The global ethyl acetate market was valued at $5.7 billion in 2021, and is projected to reach $10.3 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
Ethyl acetate is a chemical compound that is commonly used as a solvent in various industries, including pharmaceuticals, food and beverage, and paint manufacturing. It is also used as a flavoring agent in some food products, such as confectioneries and baked goods. Ethyl acetate is widely used in the production of pharmaceuticals, as it is a common solvent for several drugs and is also used as a flavoring agent in food products.
It is also used as a solvent in the production of varnishes and lacquers, as well as in the production of adhesives and coatings. The use of ethyl acetate in the food industry is regulated by the Food Safety and Standards Authority of India (FSSAI). The permissible limit of ethyl acetate in food products is set at 50 parts per million (ppm). This ensures that the use of ethyl acetate in food products is safe for consumption and does not pose a risk to public health.
In the pharmaceutical industry, ethyl acetate is used as a solvent for various drugs, such as antibiotics, steroids, and painkillers. It is also used as a flavoring agent in some medicines, such as syrups and suspensions. Ethyl acetate is preferred over other solvents due to its low toxicity and high solubility in water.
The growth of the ethyl acetate market is majorly attributable to its wide applications in various industries such as pigments, paints and coatings, process solvents, adhesives and sealants, and others. Moreover, cost-effectivness of ethyl aceate is expected to drive market growth during the forecast period. Ethyl acetate is readily available and is typically less expensive than other solvents, such as acetone, toluene, and xylene. The relatively low cost of ethyl acetate makes it a popular choice for industrial applications that require large quantities of solvent. Ethyl acetate has a high solvency power and can dissolve a wide range of substances, including resins, oils, fats, and cellulose. This makes it a versatile solvent that can be used in a variety of applications, such as coatings, adhesives, and printing inks. Ethyl acetate has a relatively fast evaporation rate compared to other solvents. This can be an advantage in applications where a fast-drying solvent is required, such as in coatings and paints.
Ethyl acetate is known for its low boiling point and low heat of vaporization, which means that less energy is required to evaporate it compared to other solvents. This makes it a more energy-efficient option, which can result in cost savings for industrial processes. Ethyl acetate is a relatively pure solvent and is available in high-purity grades, which makes it suitable for use in high-quality products, such as pharmaceuticals, cosmetics, and food products. This can result in cost savings by reducing the need for additional purification steps or the use of more expensive solvents. Thus, cost-effectiveness of ethyl acetate is expected to drive the growth of ethyl acetate market during the forecast period.
However, environmental impact associated with ethyl acetate is projected to hinder the expansion of the market. Ethyl acetate is considered a relatively safe solvent with low environmental impacts when used and disposed of properly. However, like any chemical substance, it can still have environmental impacts if not handled correctly. Ethyl acetate can contribute to air pollution if released into the atmosphere in large quantities. It is a volatile organic compound (VOC) that can react with nitrogen oxides in the presence of sunlight to form ground-level ozone, which can harm human health and damage ecosystems.
Ethyl acetate is not highly toxic to aquatic life, but it can still have negative impacts on water quality if released in large quantities. It is biodegradable and can break down in the environment, but the breakdown process can consume oxygen, which can harm aquatic life in oxygen-limited environments. Ethyl acetate can be disposed of safely through incineration or other controlled methods. However, if it is not disposed of properly, it can have negative impacts on the environment. For example, if it is disposed of in landfills, it can potentially contaminate groundwater
On the contrary, production of renewable ethyl acetate is expected to offer ample growth opportunities for the ethyl acetate market. Renewable ethyl acetate can also be created by catalytically converting sources of renewable energy such as lignocellulosic biomass or waste vegetable oil. The raw material is broken down into its constituents and then reassembled into ethyl acetate using a catalyst in this process. Another method for producing renewable ethyl acetate is through electrochemical conversion. In this process, electricity is used to convert carbon dioxide into ethyl acetate. This method can use renewable energy sources, such as wind or solar power, to produce ethyl acetate.
In December 2022, the supervisory board of Crop Energies has given the green light to the investment into what will be the first production plant in the new biobased chemicals business. The total investment for the new production facility will be between $127.7 and $138.4 million, which will be paid from the existing cash position. The new production plant, which will be the first of its kind in Europe, will produce 50,000 tons of renewable ethyl acetate per year from sustainable ethanol using renewable energy for the process. As a result, production of renewable ethyl acetate is expected to provide sufficient development prospects for the ethyl acetate market in the future years.
The ethyl acetate is segmented into application, and end-use industry. On the basis of application, the market is segmented into pigments, paints and coatings, process solvents, adhesives and sealants and others. On the basis of end-use industry, the market is divided into artificial leather, packaging, automotive, food and beverages, and pharmaceutical. Region-wise the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the ethyl acetate market include Celanese Corporation, Daicel Corporation, Eastman Chemical Company, INEOS, IOL Chemicals and Pharmaceuticals Limited, Jubilant Ingrevia Limited, Maharashtra Aldehydes and Chemicals Ltd., Sasol Limited, Sipchem and Solvay.
Ethyl acetate is a chemical compound that is commonly used as a solvent in various industries, including pharmaceuticals, food and beverage, and paint manufacturing. It is also used as a flavoring agent in some food products, such as confectioneries and baked goods. Ethyl acetate is widely used in the production of pharmaceuticals, as it is a common solvent for several drugs and is also used as a flavoring agent in food products.
It is also used as a solvent in the production of varnishes and lacquers, as well as in the production of adhesives and coatings. The use of ethyl acetate in the food industry is regulated by the Food Safety and Standards Authority of India (FSSAI). The permissible limit of ethyl acetate in food products is set at 50 parts per million (ppm). This ensures that the use of ethyl acetate in food products is safe for consumption and does not pose a risk to public health.
