ID: MRFR/CnM/0439-HCR | 138 Pages | Published By Chitranshi Jaiswal on April 2023
Ethyl Acetate Market Size was valued at USD 2.9 billion in 2022. The Ethyl Acetate market industry is projected to grow from USD 3.16 Billion in 2023 to USD 5.30 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.00% during the forecast period (2023 - 2030). Increasing consumption from various end-user industries and growing investments are a few of the market drivers that are fueling the marke.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Ethyl acetate is primarily used to produce a wide range of coating compositions, including epoxies, urethanes, cellulosic, acrylics, and vinyl. These coatings are used for various things, such as car refinishing, ceramic object decoration, interior and exterior architectural coatings, nitrocellulose and cellulose acetate lacquers, varnishes, and shellacs for wood furniture and fittings. In adhesives, spread-coating compounds for faux leather, and cleansers, it serves as a solvent component (paint solvents or thinners). For the isocyanate component of catalyzed lacquers, ethyl acetate can be employed as a solvent.
Ethyl acetate is used as a solvent in inks for flexographic and rotogravure printing because of its low toxicity and pleasant smell. Its primary purposes are to dissolve the resin, regulate viscosity, and alter the drying rate. Wool textiles can also be prepared for dyeing with ethyl acetate. It can be employed as an extraction solvent in the manufacturing of pharmaceuticals and foods and in organic syntheses (esters, medications). Ethyl acetate can also be used as a denaturant, as an auxiliary in the production of glazed and transparent paper, as an additive to polishes, and as a gelling agent in the production of powder, essences, and perfumes. Ethyl acetate may be used in the construction industry as a hardener for the alkali-sodium silicate stabilizer (alkali silicates) used in soil stabilization using the soil injection technique. Thus, such growing applications are the key factors driving the market CAGR.
Increasing use in food and beverage and manufacturing medicines are also propelling market growth. Due to its fruity flavor when diluted, ethyl acetate is particularly useful as a flavor enhancer in foods and medications. It is listed as being generally recognized as safe by the US Food and Drug Administration for use as a synthetic flavoring agent. In some types of packaging, ethyl acetate is permitted as an indirect food additive. It serves as an extraction solvent and an intermediary in the production of medicines like sulphamethoxazole and rifampicin, among others. This is expected to accelerate Ethyl Acetate market revenue ly.
The Ethyl Acetate market segmentation, based on Application, includes adhesives & sealants, coatings formulations, pigments, flavor enhancers, process solvents, intermediates, and others. The coatings formulations segment held the majority share in 2022 in the Ethyl Acetate market data. Ethyl acetate is a component of several coating formulas, including epoxies, urethanes, cellulosic, acrylics, and vinyls. These coatings have several uses, such as wood furniture and fixtures, mining, construction, agricultural machinery, auto refinishing, maintenance, and maritime purposes. Moreover, the flavor enhancer segment Is anticipated to grow at the fastest CAGR during the forecast period. Decaffeinated teas, coffees, and confections all contain ethyl acetate. Because of its low cost, low toxicity, and pleasant smell, ethanol is frequently used as a solvent and diluent. Ethyl acetate is a clear, colorless liquid with a taste of alcohol and aromas of ether, pineapple, grape, and cherry.
October 2022: IOL Chemicals and Pharmaceuticals announced that the European Union had given its regulatory approval for the supply of the chemical ethyl acetate. The business announced that it had received the REACH certification, allowing IOL to export ethyl acetate to all European markets.
March 2022: Viridis Chemical, LLC, first produced renewable ethyl acetate in Columbus, Nebraska, at its manufacturing facility. Customers for ethyl acetate are already receiving samples and materials from HELM U.S. Corporation, Viridis Chemical's sole marketing partner.
The Ethyl Acetate market segmentation, based on the end-use industry, includes food & beverage, paints & coatings, pharmaceuticals, automotive, artificial leather, packaging, and others. The paints & coatings segment dominated the market growth in 2022. In the paint industry, ethyl acetate is used as a solvent or hardener. Some coatings and plastic goods use it as a solvent. In wood paint and coating varnish, it serves as a solvent. Paint and coatings account for about 59.8% of the world's ethyl acetate demand. Food & beverage is projected to be the faster-growing segment during the forecast period, 2022-2030. Ethyl acetate has a sweet aroma and is used to give candy, baked goods, gum, etc., a fruity flavor. Additionally, decaffeinating coffee, decaffeinating tea, and extracting tobacco from cigarettes involve ethyl acetate. In addition, it is frequently used as an ester in the production of wine, and it is a volatile organic acid in food. Moreover, companies in the market are also expanding their production capacity.
