The ethyl acetate market is witnessing strong momentum, with an increase from $4.7 billion in 2023 to $5.15 billion in 2024, reflecting a CAGR of 9.6%. This growth is largely attributed to the rising demand in chemical manufacturing, the packaging industry, and automotive coatings. The market is expected to reach $7.65 billion by 2028, growing at a CAGR of 10.4% due to advancements in bio-based production and the expanding pharmaceutical sector.
Major Driver In The Ethyl Acetate Market
The ethyl acetate market is set to experience growth due to the increasing demand for paints and coatings. Ethyl acetate, widely used as an industrial solvent in these applications, plays a vital role in dissolving pigments and acting as a hardener, ensuring long-lasting effects on surfaces. The surge in the construction industry and the heightened use of paints and coatings for both new and existing infrastructure have led to a significant rise in volume, from 14 percent in 2021 to 22 percent in 2022, as reported by the European Coatings article. This increase, mainly attributed to decorating new and old infrastructure, indicates a substantial market growth for ethyl acetate driven by the escalating demand for paint and coating applications in 2023, 2024, and 2028.
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Ethyl Acetate Market Competitive Landscape
Ineos Capital Limited, Techstorm Advanced Materials, Covestro AG, Sasol Ltd., Solvay SA, DuPont de Nemours Inc., Nan Ya Plastics Corporation, Eastman Chemical Company, Celanese Corporation, Olin Corporation, Huntsman International LLC, Mapei S.p.A., H.B. Fuller Construction Products Inc., ADEKA CORPORATION, Saudi International Petrochemical Company, Hexion, KAI Co. Ltd., UPC Technology Corporation, Jubilant Pharmova Limited, Atul Ltd., Wuxi Baichuan Chemical Industrial Co. Ltd., Jiangsu Sopo Group Co. Ltd., Yip's Chemical Holdings Limited, Rhodia SA, Praxair Technology Inc., Galata Chemicals Galata Chemicals LLC, Berje Inc., Daicel Corporation, Showa Denko K.K., Chang Chun Plastics Co. Ltd.
Key Ethyl Acetate Market Trend
Major players in the ethyl acetate market are increasingly forming strategic partnerships to foster innovation and strengthen their market presence. These collaborations are aimed at leveraging combined expertise and accelerating the development of advanced solutions. For instance, in January 2022, CropEnergies AG, a Germany-based bioethanol producer, teamed up with Johnson Matthey, a UK-based specialty chemicals firm, to create renewable ethyl acetate. This partnership aims to reduce the fossil carbon footprint of common products by using Johnson Matthey's eco-friendly technology. The planned facility will produce 50,000 tons of renewable ethyl acetate annually, utilizing renewable energy and feedstock ethanol.
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Ethyl Acetate Market Segmentation
The ethyl acetate market covered in this report is segmented –
1) By Sales Channel: Direct Company Sale, Direct Import, Distributors and Traders.
2) By Application: Adhesives and Sealants, Paints and Coatings, Pigments, Process Solvents, Intermediates, Other Applications.
3) By End-user Industry: Automotive, Artificial Leather, Food and Beverage, Pharmaceuticals, Other End-user Industries.
By Geography:The regions covered in the ethyl acetate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the ethyl acetate market in 2023 and is expected to be the fastest-growing region in the ethyl acetate market during the forecast period. The regions covered in the ethyl acetate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Ethyl Acetate Global Market Report 2024 furnishes information about the global ethyl acetate market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
