Ethyl Acetate Market to Grow at a CAGR of 4.50% by 2030
According to ChemAnalyst report, “Ethyl Acetate Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Ethyl Acetate market has witnessed a considerable growth as it reached 3.2 million tonnes in 2020 and is expected to grow a healthy global CAGR of 4.50% in the forecast period. Continuously growing demand of Ethyl Acetate for the production of various coating formulations such as urethanes, epoxies, cellulosics, acrylics, vinyl, and others by the paints and coatings industry is likely to boost the global Ethyl Acetate market over the next ten years. The production of Ethyl Acetate is highly related with safety concerns on the human health before it can be further manufactured, which further enhances the compliance standards.
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Ethyl Acetate is an organic ester compound having the molecular formula C4H8O2. It is a flammable and colorless liquid, which has the characteristic of a sweet fruity smell. Ethyl Acetate, as also known as Ethyl Ethanoate, is an important commodity chemical used in various industrial and commercial applications. Ethyl Ethanoate is primarily used as solvents and diluents for cleaning mixtures, paints, coatings, varnishes, adhesives, lacquers and perfumes. It is extensively used as a component of nail polish removers and lacquer thinners. In laboratories, solvent of Ethyl Acetate is commonly used in thin-layer and column chromatography. Ethyl Ethanoate is manufactured by two methods including esterification of Ethanol and Acetic acid, and catalytic condensation of Acetaldehyde with Alkoxides. Although, in fruits it occurs naturally, where it is responsible for the taste and smell of the fruit.
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The global Ethyl Acetate market on the basis of end-use industries can be segmented into paints and coatings, food and beverages, automotive, construction, packaging, and others. Global demand of Ethyl Acetate is dominated by the paints and coatings industry as it is widely used in paints and coatings as an activator and hardener. Exponentially rising demand of Ethyl Acetate by the paints and coatings industry is likely to bolster in the forecast period as well due to increasing construction activities across the globe. Increasing demand of Ethyl Acetate in the food and beverage industry is expected to rise in the near future as it is acceptable for food applications like artificial flavor enhancer in confectionery items and decaffeinating tea and coffee. In emerging economies, the initiatives of government for the construction of commercial buildings, including hotels and resorts, are augmenting the demand for floor coatings, which will further boost the global market of Ethyl Acetate in upcoming years. Rising demand of Ethyl Acetate solvents by the packaging industries to manufacture flexographic and rotogravure inks, will fuel the global Ethyl Acetate market in the next few years. Owing to the robust demand of Ethyl Acetate by the pharmaceutical industry is expected to drive the global market of Ethyl Acetate in the future.
The outbreak of COVID-19 had a negative impact on the global Ethyl Acetate market. Several industries including paint and coatings, construction, printing, packaging, aerospace, and others were drastically affected due to interruptions in the global supply chain. There was a severe decline in the sales and demand of Ethyl Acetate solvents as many production units halted their operations during the first half of 2020. Once the restrictions imposed by the leading authorities are uplifted, major end-user industries including paints and coating and flexible packaging, will accelerate the demand of Ethyl Acetate around the world by the end of the year.
Among different regions, Asia Pacific region holds the major share of the global demand of Ethyl Acetate. Rapidly growing urbanization and income levels in populous countries like China and India, is driving the dominance of global Ethyl Acetate market in the Asia Pacific region and is forecasted to grow significantly until 2030. Rising construction activities in the Asia Pacific region will further augment the demand of Ethyl Acetate in the future. Expansion of major end-user industries including automotive, flexible packaging, paints and coatings is another factor driving the demand of Ethyl Acetate in the Asia Pacific region.
Ethyl Acetate Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Ethyl Acetate market include Celanese Corporation, Eastman Chemical Company, INEOS Capital Limited., Celanese Corporation, Jubilant Life Sciences Limited, Sipchem, Lonza, Sekab, PT. Indo Acidatama Tbk., Solvay, Merck KGaA, Shandong Jinyimeng Group Co. Ltd., DAICEL CORPORATION, KAI CO., LTD., and Others.
“Rapidly growing demand for Ethyl Acetate by the flourishing paints and coatings industry as well as flexible packaging industry across the globe is likely to boost the global Ethyl Acetate market in the forecast period until 2030. Initiatives of the government for the construction of commercial buildings and building of smart cities in the Asia Pacific region, will further augment the market growth of Ethyl Acetate in the next few years. As China is the world's largest producer of automobiles, rising demand of Ethyl Acetate solvents by the automotive industry will flourish the global Ethyl Acetate market in upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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