| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Ethyl Acetate Market Analysis
The global ethyl acetate market is projected to register a CAGR of over 5% during the forecast period.
The COVID-19 pandemic affected the sales of paints and coatings as construction activities were halted. However, the market recovered in the 2021-22 period, owing to rising consumption from various end-user industries such as automotive, food and beverages, and others. The demand for drugs like paracetamol, which consumes ethyl acetate-derived intermediates, has increased, thus stimulating the market demand in the pharmaceutical sector.
- The major factor driving the market's growth is expected to be increasing demand from flexible packaging industries and applications in the paints and coatings industry. Additionally, stringent regulatory norms for natural leather production are likely to favor the market's growth.
- On the flip side, the replacement of conventional coatings with water-borne and high-solid coatings may hinder the growth of the ethyl acetate market.
- Innovations in the production of ethanol from coal/natural gas will likely provide new growth opportunities for the market.
- The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Ethyl Acetate Market Trends
Increasing Demand from the Paints and Coatings Industry
- The paints and coatings application segment accounted for the largest share of the ethyl acetate market. Ethyl acetate is used in paints as an activator or hardener. It is also used as an industrial solvent in coatings, adhesives, and rayon, primarily to dissolve the material. It is a common ingredient in lacquers, varnishes, and thinners that coat surfaces.
- The paints and coatings produced globally decorate and protect new construction and maintain existing structures, including residential homes and apartments, public buildings, and plants and factories. The remaining coatings are used to decorate and protect industrial products. Increased usage of paints and coatings is estimated to fuel the market for ethyl acetate.
- In addition, the increasing demand for epoxy coatings in the global aerospace and food and beverage sectors is expected to positively impact the demand for ethyl acetate over the forecast period.
- According to the American Coatings Association, the United States's paint and coatings industry is USD 26 billion. The United States exported USD 2.5 billion in paint and coatings products in 2021.
- The American Coatings Association also forecasts that paint demand in the Asia-Pacific will be at 29.5 billion liters valued at USD 100 billion by 2023. The Asia-Pacific will continue to produce and use more solvent-borne coatings than North America or Europe, but it will steadily switch these systems to compliant, sustainable, and green systems.
- According to Paintindia, the Indian paint industry is worth over INR 62,000 crores (USD 8 billion) and is one of the fastest-growing major paint economies in the world. The country has over 3,000 paint manufacturers, with nearly all global majors present in the country.
- The automotive industry is a major end-user of the paints and coating industry. Coating protects a vehicle's paint from road damage and the sun's ultraviolet rays, thereby reducing the amount of oxidization.
- According to the OICA, the total number of vehicles produced in 2021 was 80,145,988 and witnessed a growth rate of 3% compared to 2020. The Asia-Pacific region holds the highest production share in the global automotive market with 46,732,785 units in 2021.
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Asia-Pacific Region to Dominate the Demand
- Asia-Pacific is expected to dominate the market studied during the forecast period. Moreover, significant growth rates are expected to be witnessed in Asia-Pacific, owing to increases in household incomes and urbanization rates in countries such as China, India, Malaysia, etc.
- China is considered to be the largest passenger car manufacturer in the world. Sales of passenger cars in China rose 4.4% Y-o-Y to 20.15 million units in 2021.
- The Shanghai Automotive Industry Corporation is China's leading vehicle manufacturer. The company sold over 5.46 million vehicles and delivered more than 5.81 million vehicles in 2021, a Y-o-Y increase of 5.5%. Thus, increased automotive vehicle sales are likely to boost the market for ethyl acetate used in automotive paints and coatings.
- The demand for ethyl acetate in India has been growing at a steady rate in the recent past. Automotive, food and beverage, and packaging are the key end-user industries that account for significant shares in the consumption of ethyl acetate in the country.
- According to the India Brand Equity Foundation, India is emerging as a key exporter of packaging materials in the global market. The export of packaging materials from India grew at a CAGR of 9.9% to USD 1,119 million in 2021-22 from USD 844 million in 2018-19. This increase in the demand for packaging within the country is stimulating the demand for the market studied.
- In India, the demand for artificial leather is increasing in the automotive industry due to its breathability, heat-resistant properties, and elasticity. It is being used for door trims, sun visors, roof lining, and other cars, buses, trucks, bikes, steering wheel covers, knob covers, and gear boots. Thus, growth in the demand for artificial leather is estimated to fuel the market for ethyl acetate.
