The global ethyl acetate market was pegged at 3.9 MMT in 2017, according to Ethyl Acetate Market Report, by Application (Paints & Coating additives, Adhesives & Sealants, Pigments, and Solvents), by End-Use Industry (Food & Beverages, Automotive, Pharmaceuticals, Packaging, and Artificial Leather), by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa).
The global ethyl acetate market is projected to reach at 6.6 MMT by 2026, exhibiting a CAGR of 6.0% during the forecast period. Increasing flexible packaging industry is fueling growth of the ethyl acetate market. However, strict regulations imposed for natural leather production is expected to restrain growth of the ethyl acetate market.
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Browse 32 market data tables* and 18 figures* on "Ethyl Acetate Market” - Global forecast to 2026.
Key Trends and Analysis of the Ethyl Acetate Market:
- Among application, paints & coating additives segment held the largest market share in 2017, in the global ethyl acetate market, owing to the advantages of ethyl acetate in paints, as an activator or hardener. It is also used as an industrial solvent in coatings, adhesives and rayon to dissolve material. Ethyl acetate is a common ingredient in lacquers, varnishes, and thinners that coat surfaces.
- Among end-use industries, food and beverages segment held the largest market share in 2017, in the global ethyl acetate market, as it is used as flavor enhancer in the industry. It is majorly used for providing various flavors such as bananas, pineapples, and others to food products.
- Substantial quantities of ethyl acetate are used in manufacturing of flexible packaging, polyester films, and BOPP films. It is also used in the treatment of aluminum foils.
- Rapid urbanization coupled with advanced technology is driving growth of the automotive and construction industries. Moreover, growing industries such as consumer goods and packaging are boosting growth of the ethyl acetate market, as it is used as a solvent in a wide range of applications, including printing inks, varnishes, and car care chemicals, as well as in the manufacture of enamels, plastics, and rubber.
Key Takeaways of the Market:
- Asia Pacific held the dominant market share of 80% in 2017, in the global ethyl acetate market. This is attributed to presence of emerging economies such as China, India, and Indonesia. Food & beverage, pharmaceutical, plastics, paints & coatings, packaging, and automotive industries are significantly investing and have also been attracting foreign investments into the sectors. Based on data from the Indonesia Investment Coordinating Board (BKPM) a total of US$ 3390.31 million has been invested in Indonesia’s food and beverage industry in the first nine months of 2014. With growth in such industries, the demand for ethyl acetate is projected to increase significantly in the region.
- Market players are opting for expansion of the current production capacity as a part of their strategic growth plan. For instance, in 2016, Ineos Oxide Ltd invested a multi-million dollars for the expansion its manufacturing facility at Hull in UK, increasing the production capacity of ethyl acetate by 100 kilo tons per year.
- 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, and Sasol Limited.