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The ethyl acetate market size is estimated to grow at a CAGR of 4.87% between 2022 and 2027. The market size is forecast to increase by USD 1,321.41 million. The growth of the market depends on several factors such as the increasing demand for ethyl acetate from the food processing industry, the rising penetration of personal care products in emerging markets, and the rise in demand for ethyl acetate in construction materials.
This ethyl acetate 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.
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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. There is an increase in demand for construction materials including paints and coatings, concrete, wood, and ceiling systems fuelled by factors such as the increase in construction activities and growing investments in construction projects. Additionally, there is an increase in investment in infrastructural developments by various governments due to the increase in population and rapid developments in the construction industry.
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.
A key factor shaping the ethyl acetate 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 the ethyl acetate market growth. Organic substances including natural flavors and fragrance ingredients are very sensitive to environmental and climatic factors. Some of the key natural conditions which 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, 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 growth strategies.
Global Ethyl Acetate Market 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 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 2,346.38 million 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 which are significantly contributing to the growth of the global ethyl acetate 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 2020, during the COVID-19 pandemic, the growth of the global ethyl acetate market witnessed a significant slowdown due to disruptions in the supply chain and operations as well as the temporary closure of manufacturing units of ethyl acetate in APAC. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the restoration of operations in manufacturing units. Such factors are expected to drive the market during the forecast period
The ethyl acetate 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.
Ethyl Acetate 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 1,321.41 million |
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 analysis, 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 |
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