Extensive Use of Ethyl Acetate in End-Use Industries is Projected to Drive the Market Growth During the Forecast Period, 2023-2030

Pune, India, July 2023 /press release/- Market Research Future Published a Half Cooked Research Report on Global Ethyl acetate Market.

Market Overview

Considering the extensive usage in oil-based enamels, adhesives, and inks, the ethyl acetate business size has burgeoned at an astounding rate. Along with several experimental studies, it is used in foods, cosmetics, and beverages. Its attraction is additionally increased by the fact that it is an organic chemical, and it is made using the Fischer ethanol esterification and ethanol dehydrogenation processes. Market Research Future (MRFR) expects the ethyl acetate market to obtain a robust CAGR of 9.00% from 2023 to 2030, while jumping from USD 3.16 billion in 2023 to USD 5.30 billion in 2030.

Widening application range in nail products such as nail polishes, base coats, and nail polish removers as effective solvents also fosters the demand for ethyl acetate. It has a fruity odor, which boosts its use in nail polishes. Apart from this, it has major use in nail paint removers since it is quite gentle on the nail enamel and helps remove the nail polish quickly without causing any harm. With an increasing number of consumers frequenting salons and spas for nail maintenance, the product demand will continue soaring in the next few years. Booming sales of nail products worldwide, thanks to the mounting interest in personal grooming, especially among the younger generation will favor the global industry.

Another emerging application of ethyl acetate is in the perfume industry due to its quick evaporating property from the skin while leaving a sweet aroma behind.  Improving living standards has boosted the perfume demand, by and large in emerging regions such as South America and Asia Pacific. This is touted to have an incredible impact on the ethyl acetate industry in the following years.

Ethyl Acetate, with its sweet odor, imparts a fruity flavor to gum, baked goods, candy, and more in the food industry. The compound also helps in the tobacco extraction from cigarettes, the decaffeination of tea leaves, and coffee. Other than this, the food industry also uses ethyl acetate with applications in wine, giving the drink a noticeable fruity flavor. Hence, considering the consistent growth of the beverage and food industry worldwide, it is presumed that the ethyl acetate market should capture significant traction in the years ahead.

In the first and second quarters of 2020, there was little demand for ethyl acetate due to the COVID-19 pandemic. However, the market has been gradually recovering, especially in the North East and South Asia region, as a result of the situation improving and the relaxation of lockdown restrictions towards the conclusion of quarter two. Moreover, there is still a robust market for flexible packaging, which includes bags, packaging films, and other items. In the long-term, this might have a favourable effect on the market.

Segmental Analysis 

The major applications of ethyl acetate include process solvents, coating formulations, flavor enhancers, adhesives & sealants, pigments, and more.

End-user industries profiled in the market study include artificial leather, pharmaceuticals, food & beverages, paints and coatings, automotive, and others.  

Regional Outlook

With a share of over 45.80%, the Asia Pacific market touched a whopping USD 1.3 billion in 2022 and will be achieving a strong CAGR over the research period.

The APAC market outpaced other regions, thanks to a sharp increase in household incomes and the rapid urbanisation of China, Malaysia, and India. Given the rapidly expanding economic standards and the ensuing increase in the rate of industrialization, China is a key market in the area. In recent years, India has emerged as a significant ethyl acetate consumer, with the automobile, packaging, food, and beverage industries among its important end consumers. The Indian government's initiatives to develop smart cities and build over 40 million homes by 2023 have encouraged demand for wood coatings, which in turn increases the need for the product.

Eminent Companies 

The market is slightly fragmented, with only a few number of firms controlling a sizable portion of it. Ethyl acetate is produced in large quantities and subsequently sold all over the world by the majority of businesses. In addition, these businesses frequently engage in mergers and acquisitions in order to expand their clientele and seize new international markets.

Sipchem (Saudi Arabia), Merck KGaA (Germany), DAICEL CORPORATION (Japan), Yip's Chemical Holdings Limited (China), SHOWA DENKO K.K. (Japan), GODAVARI BIOREFINERIES LTD. (India), KAI CO.LTD. (South Korea), and Shandong Jinyimeng Group Co.Ltd. are among the most renowned manufacturers of ethyl acetate.

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