Ethyl acetate is a colorless, fragrant liquid ester with a fruity scent. It is used as a solvent in paints, coatings, adhesives and pharmaceutical products. As an intermediate in chemical synthesis, it is employed to manufacture various other chemical compounds. It has good solvent properties and low toxicity, which make it suitable for use in various end-use industries.
The global Ethyl Acetate Market is estimated to be valued at US$ 6.35 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from end-use industries such as paints & coatings, pharmaceuticals, food & beverages, and packaging is expected to drive the growth of the ethyl acetate market over the forecast period. Ethyl acetate is predominantly used as a solvent for surface coatings such as lacquers, synthetic resins, enamels, varnishes and artists’ colors. It is used as a solvent in paints and coatings due to properties such as low toxicity, low cost and favorable evaporating characteristics. The growing construction and automotive industries are fueling the demand for paints and coatings, which is expected to boost the market for Global Ethyl Acetate Market Size during the forecast period.
SWOT Analysis
Strength: Ethyl acetate has versatile applications across industries such as food and beverages, paints and coatings, automotive, pharmaceuticals etc. It is environment friendly solvent.
Weakness: Stringent regulations regarding the use of hazardous chemicals may hamper the growth. Vulnerable to raw material price fluctuations.
Opportunity: Increasing demand from emerging economies of Asia Pacific. Growing automotive industry worldwide is creating new opportunities.
Threats: Availability of substitutes like propyl acetate and butyl acetate. Fluctuations in crude oil prices directly impact the production cost.
Key Takeaways
The global ethyl acetate market is expected to witness high growth over the forecast period. The global ethyl acetate market is estimated to be valued at US$ 6.35 billion in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024-2031.
Regional analysis: Asia Pacific dominates the global ethyl acetate market and is expected to maintain its leading position over the forecast period supported by expanding automotive, food packaging and pharmaceutical industries in major countries like China and India. Countries like India, Indonesia and Vietnam are emerging as fastest growing markets in the region.
Key players: Key players operating in the ethyl acetate market are Berkshire Corporation, Kimberly-Clark Corporation, Contec, Inc., DuPont, Ansell Ltd., Illinois Tool Works Inc., Thermo Fisher Scientific Inc., Valutek Inc., Steris, Avantor, Inc. These companies are focused on capacity expansion plans and new product launches to gain competitiveness.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it