The global ethyl acetate market is estimated to be valued at 4.9 MMT in 2021, according to the Global Ethyl Acetate Market Report, by Application (Paints & Coatings additives, Adhesives & Sealants, Pigments, and Solvents), by End-use Industry (Food & Beverages, Automotive, Pharmaceuticals, Packaging, and Artificial Leather), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global ethyl acetate market was valued at 4.9 MMT in 2021. Ethyl acetate is an organic ester compound with a C4H8O2 molecular formula, also known as ethyl ethanoate. It is a colorless liquid, commonly recognized in glues and nail polish removers, with a characteristic fruity odor. With a flashpoint of -4°C, ethyl acetate is highly flammable and is highly mixable with common organic solvents such as alcohols, ketones, glycols, and esters. However, it is slightly miscibility in water. This product is commonly used as a solvent for cleaning, paint removal, and coatings.
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Browse 50 market data tables* and 40 figures* on "Global Ethyl Acetate Market” - Forecast to 2028.
Key Trends and Analysis of the Global Ethyl Acetate Market:
- Among application, paints & coating additives segment held the largest market share in 2021, 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 2021, 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 biaxially oriented polypropylene (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 driving 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 Global Ethyl Acetate Market:
- Asia Pacific held the dominant market share of 76.3% in 2020, 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 in ethyl acetate market and have also been attracting foreign investments into the sectors. For instance, in 2021, The Shanghai Automotive Industry Corporation was China’s leading vehicle manufacturer. The company sold over 5.46 million vehicles and delivered more than 5.81 million vehicles in 2021, a year-on-year increase of 5.5 percent. Thus increased automotive vehicle sales likely to boost the market for ethyl acetate used in automotive paints and coatings. With growth in such industries, the demand for ethyl acetate is expected to increase significantly in the region.
- Europe has the presence of major industrial economies, such as Germany, France and the U.K. with a continuous increasing number of manufacturers and suppliers of automobiles, food and beverages, packaging solutions, and chemical products. The presence of major automobile manufacturing units in Europe is driving the demand for ethyl acetate in the region.
- 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
- Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the global ethyl acetate market. For instance, in March 2021, Celanese Corporation, a global chemical and specialty materials company, announced that its Clear Lake, Texas incorporated chemical production plant will start using recycled carbon dioxide (CO2) as a substitute feedstock in the fabrication of methanol, a vital raw material in the production of various acetyls products, including ethyl acetate, vinyl acetate monomer (VAM), acetic acid, and other derivatives.
Global Ethyl Acetate Market - Impact of Coronavirus (COVID-19) Pandemic
- Construction activities were delayed due to the COVID-19 epidemic, sale of paints and coatings were impacted. Due to the increased time spent at home as a result of the lockdown, interest in DIY house decorating has grown. As a result, consumer interest in coatings and paints has grown, which is expected to have an influence on the global ethyl acetate market. Moreover, COVID-19 has caused the chemical industry to shut down, resulting in lower output of chemical goods such as pigments, solvents and intermediates as well as a detrimental influence on the ethyl acetate market.