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The Ethyl Acetate Market size is forecast to increase by USD 1.32 billion at a CAGR of 4.87% between 2022 and 2027. The market's growth hinges on several factors, notably the escalating demand for ethyl acetate from the food processing industry. Additionally, the rising penetration of personal care products in emerging markets contributes significantly, alongside the increased demand for ethyl acetate in construction materials. These trends reflect a broader shift towards the utilization of ethyl acetate across diverse sectors, driving market expansion and reinforcing its importance in various applications.
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This market report extensively covers market segmentation by application (paints and coatings, printing ink, process solvents, and others), end-user (construction, automotive, furniture, food and beverages, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The paints and coatings segment is estimated to witness significant growth during the forecast period. There is increasing adoption of ethyl acetate for a wide variety of coating formulations including epoxies, urethanes, cellulosic, acrylics, and vinyl. Some of the key applications of these coatings include wood furniture and fixtures, construction and mining equipment, auto refinishing, and maintenance and marine industries.
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The paints and coatings segment was the largest segment and was valued at USD 2.35 billion in 2017. Additionally, ethyl acetate is widely used in cleaner blends for the removal of oils, grease, and soils with most organic solvents. Some of the key end-user industries of the paints and coatings industry include construction machinery, agricultural machinery, and automotive. The growth of these industries will significantly fuel the growth of this segment. Therefore, factors such as the rise in construction activities globally fuel the demand for wood coatings, in turn increasing the consumption of ethyl acetate, thereby driving the market growth during the forecast period.
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APAC is estimated to contribute 76% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that are significantly contributing to the growth of the market in APAC includes the rising demand for processed foods in the region, especially in countries such as India, China, Indonesia, Australia, and Japan.
Additionally, there is an increasing demand for easily available and ready-to-eat processed foods such as pasta, pizzas, burgers, and various types of snacks due to hectic lifestyles in the region. Furthermore, the demand for processed food is fuelled by the increasing number of working professionals, along with the growing number of nuclear families in the region. Hence, the increasing adoption of artificial flavors in processed food will fuel the demand for ethyl acetate in the region. Thus, such factors are expected to drive market growth in APAC during the forecast period.
In the market, key drivers include increased flexibility in applications such as car care products and environmentally friendly packaging solutions. Easy recyclability and improved shelf life further propel market growth. Trends include the rising demand for ethyl acetate in chromatographic separation processes and solvent-based printing inks. However, challenges persist in the paints & coatings application segment, particularly regarding quick drying and viscosity control. Moreover, ensuring low VOC content while maintaining enhanced adhesion remains a challenge. Overall, the market demonstrates promising growth opportunities driven by its diverse applications across the chemicals industry and pharmaceutical sectors. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the rise in demand for ethyl acetate in construction materials, attributed to its increased flexibility, easy recyclability, and improved shelf life. Additionally, ethyl acetate finds extensive use in various applications such as car care products, synthetic leather production, and paints & coatings application segment, owing to its properties like quick drying, low VOC content, and enhanced adhesion. Moreover, it plays a crucial role in chromatographic separation processes and flavoring of food and beverage products, further bolstering its demand in the market.
Furthermore, various governments, as well as private investors in several countries such as MEA, including Saudi Arabia, the UAE, and Kenya, are heavily investing in the development of luxury hotels and commercial buildings to meet the growing demand of the tourism industry. As a result, it fuels the demand for painting and coatings, which in turn increases the demand for ethyl acetate. Hence, such factors are expected to drive market growth during the forecast period, particularly in the chemicals industry, where ethyl acetate is extensively used for drug synthesis and purification, active pharmaceutical ingredients (APIs), and other pharmaceutical intermediates.
A key factor shaping the market growth is the increasing use of ethyl acetate in the electronics industry. The increasing demand for semiconductor components, data centers, consumer durables, smartphones, electronic goods, and high-technology products, mainly in China, South Korea, India, Thailand, and Indonesia. China, Japan, and Taiwan have significantly fuelled the growth of the global electronics industry. There is high utilization of ethyl acetate as a photoresist formulation in the electronics industry.
Moreover, there is an increasing adoption of ethyl acetate as thinner in the formulation of photosensitive materials as well as for even spin-coating photoresist materials onto silicon wafers. Thus, ethyl acetate is essential for manufacturing acceptable semiconductor chips in the electronics industry. Hence, such factors are expected to drive market growth during the forecast period.
The volatile nature of natural ingredients is one of the key challenges hindering market growth. Organic substances, including natural flavors and fragrance ingredients, are very sensitive to environmental and climatic factors. Some of the key natural conditions that can influence the natural characteristics of these substances include sunlight, moisture, heat, pH, UV radiation, and temperature changes.
Furthermore, these natural ingredients have only limited shelf life, thus they cannot be stored for a longer duration. Additionally, these substances tend to change aroma, taste, and texture when cooked or processed at high temperatures. As ethyl acetate is an organic flavoring ingredient used in food and beverage products, it also tends to change its characteristics which can significantly hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market research and market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ALPHA CHEMIKA: The company offers ethyl acetate with an extra pure grade of 99.50 percent in 500ml, 2.5L, 5L, and in customizable packages.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market thrives on versatile applications such as flexible packaging solutions, leveraging its low cost and weight advantages. It enhances the flavor of food and beverage products while addressing concerns related to volatile organic compounds (VOCs). Ethyl acetate plays a vital role in natural leather production and the manufacturing of cruelty-free leather accessories like belts and apparel. It is instrumental in pigment dispersion, resin formulation, and additive incorporation, ensuring the viscosity, stability, and shelf life of paint and coating formulations. In the pharmaceuticals industry, it facilitates solvent extraction and separation processes. Regulatory enforcement drives its adoption in paint and coating formulations, particularly in electric vehicles (EVs) and the auto refinishing process. Ethyl acetate also contributes to packaging materials, offering durability, barrier properties, and vibrant printed designs in plastic films, pouches, polymer resins, and coating solutions, thus catering to diverse needs in the food and beverage industry and the automotive segment, including passenger vehicles.
Market Scope |
|
Report Coverage |
Details |
Page number |
176 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.87% |
Market growth 2023-2027 |
USD 1.32 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.59 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 76% |
Key countries |
China, India, Indonesia, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ALPHA CHEMIKA, Celanese Corp., Chemoxy International Ltd., Daicel Corp., Eastman Chemical Co., Ernesto Ventos SA, Esters and Solvents LLP, INEOS Group Holdings SA, Jiangsu Sopo Corp. Ltd., Merck and Co. Inc., Mitsubishi Chemical Group Corp., Otto Chemie Pvt. Ltd., Saiper Chemicals Pvt Ltd., SEKAB Biofuels and Chemicals AB, SEQENS GROUP, Thermo Fisher Scientific Inc., Triveni Interchem Pvt. Ltd., Wacker Chemie AG, Zhengzhou Meiya Chemical Products Co. Ltd., and The Good Scents Co. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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