Ethyl Acetate Market - Snapshot
Ethyl acetate is an ester compound. It is primarily manufactured by using the process of esterification of ethanol and acetic acid in the presence of a strong acid. Ethyl acetate is used as a solvent for various applications such as varnishes, lacquers, dry cleaning, and nitrocellulose. High-purity ethyl acetate is utilized as a nail polish remover and in cleaning of electric circuit boards. Low-purity ethyl acetate can be used in pharmaceuticals, perfumes, printing inks, and foods. It can be employed as a carrier solvent for herbicides and in decaffeination of tea and coffee. Ethyl acetate is used in coating formulations for wood furniture, construction equipment, mining equipment, agricultural equipment, and marine equipment.
Increase in Demand for Flexible Packaging to Drive Ethyl Acetate Market
Ethyl acetate is extensively used as a solvent for high-resolution printing inks and laminated adhesives and are employed in various types of flexible packaging and plastic films owing to its rapid evaporation property. Ethyl acetate is used in the solvent cast process to manufacture flexible packaging films. Flexible packaging is highly flexible, available in various sizes, cost less, has a long shelf life, and can be recycled and hence, it is extensively employed in the packaging industry. These benefits make flexible packaging a preferred type of packaging in a various industries. Companies are spending more on packaging to achieve differentiation owing to growing consumer awareness and increasing focus on building brand image. This is anticipated to drive the demand for flexible packaging in the next few years. Hence, rising demand for flexible packaging drives the ethyl acetate market. This trend is expected to continue during the forecast period, as the demand for flexible packaging is increasing due to the emergence of e-commerce and e-retail companies.
Ethyl acetate is an extensively used solvent in all types of coatings, paints, and varnishes, which are employed in building & construction and automotive industries. The global construction industry is expanding at a significant pace. According to Oxford Economics, the construction industry is anticipated to expand at an average annual growth rate of 3.9% by 2030. This is anticipated to fuel the demand for paints and coatings, which in turn, is projected to drive the demand for ethyl acetate in the next few years. Additionally, rapid urbanization in developing countries such as China and India is expected to drive the automotive industry in these countries in the next few years. This, in turn, is expected to boost the ethyl acetate market in China and India during the forecast period. Thus, increase in the requirement for paints and coatings from construction and automotive industries is expected to propel the demand for ethyl acetate in the next few years.
Leading Players Focusing on Geographical Expansion
Key players profiled in the ethyl acetate market include INEOS AG, Sekab Biofuels & Chemicals AB, Solventis Ltd., Sasol Ltd., Daicel Corporation, Ashok Alco-Chem Ltd., Celanese Corp., Eastman Chemical Co., Jiangsu Sopo (Group) Co., Ltd, and Godavari Biorefineries Ltd. These players engage in collaborations, mergers and acquisitions (M&A), geographical expansion, and launch of new products. In 2016, INEOS AG, expanded its ethyl acetate production plant in Hull, the U.K. by 100 kilotons per year. The capacity expansion is projected to help the company strengthen its position in the ethyl acetate market in the U.K.
Demand for Ethyl Acetate to Increase from Paints & Coatings Industry
Demand for ethyl acetate has increased significantly for the manufacture of paints, coatings, and varnishes. Ethyl acetate offers superior performance and is an economical solvent. Furthermore, it has properties such as low toxicity and odor. This makes ethyl acetate a preferred solvent in coatings, paints, and varnishes that are extensively employed in building & construction and automotive industries. The global construction industry is expanding at a significant pace. This, in turn, is projected to drive the demand for ethyl acetate in the next few years.
Developing Economies to Present Lucrative Opportunities
In terms of volume, Asia Pacific and North America are leading regions of the global ethyl acetate market. In terms of value, the market in Asia Pacific is projected to expand at a substantial pace during the forecast period. The market in Middle East & Africa is estimated to expand considerably during the forecast period owing to the rise in the industrialization and increase in demand for these solvents for making printing inks varnishes and protective coatings for applications in industries such as building & construction and automotive in the region. The market in India, ASEAN, Japan, and China is anticipated to expand at a substantial pace in the next few years due to the increase in demand for ethyl acetate in various applications such as printing inks, food & beverage, cosmetics, and pharmaceuticals.
Ethyl Acetate Market - Overview
This report analyzes and forecasts the ethyl acetate market at global and regional levels. The market has been forecast based on volume (tons) and value (US$ Mn) from 2018 to 2026. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand for ethyl acetate during the forecast period. The report also highlights opportunities in the ethyl acetate market at the global level.
The report comprises detailed value chain analysis, which provides a comprehensive view of the global ethyl acetate market. Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications of ethyl acetate have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global ethyl acetate market by segmenting it in terms of application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand for ethyl acetate in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers the demand for ethyl acetate in individual application segments across all regions. Key players operating in the ethyl acetate market include INEOS AG, Sekab Biofuels & Chemicals AB, Solventis Ltd., Sasol Ltd., Daicel Corporation, Ashok Alco-Chem Ltd., Celanese Corp., Eastman Chemical Co., Jiangsu Sopo (Group) Co., Ltd, and Godavari Biorefineries Ltd. have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The report provides size (in terms of value and volume) of the ethyl acetate market for the base year 2017 and the forecast between 2018 and 2026. Market numbers have been estimated based on application of ethyl acetate. Market size and forecast for each application segment have been provided for the global and regional markets.
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report. Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding. Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
Global Ethyl Acetate Market, by Application
- Printing Inks
- Paints & Coatings
- Food & Beverages
- Others (including Marine and Mining)
Global Ethyl Acetate Market, by Region
- Asia Pacific
- Rest of Asia Pacific
- Czech Republic
- Russia & CIS
- Rest of Europe
- North America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- Extensive analysis of the ethyl acetate market trends and shares from 2017 to 2026 to identify growth opportunities and analyze market developments
- List of key developments made by major players in the ethyl acetate market
- List of key factors useful for building a roadmap of upcoming growth opportunities for the ethyl acetate market at the global, regional, and country levels
- Insights into growth opportunities for various stakeholders in the value chain and a detailed competition landscape of major players to help understand the market competition level
- Porter’s Five Forces analysis that highlights the potency of buyers and suppliers and enables stakeholders to make profit-oriented business decisions