The global ethyl acetate market size was valued at USD 4.41 billion in 2023 and is projected to grow from USD 4.70 billion in 2024 to USD 8.26 billion by 2032 at a CAGR of 7.3% during the 2024-2032 period. The growing application of ethyl acetate in the paints & coatings industry is expected to foster healthy growth of the market, states Fortune Business Insights, in a report, titled “Ethyl Acetate Market Size, Share & COVID-19 Impact Analysis, By Application (Paints & Coating, Printing Ink, Process Solvent, Food & beverage, and Others), and Regional Forecast, 2025-2032.”
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Segmentation Analysis:
Which application segment holds the dominant share in the ethyl acetate market?
The paint & coating formulations segment holds a dominant share of the ethyl acetate market, accounting for more than half of the global consumption.
Why is ethyl acetate widely used in coatings?
Ethyl acetate is a preferred solvent in coatings due to its high solvency power, low toxicity, and pleasant odor. It ensures efficient formulation and application of coatings, making it suitable for automotive, architectural, and industrial coatings.
Which end-use industry leads the ethyl acetate market?
The construction industry leads the market as ethyl acetate is extensively used in adhesives, coatings, and sealants.
How does ethyl acetate benefit the construction industry?
In construction, ethyl acetate acts as an effective solvent that dissolves oils, grease, and contaminants from surfaces. It enhances the flow and viscosity properties of materials, ensuring smoother application and improved product performance. The solvent also aids in creating homogeneous mixtures, resulting in even and durable finishes.
Regional Analysis:
Which region dominates the global ethyl acetate market?
Asia Pacific dominates the global ethyl acetate market, with a valuation of USD 2,312.3 million in 2019, driven by the large-scale production of chemicals in China, India, Indonesia, and Taiwan.
Why does Asia Pacific hold the largest share?
The region’s dominance is attributed to high production capacities, particularly in China, the world’s largest manufacturer and exporter of ethyl acetate. Additionally, India produces significant volumes using sugarcane molasses-derived ethanol, and exports large quantities to Europe, further strengthening regional growth.
What factors contribute to Europe’s growth in the ethyl acetate market?
Europe is expected to witness high growth due to the rising consumption of ethyl acetate and the presence of leading paints & coatings manufacturers such as Akzo Nobel, BASF, and Jotun.
How does the North American market compare?
North America is projected to hold a smaller share of the global market compared to Asia Pacific and Europe, primarily due to lower production and export volumes.
Market Driver:
What is a major driver of the ethyl acetate market?
The growing utilization of printing inks serves as a major driver for the ethyl acetate market. The solvent is extensively used in the manufacturing of printing inks due to its excellent solvency properties and ability to produce high-quality finishes.
Why is ethyl acetate preferred in printing ink manufacturing?
Ethyl acetate is preferred in the production of both flexographic and rotogravure printing inks because of its favorable evaporation rate, good solubility, and low odor. These attributes make it ideal for modern printing applications that require precision, fast drying, and clean results.
How is the expanding printing ink industry influencing the market?
The global expansion of the printing ink industry—driven by the growing packaging and labeling sectors—is positively influencing the ethyl acetate market. Increasing solvent production capacities and the shift toward flexible packaging are further supporting market growth. The rising demand for high-performance inks across different industries is expected to continue propelling the demand for ethyl acetate in the coming years.
Key Development:
August 2019: Celanese Corporation, a renowned player in the ethyl acetate market, announced that it has increased the price of its ethyl acetate product in the European market. It increased the cost by around EUR 110 per ton.
The Report Lists the Main Companies in this Market:
INEOS (UK)
Celanese (US)
Eastman Chemical (US)
Jiangsu Sopo (China)
Jiangmen Handsome (China)
Wuxi Baichuan (China)
Jubliant (India)
GODAVARI BIOREFINERIES LTD. (India)
Sekab (Sweden)
Korea Alcohol (South Korea)
IOL Chemicals and Pharmaceuticals (India)
Other players
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