- According to the Society of Indian Automobile Association, the auto industry produced a total of 22,933,230 vehicles, including passenger vehicles, commercial vehicles, three-wheelers, two-wheelers, and quadricycles from April 2021 to March 2022, as against 22,655,609 units from April 2020 to March 2021.
- As per reports by the Japan Automobile Manufacturers Association (JAMA), the country produced 7,846,955 units of passenger cars and light vehicles in 2021.
- Due to all such factors, the market for ethyl acetate in the region is expected to have a steady growth during the forecast period.
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Ethyl Acetate Industry Overview
The ethyl acetate market is consolidated. Some major players in the market include (not in any particular order) INEOS, Sipchem, Celanese Corporation, Eastman Chemical Company, and Daicel Corporation, among others.
Ethyl Acetate Market Leaders
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INEOS
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Sipchem
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Celanese Corporation
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Eastman Chemical Company
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DAICEL CORPORATION
- *Disclaimer: Major Players sorted in no particular order
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Ethyl Acetate Market News
In July 2022, Yip's Chemical said it had signed an agreement to sell a 51% effective interest in Handsome Chemical, a subsidiary of its solvents business, to investment firm PAG for around CNY 2.3 billion (~USD 0.36 billion). Handsome Chemical is the world's largest acetate solvent producer, with an annual production capacity of more than 1.6 m tons.
In March 2021, Celanese Corporation announced that its Clear Lake, Texas, incorporated chemical production plant would start using recycled carbon dioxide (CO2) as a substitute feedstock for the fabrication of methanol, a vital raw material in the production of various acetyl products, including ethyl acetate, vinyl acetate monomer (VAM), acetic acid, and other derivatives.
Ethyl Acetate Industry Segmentation
Ethyl acetate is a colorless fragrant volatile flammable liquid ester C4H8O2 used especially as a solvent. It is an organic compound, a colorless liquid having a characteristic sweet smell, and it is used as a solvent and in glues and nail polish removers. The ethyl acetate market is segmented by application, end-user industry, and geography. By application, the market is segmented into adhesives and sealants, paints and coatings, pigments, process solvents, intermediates, and other applications (flavor enhancers, inks). By end-user industry, the market is segmented into automotive, artificial leather, food and beverage, pharmaceuticals, and other end-user industries (packaging). The report also covers the size and forecasts for the market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo ton).
| Application | Adhesives and Sealants | |
| Paints and Coatings | ||
| Pigments | ||
| Process Solvents | ||
| Intermediates | ||
| Other Applications (Flavor Enhancers, Inks) | ||
| End-user Industry | Automotive | |
| Artificial Leather | ||
| Food and Beverage | ||
| Pharmaceuticals | ||
| Other End-user Industries (Packaging) | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
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Ethyl Acetate Market Research FAQs
What is the current Ethyl Acetate Market size?
The Ethyl Acetate Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Ethyl Acetate Market?
INEOS , Sipchem , Celanese Corporation , Eastman Chemical Company and DAICEL CORPORATION are the major companies operating in the Ethyl Acetate Market.
Which is the fastest growing region in Ethyl Acetate Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Ethyl Acetate Market?
In 2024, the Asia-Pacific accounts for the largest market share in Ethyl Acetate Market.
What years does this Ethyl Acetate Market cover?
The report covers the Ethyl Acetate Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Ethyl Acetate Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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Ethyl Acetate Industry Report
The Ethyl Acetate market is segmented by various applications including adhesives and sealants, paints and coatings, pigments, process solvents, intermediates, and other applications such as flavor enhancers and inks. Additionally, the market is segmented by end-user industries including automotive, artificial leather, food and beverage, pharmaceuticals, and other industries like packaging. The geographical segmentation includes Asia-Pacific, North America, Europe, South America, and Middle-East and Africa.
The report provides a comprehensive market overview and market review, offering detailed market analysis and industry analysis. It includes industry information, industry outlook, and industry trends that are crucial for understanding the market dynamics. The report also features market segmentation and market value insights, highlighting the market size and market growth.
The report includes industry reports and industry research, providing in-depth industry statistics and industry sales data. The market forecast and market predictions are covered, offering insights into the market growth and growth rate. The report also discusses market data and market leaders, giving a clear picture of the competitive landscape.
The report example and report PDF can be downloaded for a detailed understanding of the market. The industry outlook and market outlook are elaborated, providing a future perspective of the Ethyl Acetate market. The report also includes market reports and research companies involved in the market.
Overall, this report serves as a valuable resource for understanding the Ethyl Acetate market, its segmentation, and future trends. It provides a thorough market analysis, market forecast, and insights into the market growth and industry trends.
