Ethyl Acetate Market Impacted by Growing Pharmaceutical Industry, Finds Maximize Market Research

PUNE, India, July 12, 2024 /PRNewswire/ -- The research methodology utilized in analysing the Ethyl Acetate Market encompasses a thorough approach that combines primary data which is often collected through surveys, interviews, and focus groups with industry experts and stakeholders such as manufacturers, Raw Material Suppliers, Distributors and Suppliers, Regulatory Bodies, Industry Associations. This allows for firsthand insights into market trends, consumer behaviour, and regulatory challenges and secondary research utilizing reports from government sources, industry publications, and financial statements. Market sizing and forecasting techniques are employed alongside competitive analysis to provide valuable insights into the market landscape. It also includes figures for import/export consumption, supply and demand, price, cost, revenue, and gross margins which makes it an investor's guide. The report encompasses product type, fuel, application segments and their analysis, which elucidates their influence on the market. The estimation methodology often adopts a bottom-up approach to accurately determine market sizes.

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Reports on competitive analyses encompass company overviews, financial performances, product portfolios, and strategies of key players in the Ethyl Acetate market. To assess strengths and weaknesses, a comprehensive SWOT analysis was conducted, while a PESTLE analysis was carried out to understand the impact of macroeconomic factors on the market. Also, the report includes detailed analyses of investments made by market players to enhance their global presence.

Ethyl Acetate Market was valued at USD 5.91 Bn in 2023 and is expected to reach USD 8.83 Bn by 2030, at a CAGR of 5.9 % during the forecast period.

Global Ethyl Acetate Market 2023-2027: Key Highlights

• Historic Market Size 2017-2023
• CAGR of the market during 2024-2030.
• Detailed information on factors that will assist Ethyl Acetate market growth during the next seven years.
• An estimation of the Ethyl Acetate market size and the impact of the country's GDP on Ethyl Acetate market.
• Forecasts on upcoming trends and changes in consumer behaviour.
• The growth of the Ethyl Acetate market
• Analysis of the competitive landscape and detailed information on companies.
• Comprehensive details of factors that will impede the growth of Ethyl Acetate companies.

Competitive Landscape

The Ethyl Acetate Market includes the presence of several global as well as regional key players. A few prominent players that offer Ethyl Acetate in the market are Celanese Corporation, INEOS Group Limited , Eastman Chemical Company , Sasol Limited, Solvay S.A. , LCY Chemical Corp, Daicel Corporation, bilant Pharmova Limited,  Ashok Alco - chem Limited and others.

What's New: Recent Additions and Updates

• Fluctuations in the prices of Ethyl Acetate.
• Demand and supply scenario for Ethyl Acetate covering the production.
• Analysis and forecast of Ethyl Acetate market size.
• Segmentation and forecast Ethyl Acetate market based on end-use and regional division.
• Competing developments such as expansion, greenfield projects/ brownfield expansion, mergers and acquisitions.

Key Player Offerings

• In March 2024, Eastman, a global specialty materials company, announced the commencement of operations at its new molecular recycling facility located in Kingsport, Tennessee. The plant has achieved on-spec initial production and has started generating revenue.
• In December 2023, Jiangsu Sopo Chemical announced plans to invest in a vinyl acetate and EVA integrated project in Zhenjiang New District New Materials Park which is wholly owned subsidiary SOPO Chemical New Materials main body. The total investment in the project will be 7.128 billion yuan, which will be divided into two phases. Phase I is a 330,000 tonne/year vinyl acetate project, and Phase II is a 300,000 tonne/year EVA project.

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Market Overview

The increasing use of ethyl acetate as a sweetener in the food and beverage industry represents one of the major drivers for the growth of the market globally. The use of ethyl acetate in the introduction of milk, confectionery and gourmet bakery products is driving the market growth. For example, in February 2024, IFF, a global leader in food and beverage, home and personal care, and health and wellness, is stepping up its game in the world of plant-based meat builds in the replacement.  The company has invested in high-moisture removal (HME) technology from Coperion, a global leader in extrusion technology.

The increasing popularity of ethyl acetate as a key ingredient in the manufacture of coatings, paints and inks is acting as a key growth driver in the market. Increasing manufacturing, coupled with expanding automotive industry, where high demand for coatings and paints is driving the market growth. For example, in September 2023, PPG announced the completion of an expansion of its powder coating plant in Sumare, Brazil. The USD 2.7 million (BRA 13 million) project increased plant production by 40%. Stringent environmental regulations mandating the use of green and safe chemicals have led to the demand for ethyl acetate which contributes to the growth of the market. This is mainly considered as a less toxic alternative to ethyl acetate compared to other industrial chemicals that are meeting its demand.

