyl ester, ethyl acetate, acetidin, acetic ester, is one organic compound and is used predominantly as a solvent in various reactions. Ethyl acetate is obtained through the direct esterification of ethyl alcohol with acetic acid, a process that involves combining acetic acid with excess ethyl alcohol and adding a small amount of sulphuric acid.

Market Dynamics

In North America, ethyl acetate is mainly used for manufacturing paints, and coatings, printing inks, synthetic leather, and others. The increasing consumption of these products is expected to contribute to the growth of the ethyl acetate market in the region. The growing demand for convenient and flexible packaging solutions for food products and beverages in the U.S. is expected to drive the growth of ethyl acetate in the region.

The steady economic growth and an increase in the number of middle-and high-income consumers in countries, such as Argentina, Brazil, Peru, and Chile, are leading to a change in lifestyle patterns in the region. These factors have led to a strong increase in the demand for Ready-To-Eat (RTE) food products that are healthy and conveniently packed. This, in turn, is expected to drive the growth of the flexible packaging market, which will directly increase the consumption of ethyl acetate solvent-based printing inks in the region. In addition, the high demand for paints and coatings in the automotive, furniture, and other industries in countries, including the UAE, Kuwait, and Saudi Arabia, is expected to increase the demand for ethyl acetate.

Key features of the study:

  • This report provides an in-depth analysis of global ethyl acetate market, and provides market size (US$ billion & MMT) and compound annual growth rate (CAGR %) for the forecast period (2021-2028), considering 2020 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global ethyl acetate market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study include Celanese Corporation, Eastman Chemical, Solutia, INEOS Group Limited, Rhodia Brasil, Showa Denko, Shanghai Wujing Chemical, Sasol Limited, Jiangmen Handsome, and Sekab
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
  • The global ethyl acetate market report caters to various stakeholders in this industry including investors, suppliers, ethyl acetate manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global ethyl acetate market

Detailed Segmentation:

  • Global Ethyl acetate Market, By Application:
    • Paints & Coating additives
    • Adhesives & Sealants
    • Pigments
    • Solvents
  • Global Ethyl acetate Market, By End-use Industry:
    • Food & Beverages
    • Automotive
    • Pharmaceuticals
    • Packaging
    • Artificial Leather
  • Global Ethyl acetate Market, By Region:
    • North America
      • By Country:
        • U.S
        • Canada
    • Latin America
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Country:
        • Germany
        • U.K
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Country:
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East & Africa
      • By Country/Region:
        • Middle East
        • Africa
  • Company Profiles
    • Celanese Corporation 
      • Company Overview
      • Product Portfolio
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Eastman Chemical
    • Solutia
    • INEOS Group Limited
    • Rhodia Brasil
    • Showa Denko
    • Shanghai Wujing Chemical
    • Sasol Limited
    • Jiangmen Handsome
    • Sekab

“*” marked represents similar segmentation in other categories in the respective section.

Frequently Asked Questions

The global ethyl acetate market is estimated to surpass 7.4 MMT by 2028 and is expected to exhibit a CAGR of 6.0% between 2021 and 2028.
Growing flexible packaging industry is one the major factors that is expected to drive growth of the market over the forecast period.
Increasing demand for artificial leather in automotive sector is one of the key trend in the market.
Replacement of solvent-based coating with water-borne coatings may hamper growth of the market during the forecast period.
Major players operating in the market include Celanese Corporation, Eastman Chemical, Solutia, INEOS Group Limited, Rhodia Brasil, Showa Denko, Shanghai Wujing Chemical, Sasol Limited, Jiangmen Handsome, and Sekab
The market is estimated to be valued at 4.9 MMT, in terms of revenue, in 2021.

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