Ethyl Acetate Market 2024: Size, Growth, Share, Trends, Competitive Landscape, Forecast To 2033

The ethyl acetate market size has grown strongly in recent years. It will grow from $4.7 billion in 2023 to $5.15 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to chemical manufacturing demand, growth in packaging industry, textile industry applications, adhesive and sealant manufacturing, automotive paints and coatings.

The ethyl acetate market size is expected to see rapid growth in the next few years. It will grow to $7.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to bio-based and sustainable production, growth in paint and coating industry, expanding pharmaceutical sector, flexible packaging materials, increasing demand for printing inks. Major trends in the forecast period include growing demand in food and beverage industry, expanding applications in the paints and coatings sector, shift towards bio-based ethyl acetate, increasing use in pharmaceuticals, fluctuating raw material prices.

Market Overview -
Ethyl acetate is the acetate ester organic compound formed by the combination of acetic acid and ethanol. It's a colorless liquid with a fruity odor that has less density than water and vaporizes in air. Ethyl acetate is a natural product found in various plants such as vitis rotundifolia, cinnamomum burmannii, and others. Ethyl acetate is used as solvents in paints, coatings, cleaning mixtures, decaffeinating coffee beans, and others.

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Surging Demand For Ethyl Acetate Fueled By Robust Growth In Paints And Coatings Applications
The increasing demand for paints and coatings is expected to propel the growth of the ethyl acetate market. Ethyl acetate is commonly used as an industrial solvent in paints and coatings to dissolve pigments and act as a hardener, which gives long-lasting effects after application to surfaces. The construction industry and the application of painting and coating to existing buildings and infrastructure for décor and protection have significantly increased the usage of paints and coatings applications. According to the European Coatings article, paints and coatings saw a rise in volume from 14 percent in 2021 to 22 percent in 2022 with the majority of applications decorating new and old infrastructure. Therefore, the increasing demand for paint and coating applications is driving the growth of the ethyl acetate market.

Competitive Landscape -
Major companies operating in the ethyl acetate market report are 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.

Major companies operating in the ethyl acetate market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships in the ethyl acetate market foster innovation, leverage complementary expertise and accelerate the development and commercialization of advanced therapies by combining resources and capabilities. For instance, in January 2022, CropEnergies AG, a Germany-based company specializing in the production of bioethanol and other bio-based products partnered with Johnson Matthey a UK-based specialty chemicals and sustainable technologies company. This partnership uses Johnson Matthey technology to create ethyl acetate that is renewable. Through the partnership, a variety of common products will have their fossil carbon footprint reduced, and buyers will have a great chance to keep up with the sustainability trend. John Matthey's environmentally friendly technique generates ethyl acetate while reducing carbon emissions. The facility will be built to use renewable energy to create 50,000 tons of renewable ethyl acetate annually from feedstock that is renewable ethanol.

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Key Segments -
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.

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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