According to the Market Statesville Group (MSG), the global Ethyl Acetate Market size is expected to grow from USD 5,142.6 million in 2022 to USD 10,421.2 million by 2030, at a CAGR of 8.4% from 2023 to 2030.

Ethyl acetate can also be referred as ethyl ethanoate solvents utilized in car care products in the automotive industry. These solvents are frequently used as solvents, particularly for paints, varnishes, lacquers, cleaning solutions, and perfumes. They are also employed in the pharmaceutical industry for chromatographic separation. Ethyl acetate has the chemical formula C4H8O2 or CH3COOC2H5. The liquid form of ethyl acetate is transparent and colourless, and it smells like fruit. 24°F flashpoint. not as dense as water. The acetate ester produced when acetic acid and ethanol react is known as ethyl acetate.

COVID-19 Impact on the Global Ethyl acetate Market

Both the first and second quarters of 2020 saw low ethyl acetate demand as a result of the COVID-19 pandemic. However, the market has been gradually recovering, especially in the Northeast and South Asia region, as a result of the improving lockdown restriction situation at the end of the quarter. The market's overall demand is being caused by the low demand for coating, owing to the lockdown and halt in manufacturing process. As a result, the market's growth is anticipated to be constrained over the forecast period.

Global Ethyl Acetate Market Dynamics

Drivers: Strong Increase in Global Demand for Paints and Coatings

The main consumer of ethyl acetate is the paints and coatings sector. For many industrial lacquers and enamels, it is the perfect solvent. The formulation of coatings like acrylics, urethanes, vinyl, epoxies, and others frequently uses it. Additionally, a variety of other industries, including construction, wood furniture, agriculture, maintenance, automotive (for refinishing), marine, and others use these coatings in a wide range of applications. Additionally, it is utilised in photographic films and is substantially less expensive than other competing solvents used in comparable applications. Its vast range of uses and applications set it apart from other solvents on the market and contribute to its popularity. Therefore, end-user applications and a high demand for coatings are the factors that drive the demand.

Restraints: Rising Environmental Awareness

Most paint companies all over the world have taken a massive transition from solvent-based paint to water-based paints for much better performance. Because of the increase in the cost of crude oil in the last few years, it has taken a massive plunge in its gross margins in the past few years.  Most paint businesses use more than 55% of raw materials, and crude oil makes up roughly 30–35% of the sector's overall production costs for raw materials. The increasing cost of crude oil has significantly restrain the market’s growth. Additionally, for the aforementioned reason, the price of different pigments including titanium dioxide, iron oxide, and zinc oxide also continues to be high. Since water-based paint is less vulnerable to changes in the present price of crude oil, there is an increasing graph that favours using it when considering the financial strain of the process. The binding molecule for water-based paints is a water-based chemical, as the word implies. 

Indian paint makers are increasingly shifting from solvent-based to water-based paints. Elevated input costs, especially crude oil prices, have taken the sheen off their gross margins in the past few quarters.

Opprtunity: Rising Use of Printing Ink to Support Market Growth

The printing ink market is booming, especially in developing nations like India, China, and Indonesia. Double-digit growth in the nation is expected in the future years, according to industry analysts. The growth of the printing ink industry is a result of modern shopping, evolving lifestyles, and the explosive expansion of the packaging sector. Not just India, but other growing nations have seen an increase in ethyl acetate use, which is used to make printing ink. The Asia-Pacific region's domestic printing market is also growing, which is likely to result in increased demand for printing ink. The availability of local giant production capacities of necessary solvents, such as ethyl solvents used in the creation of printing ink, can meet this expanding demand.

Scope of the Global Ethyl acetate Market

The study categorizes the ethyl acetate market based on end-user at the regional and global levels.

By End User Outlook (Sales, USD Million, 2017-2030)

• Paint and Coatings
• Food and Beverage
• Pharmaceuticals
• Automotive
• Packaging
• Others

By Region Outlook (Sales, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Paints and Coatings segment is projected to account for the largest market share

Paints and coating of the end-user segment accounted for the largest revenue share in 2022. This high share is witnessed due to the growing construction sector along with the rise in disposable income. Further, the wide scope of adhesives and solvents in the automotive industry for polishing and coating also augments the market’s growth.  Over half of the ethyl acetate used worldwide is in the paint and coatings sector. The sector is growing, particularly in developing nations, which is anticipated to drive the global market throughout the projection period. The second and third greatest shares belong to the segments for printing inks and process solvents. Applications in the food and pharmaceutical industries are anticipated to grow briskly.

North America accounts for the highest CAGR during the forecast period

In North America, ethyl acetate is mainly used for manufacturing paints, and coatings, printing inks, synthetic leather, and others. The increasing consumption of these products is expected to contribute to the growth of the ethyl acetate market in the region. The growing demand for convenient and flexible packaging solutions for food products and beverages in the U.S. is expected to drive the growth of ethyl acetate in the region.

The steady economic growth and an increase in the number of middle-and high-income consumers in countries, such as Argentina, Brazil, Peru, and Chile, are leading to a change in lifestyle patterns in the region.

Competitive Landscape - Global Ethyl acetate Market

Major players in the global Ethyl Acetate Market are:

• IOL Chemical And Pharmaceuticals (INDIA)
• Korea Alcohol (South Korea)
• Celanese Corporation (USA)
• Jubilant (INDIA)
• Solvay S.A.
• Jiangsu Sopo (Group) Co., Ltd
• Sigma-Aldrich Corp
• Jubilant Life Science Ltd
• Jinyimeng Group Co. Ltd
• DAICEL CORPORATION
• Sasol
• Sipchem
• Lindeplc
• Yip Chemical Holdings Limited

Recent Developments

• In June 2021, IOL Chemicals announced an increase in ethyl acetate production capacity from 87,000 MT year to 100,000 MT annually. The business also mentioned establishing new production facilities (Unit-VIII) to produce Ibuprofen derivatives and other pharmaceutical (APIs) products.
• In February 2022 Celanese Corporation siggned a definitive agreement to acquire a majority of the Mobility & Materials (“M&M”) business of DuPont. The acquisition will enhance Celanese’s portfolio of engineered thermoplastics and elastomers.

Key Issues Addressed

• What is the market size by various segmentation of the ethyl acetate by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the ethyl acetate market?
• What are the key opportunities and trends for manufacturers involved in the ethyl acetate supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of ethyl acetate in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.