Market Size of Ethyl Acetate Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Ethyl Acetate Market Analysis
The global ethyl acetate market is projected to register a CAGR of over 5% during the forecast period.
The COVID-19 pandemic affected the sales of paints and coatings as construction activities were halted. However, the market recovered in the 2021-22 period, owing to rising consumption from various end-user industries such as automotive, food and beverages, and others. The demand for drugs like paracetamol, which consumes ethyl acetate-derived intermediates, has increased, thus stimulating the market demand in the pharmaceutical sector.
- The major factor driving the market's growth is expected to be increasing demand from flexible packaging industries and applications in the paints and coatings industry. Additionally, stringent regulatory norms for natural leather production are likely to favor the market's growth.
- On the flip side, the replacement of conventional coatings with water-borne and high-solid coatings may hinder the growth of the ethyl acetate market.
- Innovations in the production of ethanol from coal/natural gas will likely provide new growth opportunities for the market.
- The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Ethyl Acetate Industry Segmentation
Ethyl acetate is a colorless fragrant volatile flammable liquid ester C4H8O2 used especially as a solvent. It is an organic compound, a colorless liquid having a characteristic sweet smell, and it is used as a solvent and in glues and nail polish removers. The ethyl acetate market is segmented by application, end-user industry, and geography. By application, the market is segmented into adhesives and sealants, paints and coatings, pigments, process solvents, intermediates, and other applications (flavor enhancers, inks). By end-user industry, the market is segmented into automotive, artificial leather, food and beverage, pharmaceuticals, and other end-user industries (packaging). The report also covers the size and forecasts for the market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo ton).
| Application | |
| Adhesives and Sealants | |
| Paints and Coatings | |
| Pigments | |
| Process Solvents | |
| Intermediates | |
| Other Applications (Flavor Enhancers, Inks) |
| End-user Industry | |
| Automotive | |
| Artificial Leather | |
| Food and Beverage | |
| Pharmaceuticals | |
| Other End-user Industries (Packaging) |
| Geography | |||||||
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Ethyl Acetate Market Size Summary
The ethyl acetate market is poised for significant growth, driven by increasing demand from flexible packaging and the paints and coatings industries. The market experienced a setback during the COVID-19 pandemic due to halted construction activities, but it rebounded in the following years, supported by rising consumption in sectors such as automotive, food and beverages, and pharmaceuticals. The demand for ethyl acetate is further bolstered by its application as an activator or hardener in paints and coatings, as well as its role as an industrial solvent. However, the shift towards water-borne and high-solid coatings may pose challenges to market expansion. Innovations in production methods, such as deriving ethanol from coal and natural gas, are expected to open new avenues for growth.
The Asia-Pacific region is anticipated to lead the ethyl acetate market, with the highest growth rates projected due to increasing household incomes and urbanization in countries like China and India. The region's dominance is supported by its robust automotive industry, which relies heavily on ethyl acetate for automotive paints and coatings. Additionally, the rising demand for artificial leather in the automotive sector further fuels market growth. The market is characterized by consolidation, with major players like INEOS, Sipchem, Celanese Corporation, Eastman Chemical Company, and Daicel Corporation playing pivotal roles. Strategic moves, such as Celanese Corporation's use of recycled carbon dioxide as a feedstock, highlight ongoing efforts to enhance production sustainability and efficiency.
Ethyl Acetate Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Demand from Paints and Coatings Applications
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1.1.2 Increasing Demand from the Flexible Packaging Industry
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1.1.3 Stringent Regulatory Norms for Natural Leather Production
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1.2 Restraints
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1.2.1 Replacement of Conventional Coatings by Water-borne and High Solid Coatings
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 Application
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2.1.1 Adhesives and Sealants
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2.1.2 Paints and Coatings
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2.1.3 Pigments
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2.1.4 Process Solvents
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2.1.5 Intermediates
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2.1.6 Other Applications (Flavor Enhancers, Inks)
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2.2 End-user Industry
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2.2.1 Automotive
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2.2.2 Artificial Leather
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2.2.3 Food and Beverage
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2.2.4 Pharmaceuticals
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2.2.5 Other End-user Industries (Packaging)
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Ethyl Acetate Market Size FAQs
What is the current Ethyl Acetate Market size?
The Ethyl Acetate Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Ethyl Acetate Market?
INEOS , Sipchem , Celanese Corporation , Eastman Chemical Company and DAICEL CORPORATION are the major companies operating in the Ethyl Acetate Market.
