Ethyl Acetate Market [2022] | Size, Share, Growth Rate | Key Players, Market Dynamics, Trends, Challenges, Recent Developments, Revenue, Type and Application, Market Insights and Forecast to 2031

Kenneth Research recently added a report on the Ethyl Acetate Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.

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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.

The global ethyl acetate market was valued at $3.3 billion in 2018. Increasing utilization of ethyl acetate in various industry domains such as agricultural, mining & construction equipment, wood fixtures and furniture, marine uses and auto refinishing is thereby attributing towards the growth of the global ethyl acetate market. Ethyl acetate in several formulations of coating such as urethanes, acrylics, epoxies, vinyls, and cellulosics provides various applications such as rotogravure printing and as a solvent in inks for flexographic.

Moreover, ethyl acetate is also employed as an abstraction solvent in the manufacturing of food and pharmaceuticals along with acting as a transporter for supplying herbicides with required solvent. Furthermore, high purity product is extensively being utilised as an adhesive reducer for resins that are used in creation of photoresist in the electronics domain. Increasing demand for flexible packaging is further driving the growth of global ethyl acetate market.

Extensive utilisation of various solvents such as paints, coatings, and varnishes that are used in automotive, and building and construction industry is considered to be the key factor driving the growth of the global ethyl acetate market. Suppliers to emerging nations are anticipated to gain proficiencies in infrastructure spending and manufacturing output that would further enhance sales of industrial coatings utilised in the production of furniture, motor vehicles, roads, vessels, and bridges. Moreover, an amalgamation of approximately 20% ethanol and ethyl acetate is considered to be exceptional solvent for cellulose acetate.

Extensive awareness among the consumers related to adverse effects related with the consumption of soft drinks has stimulated shifting trends from consuming beverage drinks to coffee that is further strengthening the growth of the production and export of coffee in countries such as Brazil at an extensive rate that ultimately accentuates the growth of the global ethyl acetate market.

However, availability of substitutes of ethyl acetate coatings such as powder, waterborne, two-component coatings system and high solid coatings owing to environmental barriers arising due to emissions generated from volatile organic compound thereby hampering the growth of the global ethyl acetate market.

Ethyl acetate market forecast 2019 – 2029 estimates the historical market size in terms of volume as well as revenue generated by the industry players across the globe. It offers the opportunity analysis along the value chain for the ethyl acetate manufacturers. Also, the report offers the vendor analysis along with price trend which provides an edge to the stakeholders especially manufacturers to create a better understanding of the market. End Use players benefit from the product benchmarking and matrix helping them to take right decision in choosing the right product with optimum prices suited for their end use applications.

Based on application, the global ethyl acetate market is categorised into paints & coatings, adhesives, printing inks, food & beverages, herbicides, cosmetics, pharmaceuticals and others. Among all these segments, food & beverages industry is anticipated to generate largest revenue throughout the estimated period since ethyl acetate is used for inks and colour to mark several vegetables and fruits. Moreover, ethyl acetate acts as an ingredient in radishes, beer, cereal crops, spirits, fruit juices and wine that are generated with the help of Rubus species and extensively being used as an artificial essence in fruits.

Ethyl acetate market in North America is estimated to generate second largest revenue throughout the estimated period due to prospective opportunities witnessed by manufacturing activities and rapid adoption of ethyl acetate in construction industry. Furthermore, increasing standard of living and disposable income of the citizens is thereby extending the growth of perfume industry in the region and thereby escalating the demand for perfumes since ethyl acetate is considered to develop odor that is further strengthening the growth of ethyl acetate market in this region.

The ethyl acetate market in Asia-Pacific is anticipated to witness highest CAGR owing to rapid expansion in construction domain due to ever increasing population, increasing disposable income and increasing demand observed for new infrastructure in the region. Moreover, ethyl acetate are rapidly being utilized in laminated adhesives and high-resolution printing inks that are further used in various plastic films and flexible packaging owing to rampant property of evaporation. Besides, emerging countries such as India, China and Brazil are rampantly accepting ethyl acetate due to low labor costs and production costs involved in these countries that is further bolstering the growth of global ethyl acetate market.

The report also offers the insights for the European, Latin American, and Middle East and African Market. A detail analysis of historic and forecast consumption data, revenue in the market and competitive analysis for major competitors in each region is also provided.

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The eminent key players in the global ethyl acetate market are undertaking mergers and acquisitions and collaborations in order to expand their product offerings and gaining competitive advantage. Some of the players having prominent presence in the global ethyl acetate market include Eastman Chemical Company, Sigma-Aldrich Corp., Celanese Corporation, Jiangsu Sopo (Group) Co., Ltd., INEOS, Jubilant Life Science Ltd., Solvay S.A., Jinyimeng Group Co. Ltd., Sekab Biofuels & Chemicals AB, Solventis Ltd., Sasol Ltd., Daicel Corporation, Ashok Alco-Chem Ltd., and Godavari Biorefineries Ltd.

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