Expanding pharmaceutical industry with increasing demand for ethyl acetate in the pharmaceutical industry as a solvent and cleaning agent contributes to the growth of the market. According to the National Center of Biotechnology Information, the consumption of over-the-counter drugs is high (78.9%), with higher consumption in subjects aged ≤ 25 years (85.5%), students (85.7%), and those with postgraduate degrees (86.7%). Of these medicines, analgesics are the most consumed medicines (49.1%). Increasing innovation in the production of ethyl acetate, aimed at reducing costs and improving yields, makes it more accessible and economical for a wide range of market drivers progress is much easier.

In conclusion, the demand for Ethyl Acetate is constantly increasing worldwide driven by factors such as quality, affordability and durability.  The Maximize Market Research report captures these trends in detail across various industries. It provides a comprehensive analysis of market trends, consumer preferences and competitive landscape in each category. This comprehensive perspective provides stakeholders with valuable information to navigate opportunities and challenges, and ensures strategic decisions for sustainable growth in the global hand tool market.

Segment Overview

MMR has segmented the market based on by Application (Adhesives and Sealants, Process Solvents, Printing Ink, Paints & Coatings, Others) by End-Use Industry (Artificial Leather, Automotive, Food & Beverage, Packaging, Pharmaceutical, Others) by Distribution Channel (Offline, Online) and Region (APAC, Europe, North America, Middle East and Africa, and South America).

Based on the Application, the ethyl acetate market is segmented into adhesives and sealants, process solvents, printing ink, paints & coatings and others. Paints, and Coatings segment dominated with a 45% market share and is expected to grow with a CAGR of 6.13% during the forecast period. New technology-based coating materials make public works safer, more sustainable, and more durable, and respond better to extreme weather conditions, and sea level rise. Ethyl acetate is one of the most popular solvents and is widely used in the manufacture of nitrocellulose lacquers, varnishes, and thinners for dissolving nail pigments. It exhibits high dilution ratios with both aromatic and aliphatic diluents and is the least toxic of industrial organic solvents. Ethyl acetate effectively dissolves a wide range of resins and pigments used in paint formulations. Stringent regulations on VOC (Volatile Organic Compound) content in paints are pushing the demand for compliant solvents like ethyl acetate.

Based on the end-user industry, the ethyl acetate market is segmented into Artificial Leather, Automotive, Food & Beverage, Packaging, Pharmaceutical and Others. The food and beverage segment are expected account more than 15% share in the global ethyl acetate consumption, commonly using the chemical as synthetic flavoring. The pharmaceuticals segment dominated with a 15% market share and is expected to grow with a CAGR of 6.09% during the forecast period. Ethyl Acetate is used as an extraction solvent and intermediate in the process of manufacturing such as sulphamethoxazole, rifampicin etc., and Ethyl acetate is readily used in the extraction of active pharmaceutical ingredients from natural sources and is also used for purification and crystallization processes.

Detailed segmentation values for each segment and explanations for growth are provided in the final report.

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Geography Overview

India is one of the world's largest manufacturers of ethyl acetate all across the world, with a production volume of over 470.64 thousand metric tons in fiscal year 2023. This is expected to be driven by the rising demand for ethyl acetate in the country, which has been growing at a rapid pace over the past few years. This chemical is increasingly utilized across various industries such as automotive, construction, packaging, furniture, and pharmaceuticals. India is expected to be the major industrial hub as the country has a dense population and growing urbanization. The ethyl acetate market in India is estimated to generate revenue of approximately USD 1305.23 Million by the end of 2030, making it one of the most lucrative markets for investors, ethyl acetate manufacturers, suppliers, etc. Among the highest manufacturers such as China, Japan, and Taiwan, India is the major producer and consumer of ethyl acetate accounting for over 75% of production of ethyl acetate all over the world.

Ethyl acetate, also known as ethyl ethanoate, is an ester composed of ethanol and acetic acid, it is a colorless, volatile liquid with a sweet, fruity smell. It is used in the production of many products such as artificial flavor or fragrance additives, as a solvent in paints, lacquers, and adhesives, and as a decaffeinating agent in coffee and tea, etc. Ethyl acetate is produced either synthetically or by the natural fermentation of ethanol. Its capability to dissolve a variety of materials makes it an essential ingredient in the production of many products. Its sweet, fruity aroma makes it a popular additive in the food, beverage, and pharmaceutical industries. As a result, growing industrialization in India rapidly increases the demand for ethyl acetate across various industries, thereby supporting the India ethyl acetate market growth during the forecast period.

According to the Analysis, India emerged as a prominent player in the global ethyl acetate market. India has ranked 4^th largest exporters of ethyl acetate all across the world in 2022. Indian exports of ethyl acetate reached a substantial value, with Italy, Belgium, Nigeria, Bangladesh, and the United Arab Emirates being the primary destinations. Notably, Bangladesh, Turkey, and Italy were the fastest-growing markets, reflecting India's expanding influence and competitive edge in this sector.

India Ethyl Acetate Market Import-Export Analysis (2022)

In the final report, import export data for major countries are incorporated seamlessly to provide a comprehensive understanding of the Global Ethyl Acetate market.

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