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

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 MARKET

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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.

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 MARKET

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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

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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