In the pharmaceutical industry, ethyl acetate is used as a solvent for various drugs, such as antibiotics, steroids, and painkillers. It is also used as a flavoring agent in some medicines, such as syrups and suspensions. Ethyl acetate is preferred over other solvents due to its low toxicity and high solubility in water.
The growth of the ethyl acetate market is majorly attributable to its wide applications in various industries such as pigments, paints and coatings, process solvents, adhesives and sealants, and others. Moreover, cost-effectivness of ethyl aceate is expected to drive market growth during the forecast period. Ethyl acetate is readily available and is typically less expensive than other solvents, such as acetone, toluene, and xylene. The relatively low cost of ethyl acetate makes it a popular choice for industrial applications that require large quantities of solvent. Ethyl acetate has a high solvency power and can dissolve a wide range of substances, including resins, oils, fats, and cellulose. This makes it a versatile solvent that can be used in a variety of applications, such as coatings, adhesives, and printing inks. Ethyl acetate has a relatively fast evaporation rate compared to other solvents. This can be an advantage in applications where a fast-drying solvent is required, such as in coatings and paints.
Ethyl acetate is known for its low boiling point and low heat of vaporization, which means that less energy is required to evaporate it compared to other solvents. This makes it a more energy-efficient option, which can result in cost savings for industrial processes. Ethyl acetate is a relatively pure solvent and is available in high-purity grades, which makes it suitable for use in high-quality products, such as pharmaceuticals, cosmetics, and food products. This can result in cost savings by reducing the need for additional purification steps or the use of more expensive solvents. Thus, cost-effectiveness of ethyl acetate is expected to drive the growth of ethyl acetate market during the forecast period.
However, environmental impact associated with ethyl acetate is projected to hinder the expansion of the market. Ethyl acetate is considered a relatively safe solvent with low environmental impacts when used and disposed of properly. However, like any chemical substance, it can still have environmental impacts if not handled correctly. Ethyl acetate can contribute to air pollution if released into the atmosphere in large quantities. It is a volatile organic compound (VOC) that can react with nitrogen oxides in the presence of sunlight to form ground-level ozone, which can harm human health and damage ecosystems.
Ethyl acetate is not highly toxic to aquatic life, but it can still have negative impacts on water quality if released in large quantities. It is biodegradable and can break down in the environment, but the breakdown process can consume oxygen, which can harm aquatic life in oxygen-limited environments. Ethyl acetate can be disposed of safely through incineration or other controlled methods. However, if it is not disposed of properly, it can have negative impacts on the environment. For example, if it is disposed of in landfills, it can potentially contaminate groundwater
On the contrary, production of renewable ethyl acetate is expected to offer ample growth opportunities for the ethyl acetate market. Renewable ethyl acetate can also be created by catalytically converting sources of renewable energy such as lignocellulosic biomass or waste vegetable oil. The raw material is broken down into its constituents and then reassembled into ethyl acetate using a catalyst in this process. Another method for producing renewable ethyl acetate is through electrochemical conversion. In this process, electricity is used to convert carbon dioxide into ethyl acetate. This method can use renewable energy sources, such as wind or solar power, to produce ethyl acetate.
In December 2022, the supervisory board of Crop Energies has given the green light to the investment into what will be the first production plant in the new biobased chemicals business. The total investment for the new production facility will be between $127.7 and $138.4 million, which will be paid from the existing cash position. The new production plant, which will be the first of its kind in Europe, will produce 50,000 tons of renewable ethyl acetate per year from sustainable ethanol using renewable energy for the process. As a result, production of renewable ethyl acetate is expected to provide sufficient development prospects for the ethyl acetate market in the future years.
The ethyl acetate is segmented into application, and end-use industry. On the basis of application, the market is segmented into pigments, paints and coatings, process solvents, adhesives and sealants and others. On the basis of end-use industry, the market is divided into artificial leather, packaging, automotive, food and beverages, and pharmaceutical. Region-wise the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the ethyl acetate market include Celanese Corporation, Daicel Corporation, Eastman Chemical Company, INEOS, IOL Chemicals and Pharmaceuticals Limited, Jubilant Ingrevia Limited, Maharashtra Aldehydes and Chemicals Ltd., Sasol Limited, Sipchem and Solvay.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ethyl acetate market analysis from 2021 to 2031 to identify the prevailing ethyl acetate market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the ethyl acetate market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global ethyl acetate market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
- Pigments
- Paints and Coatings
- Process Solvents
- Adhesives and Sealants
- Others
- Artificial Leather
- Packaging
- Automotive
- Food and Beverages
- Pharmaceuticals
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Celanese Corporation
- Daicel Corporation
- Eastman Chemical Company
- INEOS
- IOL CHEMICALS AND PHARMACEUTICALS LIMITED
- Jubilant Ingrevia Limited
- Maharashtra Aldehydes and Chemicals Ltd.
- Sasol Limited
- Sipchem
- Solvay
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ETHYL ACETATE MARKET, BY APPLICATION
CHAPTER 5: ETHYL ACETATE MARKET, BY END-USE INDUSTRY
CHAPTER 6: ETHYL ACETATE MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Celanese Corporation
- Daicel Corporation
- Eastman Chemical Company
- INEOS
- IOL CHEMICALS AND PHARMACEUTICALS LIMITED
- Jubilant Ingrevia Limited
- Maharashtra Aldehydes and Chemicals Ltd.
- Sasol Limited
- Sipchem
- Solvay
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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