Global Ethyl Acetate Market to Reach US$ 7.4 MMT by 2028 - Coherent Market Insights

SEATTLE, May 16, 2022 /PRNewswire/ -- According to Coherent Market Insights, The global ethyl acetate market is estimated to be valued at 4.9 MMT in 2021, and is expected to exhibit a CAGR of 6.0% during the forecast period (2021-2028). 

Key Trends and Analysis of the Global Ethyl Acetate Market:

In recent years, the global ethyl acetate market has witnessed an increased demand for green solvents, which are derived from renewable resources or natural resources. The high demand for green solvents stems from customers focusing on naturally-derived products with minimal impact on the environment. Furthermore, the growing number of initiatives from state governments and federal government to limit or reduce environmental emissions and their health hazards are driving the demand for green solvents, such as ethyl acetate. For instance, GreenYUG LLC, Greenyug, a technology development company with a mission to research and commercialize production of commodity chemicals, specialty chemicals, polymers, and fuels from renewable sources and SEKAB, a green chemical company that manufactures bio-based chemicals and fuels are some of the vendors that offer green ethyl acetate made from biologically produced ethanol. Thus, the growing demand for green ethyl acetate is expected to drive the growth of the market.

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Key Market Takeaways:

The global ethyl acetate market is expected to exhibit a CAGR of 6% over the forecast period (2021-2028). Ethyl acetate solvents are witnessing an increase in demand across the world, owing to their growing application in different key end-use industries such as fragrances, food, and beverages, automotive, pharmaceuticals, and packaging. Further, it is used in coating formulations such as acrylics, epoxies, and urethanes.

In the packaging solutions industry, flexible packaging solutions are witnessing the highest demand on the account of numerous benefits offered by them, including low cost, easy recyclability, increased flexibility, and enhanced shelf life. Furthermore, the demand for ethyl acetate-based flexible packaging solutions is expected to grow in the coming years due to the flourishing e-commerce and retail business across the world wherein these solutions are used.

In the automobile sector, ethyl acetate solvents are utilised in car care products. These solvents are also employed in the pharmaceutical industry for chromatographic separation, resulting in a stable market. Furthermore, they are utilized to improve the flavour of food and beverages. Flexible packaging solutions are in high demand around the world, due to rising need for simple and ecological packaging. Therefore, it is expected to drive the demand for ethyl acetate solvent-based printing inks around the globe.

Major players operating in the global ethyl acetate market include Celanese Corporation, Eastman Chemical, Solutia, INEOS Group Limited, Rhodia Brasil, Showa Denko, Shanghai Wujing Chemical, Sasol Limited, Jiangmen Handsome, and Sekab.

Mergers and acquisitions, strategic collaborations, new product launch, and business expansions are the key strategies adopted by key players to retain their market share. For instance, in May 2019, IOL Chemical and Pharmaceuticals, a chemical-based manufacturer of various specialty and pharmaceutical chemical, announced plan to expand its production facility in Punjab, India to increases the production capacity of several chemical products including ethyl acetate.

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Detailed Segmentation:

Global Ethyl Acetate Market, By Application:

• Paints & Coating additives
• Adhesives & Sealants
• Pigments
• Solvents

Global Ethyl Acetate Market, By End-use Industry:

• Food & Beverages
• Automotive
• Pharmaceuticals
• Packaging
• Artificial Leather

Global Ethyl Acetate Market, By Region:

• North America
• By Country:
• U.S.
• Canada
• Europe
• By Country:
• U.K.
• Germany
• Italy
• France
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• By Country:
• China
• India
• Japan
• ASEAN
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• By Country:
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East & Africa
• By Country:
• GCC Countries
• Israel
• South Africa
• Rest of Middle East & Africa

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