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.” 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.
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Who are the major players in the ethyl acetate 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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The report on the ethyl acetate market includes:
- An excellent report on the market
- Vital stats about main regions
- Recent developments
- Wide-ranging data about eminent players
- COVID-19 impact on the market
Hindered Import and Export Activities to Deteriorate Business Amid Coronavirus
The weak demand for ethyl acetate due to coronavirus has resulted in an enormous loss for the market. The restrictions imposed by the governments on import and export activities has further obstructed the growth of the market. For instance, China is the largest producer and exporter is facing a trade war with the US which has further impacted its exports. However, the demand for ethyl acetate from the packaging industry has remained poised owing to the essential supply of packaged food during coronavirus. Besides, the weakened construction industry on account of labor shortage can consequently impede business proceeding for the market in the near future.
Which regions are leading the market?
- Asia Pacific (Dominant Region):
- Leading market due to strong demand from automotive and construction sectors.
- China is the largest contributor and key manufacturing hub.
- India is growing rapidly, driven by rising paints & coatings consumption, population growth, and higher disposable income.
- Packaging segment in China holds 17.1% market share (2023).
- North America:
- Growth driven by automotive applications and industrial usage.
- Europe:
- Demand supported by pharmaceutical, food & beverage, and cosmetics industries.
- Preference for eco-friendly solvents boosts usage.
- Germany, France, and the U.K. are major contributors.
- Latin America:
- Growth led by food & beverage and medical sectors in Brazil, Mexico, and Argentina.
- Middle East & Africa:
- Rising construction activities drive demand for ethyl acetate.
What is driving the growth of the ethyl acetate market?
- Growing demand from paints & coatings industry – Used as a solvent in industrial coatings and automotive paints.
- Rise in printing ink production – Ideal for manufacturing flexographic and rotogravure inks.
- Increasing packaging demand – Boosted by rising consumption of packaged food during and after COVID-19.
- Shifting to renewable materials – Launch of sustainable acetyl chain products like Celanese’s ECO-B supports market growth.
What are the latest industry developments?
- February 2023: Celanese Corporation launched ECO-B, a sustainable range of acetyl chain materials with bio-content.
- October 2022: IOL Chemicals and Pharmaceuticals received EU approval to export ethyl acetate under REACH certification, expanding its European presence.
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