Ethyl Acetate Market Outlook
According to a new report by Expert Market Research titled, “Ethyl Acetate Market Size, Share, Analysis, Report and Forecast 2024-2032″, the global ethyl acetate market reached a volume of 4.37 million metric tons in 2023. Aided by the increasing demand for eco-friendly solvents and the growing applications of ethyl acetate in various industries, the market is projected to further grow at a CAGR of 3.60% between 2024 and 2032.
Ethyl acetate is a colourless liquid with a pleasant, fruity odour, commonly used as a solvent in products such as paints, coatings, adhesives, and inks. It is known for its excellent solvency, quick evaporation rate, and relatively non-toxic nature, making it a desirable ingredient in various industrial applications, including pharmaceuticals, cosmetics, and food & beverage.
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The surge in the market for green and sustainable chemicals is a prominent factor driving the global ethyl acetate market growth. As regulatory bodies around the world enforce stringent environmental regulations, the demand for eco-friendly solvents, such as ethyl acetate, is steadily rising. This organic compound is preferred because it is biodegradable, has low toxicity levels, and is non-hazardous air pollutant.
The growth of end-user industries, particularly the paints and coatings sector which is experiencing a boom due to the urbanisation and growing construction activities globally, is another critical factor boosting the ethyl acetate market demand. The pharmaceutical sector is also a significant consumer of ethyl acetate, where it is used as a solvent in the formulation of a variety of products, contributing further to the market expansion.
In addition to its established role as a solvent, ethyl acetate has found various other applications. In the pharmaceutical sector, ethyl acetate is used as an extraction solvent for the concentration and purification of antibiotics.
The food and beverage sector uses ethyl acetate as a flavour enhancer due to its fruity taste, which is instrumental in the production of candies, baked goods, and other flavoured products. Moreover, its use in decaffeinating coffee and tea showcases its essential role in the processing of natural products. In the cosmetics sector, ethyl acetate is a key component in nail polish products, perfumes, and other cosmetic formulations due to its quick-drying properties and pleasant scent.
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As per the ethyl acetate market analysis, the shift towards bio-based ethyl acetate is a growing trend. This shift is propelled by the increasing consumer awareness regarding environmental conservation and a general trend towards sustainable and renewable products in the chemical sector.
Furthermore, the growth in emerging markets, particularly in the Asia Pacific region, is increasing the ethyl acetate market share. This region, led by China and India, is currently the largest consumer of ethyl acetate due to its expanding manufacturing sector and the growing middle-class population demanding more consumer goods, including packaged foods and cosmetics.
Ethyl Acetate Market Segmentation
The market can be divided based on application and region.
Market Breakup by Application
- Paints and Coating
- Adhesives
- Inks
- Pharmaceutical
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global ethyl acetate market. Some of the major players explored in the report by Expert Market Research are as follows:
- Jiangmen Handsome Chemical Development Limited
- Jiangsu SOPO (Group) Co., Ltd.
- Eastman Chemical Company
- Sekab
- Shandong Jinyimeng Group Co. Ltd.
- Others
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