Wilmington, Delaware, United States, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. The global ethyl acetate market was estimated at a value of US$ 5.5 billion in 2022. It is anticipated to register a 5.9% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 8.8 billion by 2031.
The demand for solvent-based paints and coatings, in particular, is anticipated to impede the growth of the ethyl acetate market due to growing environmental concerns and strict restrictions. Throughout the projection period, there will likely be a sharp increase in demand for ethyl acetate due to the manufacturing vertical's propensity to spend more on flexible packaging in order to achieve distinction.
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Key Findings of Market Report
- Laminated adhesives and high-resolution printing inks are made with ethyl acetate as a solvent.
- These are used in a variety of plastic films and flexible packaging materials.
- Flexible packaging is more affordable, recyclable, and comes in a range of sizes. It also has a higher durability.
- A wide range of sectors have a significant demand for flexible packaging.
- Polymer resins that are used to generate excellent coating solutions can be dissolved and dispersed by ethyl acetate.
- This improves the packaging's durability and barrier qualities.
- The industrial sector's growing preference for flexible packaging is anticipated to have a beneficial effect on the growth of the ethyl acetate market over the coming years.
The following companies are well-known participants in the global ethyl acetate market:
- INEOS AG
- Sekab Biofuels and Chemicals AG
- Solventis Ltd.
- Sasol Ltd.
- Daicel Corporation
- Ashok Alco-Chem Ltd.
- Celanese Corp.
- Eastman Chemical Co.
- Godavari Biorefineries Ltd.
- Jiangsu Sopo (Group) C. Ltd.
Market Trends For Ethyl Acetate
- In the production of paints, varnishes, and coatings, ethyl acetate is a highly favored solvent, particularly in the building and construction and automotive industries. Several solvent-based inks that are used to package items employ ethyl acetate as a solvent. Ethyl acetate's solvent-oriented properties make it perfect for use in the manufacturing of wool fabrics.
- This makes printed graphics on cardboard, paper, and plastic more robust and colorful. It is employed as a denaturant in the glazing and transparency of paper. Ethyl acetate is utilized in the soil injection technique as an alkali-sodium silicate stabilizer and for soil stabilization.
Global Market for Ethyl Acetate: Regional Outlook
Various reasons are propelling the growth of the ethyl acetate market in different regions. These are:
- In 2022, the automotive, pharmaceutical, and food and beverage industries in China, Japan, and India accounted for a significant portion of the global ethyl acetate market share, with Asia Pacific holding a share of over 40%. The increasing demand for printing inks, adhesives, and coating solvents is predicted to cause the ethyl acetate markets in Vietnam and Thailand to expand considerably during the next several years.
- The United Kingdom, Germany, and France are home to a significant number of suppliers and manufacturers of packaging solutions, chemical products, vehicles, and food and drinks, which contribute to Europe's significant portion of the worldwide ethyl acetate demand.
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Global Ethyl Acetate Market: Key Players
The ethyl acetate industry is very competitive globally, and its major competitors are expanding their customer base by using an organic approach to development. In order to obtain a competitive advantage, they are also utilizing strategic initiatives including partnerships, joint ventures, and mergers and acquisitions Leading producers of ethyl acetate are also concentrating on creating novel bio-based solutions to meet the increasing demand for environmentally friendly goods globally.
Few of key developments by the players in this market are:
- Celanese Corp. announced in February 2023 the introduction of a range of innovative sustainable solutions for different acetate chain materials. They go by the name "ECO-B."
- CropEnergies AG declared in December 2022 that it will begin building a factory to convert sustainable ethanol into renewable ethyl acetate.
- IOL Chemicals as well as Pharmaceuticals declared in October 2022 that the European Union had granted it regulatory approval (REACH certification) to supply ethyl acetate.
- Yip's Chemical stated in July 2022 that it had signed a deal to sell PAG a 51% effective stake in Handsome Chemical, one of its solvents business subsidiaries, for around US$ 0.36 billion. With a 1.6 metric ton yearly production capacity, Handsome Chemical is the biggest manufacturer of acetate solvents.
- Viridis Chemical, LLC produced sustainable ethyl acetate at its Columbus, Nebraska, production site in March 2022. In this sense, HELM U.S. is Viridis' marketing partner.
- Celanese Corporation declared in March 2021 that it would substitute recycled carbon dioxide for methanol synthesis at its chemical production facility in Clear Lake, Texas, Inc. One of the essential components of many acetyl compounds, such as ethyl acetate, acetic acid, and vinyl acetate monomer (VAM), is methanol.
Global Ethyl Acetate Market Segmentation
- Application
- Printing Inks
- Adhesives
- Cosmetics
- Paints & Coatings
- Pharmaceuticals
- Food & Beverages
- Herbicides
- Others (including Marine and Mining)
- Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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