Ethyl Acetate Global Market Report 2024

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 during the historical period can be credited to the demand in chemical manufacturing, the expansion of the packaging industry, applications in the textile industry, the manufacturing of adhesives and sealants, and the usage in 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 anticipated growth in the forecast period can be attributed to factors such as bio-based and sustainable production methods, expansion in the paint and coating industry, growth in the pharmaceutical sector, the use of flexible packaging materials, and an increasing demand for printing inks. Major trends expected in the forecast period include a growing demand in the food and beverage industry, expanding applications in the paints and coatings sector, a shift towards bio-based ethyl acetate, increasing usage in pharmaceuticals, and fluctuations in raw material prices.

The escalating demand for paints and coatings is anticipated to drive the growth of the ethyl acetate market. Ethyl acetate serves as a common industrial solvent in paints and coatings, playing a crucial role in dissolving pigments and acting as a hardener, resulting in long-lasting effects on surfaces after application. The construction industry's expansion and the increased application of painting and coating on existing buildings and infrastructure for both decorative and protective purposes have led to a significant uptick in the usage of paints and coatings. As per an article in European Coatings, the volume of paints and coatings witnessed a notable increase, rising from 14 percent in 2021 to 22 percent in 2022. This surge in volume was primarily attributed to applications involving the decoration of new and existing infrastructure. Consequently, the heightened demand for paint and coating applications stands out as a driving force behind the growth of the ethyl acetate market.

The anticipated growth in the pharmaceutical industry is expected to drive the expansion of the ethyl acetate market. The pharmaceutical industry, a crucial sector within healthcare, focuses on activities such as research, development, manufacturing, and commercialization of drugs for the treatment of diseases and medical conditions. Ethyl acetate plays a versatile role as a solvent in the pharmaceutical sector, being utilized in the extraction of bioactive compounds, synthesis of pharmaceutical intermediates, coating and film formation, and the formulation of topical products, all while maintaining relatively low toxicity levels. For example, data from June 2023, as reported by the European Federation of Pharmaceutical Industries and Associations (EFPIA), indicates that the total pharmaceutical production in Europe reached $384,200 million (€340,000 million) in 2022. This marked an increase of approximately 4.95% from the previous year, where the production was valued at 366,267 million (€323,950 million) in 2021. Therefore, the rising demand within the pharmaceutical industry emerges as a significant driver for the growth of the ethyl acetate market.

Major companies in the ethyl acetate market are increasingly engaging in partnerships to drive innovation, develop new products, and fortify their positions in the market. These collaborations and partnerships are instrumental in leveraging complementary expertise, accelerating the development and commercialization of advanced products, and combining resources and capabilities for mutual benefits. For instance, in January 2022, CropEnergies AG, a Germany-based company specializing in bioethanol and other bio-based products, entered into a partnership with Johnson Matthey, a UK-based specialty chemicals and sustainable technologies company. This strategic partnership utilizes Johnson Matthey's technology to produce renewable ethyl acetate. The collaboration aims to reduce the fossil carbon footprint of various common products and provide consumers with sustainable options. Johnson Matthey's environmentally friendly technique generates ethyl acetate while minimizing carbon emissions. The facility is designed to use renewable energy to produce 50,000 tons of renewable ethyl acetate annually from renewable ethanol feedstock. This partnership exemplifies a commitment to sustainability and innovation within the ethyl acetate market.

The surge in demand for cosmetic products is a significant driver for the ethyl acetate market. Cosmetic products, encompassing a wide range of items applied to the human body for purposes such as enhancing appearance, cleansing, maintaining good condition, and altering features, have witnessed a growing demand. Ethyl acetate plays a versatile role in various cosmetic products, acting as a solvent that efficiently dissolves different ingredients. This allows for smooth blending and the creation of a uniform product. For example, data from August 2023, as reported by Circana, Inc., a US-based media company, reveals that sales of prestige beauty products in the US reached $14 billion in the first half of 2023, indicating a 15% increase compared to the same period in 2022. Simultaneously, the mass beauty market generated $28 billion with a 9% growth. This highlights a robust demand for cosmetic products, driving the growth of the ethyl acetate market.

In January 2021, Ineos Group Ltd., a chemicals company based in the United Kingdom, successfully acquired BP plc's Aromatics & Acetyls business in a $5 billion deal. This strategic acquisition by Ineos was aimed at fortifying its portfolio in petrochemicals, aromatics, and acetyls, while also expanding its reach in the respective business segments. BP PLC, also based in the United Kingdom, is a company with operations in petrochemicals, including the production of ethyl acetate.

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.

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 countries covered in the ethyl acetate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary sales channels for ethyl acetate include direct company sales, direct import, and distributors & traders. Direct company sales involve utilizing various activities to sell ethyl acetate products directly to customers. The diverse applications of ethyl acetate span adhesives and sealants, paints and coatings, pigments, process solvents intermediates, and various other applications. These applications find use in end-user industries such as automotive, artificial leather, food and beverage, pharmaceuticals, and other sectors.

The ethyl acetate market research report is one of a series of new reports that provides Ethyl acetate market statistics, including ethyl acetate industry global market size, regional shares, competitors with ethyl acetate market share, detailed Ethyl acetate market segments, market trends and opportunities, and any further data you may need to thrive in the ethyl acetate industry. This ethyl acetate market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The ethyl acetate market consists of sales of ethyl acetate that is used as solvent for varnishes, paints and lacquers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.