June 2021: The IOL Chemicals and Pharmaceuticals Ltd. Board of Directors considered and approved an expansion project. The board approved increasing the existing plant's ethyl acetate production capacity from 87,000 MT annually to 100,000 MT annually, with an aggregate capital expenditure of Rs. 0.25 crore.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific Ethyl Acetate Market accounted for USD 1.3 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. This is due to the growth in urbanization and research and development for producing high-tech goods at a reasonable cost. Numerous ethyl acetate production facilities are located in the area, which is a major factor in the market's expansion. The primary end-user industries that contribute significantly to the consumption of ethyl acetate in this region are the automotive, food and beverage, and packaging sectors. Further, the China Ethyl Acetate market held the largest market share, and the India Ethyl Acetate market was the fastest-growing market in the region.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Europe Ethyl Acetate market accounts for the second-largest market share. This is owing to a growing number of producers and suppliers of chemicals, food and drink, packaging materials, and vehicles. Significant vehicle manufacturing facilities in Europe fuel the demand for ethyl acetate in the region. Moreover, UK Ethyl Acetate market held the largest market share, and the Germany Ethyl Acetate market was the fastest-growing market in the region.
The North America Ethyl Acetate market is expected to grow at the fastest CAGR from 2022 to 2030. The primary use of ethyl acetate is in manufacturing printing inks, paints, varnishes, synthetic leather, etc. It is anticipated that the region's ethyl acetate market will expand as a result of rising consumer demand for these goods. The United States growing need for simple, adaptable packaging for food and drink goods is anticipated to increase ethyl acetate consumption in this region..
Major market players are launching new products in the market that can be used to meet the rising demand from various end-use industries. Companies are also adopting various initiatives to grow their market share with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaborations with other companies. Players in the Ethyl Acetate industry must offer cost-effective products to sustain in the competitive environment.
One of the strategies adopted by manufacturers in the Ethyl Acetate industry to benefit clients is expanding the manufacturing capacities and manufacturing products locally. In recent years, the Ethyl Acetate industry has also had some investments that will be used in studying the product and its applications. The Ethyl Acetate market major player such as DAICEL CORPORATION (Japan), KAI CO.LTD. (South Korea), Sipchem (Saudi Arabia), SHOWA DENKO K.K. (Japan), Merck KGaA (Germany), Shandong Jinyimeng Group Co.Ltd., Yip's Chemical Holdings Limited (China), and
Sipchem (Saudi Arabia) is committed to producing sustainable chemicals and polymers. They have a presence in over 100 countries and support 350 CSR beneficiaries. In February 2021, Sipchem Chemical Company, a Sahara International Petrochemical Company (Sipchem) subsidiary, successfully completed the periodic turnaround maintenance activities that were scheduled (SCC) for their Ethyl Acetate Plant.
GODAVARI BIOREFINERIES LTD. (India) is among the leaders in producing ethanol-based compounds in India as well as one of the major ethanol producers in the country. The company offers a wide range of products, including biobased chemicals, sugar, rectified spirits, ethanol, other types of alcohol, and power. In April 2022, Godavari Biorefineries Ltd's held a ceremony to expand the manufacturing facility at Sakarwadi, Maharashtra. GBL also opened a facility for biochemical analysis and the creation of novel products.
October 2022: Sekab is investing SEK 100 million to enhance the manufacturing of chemicals for industrial applications manufactured from renewable raw resources. The investment was made in response to the dramatically rising demand for environmentally friendly substitutes for fossil-fuel products. After the expansion, Sekab will be able to provide even more renewable chemicals like acetaldehyde, ethyl acetate, and acetic acid.
December 2022: CropEnergies AG, Mannheim, Germany, will construct a facility for synthesizing sustainable ethanol into renewable ethyl acetate. The anticipated location is the Zeitz Chemical and Industrial Park in Elsteraue, Germany. The first production facility for the brand-new biobased chemicals industry has been given the all-clear by CropEnergies supervisory board. The new production plant will require a total investment of between 120 and 130 million euros..
Rest of the World
|Market Size 2022||USD 2.9 billion|
|Market Size 2023||USD 3.16 billion|
|Market Size 2030||USD 5.30 billion|
|Compound Annual Growth Rate (CAGR)||9.00% (2023-2030)|
|Market Forecast Period||2023-2030|
|Historical Data||2018 - 2021|
|Market Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, End-Use Industry, and Region|
|Geographies Covered||North America, Europe, Asia Pacific, and Rest of the World|
|Countries Covered||The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||DAICEL CORPORATION (Japan), KAI CO.LTD. (South Korea), Sipchem (Saudi Arabia), SHOWA DENKO K.K. (Japan), Merck KGaA (Germany), Shandong Jinyimeng Group Co.Ltd., Yip's Chemical Holdings Limited (China), and GODAVARI BIOREFINERIES LTD. (India).|
|Key Market Opportunities||Changing ways of life and developing urbanization|
|Key Market Dynamics||Moving Work Culture Explicitly Incorporate Industry|
The Ethyl Acetate market size was valued at USD 2.9 Billion in 2022.
The market is projected to grow at a CAGR of 9.00% during the forecast period, 2022-2030.
Asia Pacific had the largest share of the market
The key players in the market are DAICEL CORPORATION (Japan), KAI CO.LTD. (South Korea), Sipchem (Saudi Arabia), SHOWA DENKO K.K. (Japan), Merck KGaA (Germany), Shandong Jinyimeng Group Co.Ltd., Yip's Chemical Holdings Limited (China), and GODAVARI BIOREFINERIES LTD. (India).
The coating formulations category dominated the market in 2022.
The paints & coatings-based had the largest share of the market.