July 21, 2024
Ethyl Acetate Market

Adhesive Segment Is The Largest Segment Driving The Growth Of Ethyl Acetate Market

The global Ethyl Acetate Market is estimated to be valued at US$ 5.51 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Ethyl acetate is a colorless liquid with a characteristic fruity odor. It is primarily used as a solvent in adhesive manufacturing, paints & coatings, and pharmaceutical industries due to its excellent dissolving and spreading properties. The growing demand for adhesives from automotive, construction, and packaging industries is fueling the growth of the ethyl acetate market.

Market key trends:

One of the key trends witnessed in the ethyl acetate market is the increasing application in nail polish manufacturing. Nail polish formulations use ethyl acetate as a primary solvent which helps transfer pigments smoothly onto the nails. Further, ethyl acetate is lightweight, non-toxic and produces a fast-drying finish. Its superior solvent properties make it suitable for nail care products. The booming global cosmetics industry is expected to drive the demand for ethyl acetate over the forecast period.

SWOT Analysis

Strength: Ethyl acetate has versatile applications in paints & coatings, adhesives & sealants, packaging, inks & printing, pharmaceuticals industries. It possesses excellent solvent properties.
Weakness: Volatility in raw material price may hamper product cost. Stringent regulations regarding its usage may restrict growth.
Opportunity: Growing paints & coatings industry in Asia Pacific offers significant growth opportunities. Increasing R&D activities to develop new applications will drive the market.
Threats: Availability of substitutes like propyl & butyl acetates pose threat to market growth. Fluctuations in crude oil prices impact production economics.

Key Takeaways

The Global Ethyl Acetate Market Size is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing applications in various end-use industries like paints & coatings, adhesives & sealants, and pharmaceuticals.

Regional analysis: Asia Pacific dominates the global market and is expected to grow at the fastest rate during the forecast period. Expanding end-use industries such as paints & coatings, food & beverages in China, India, Japan, and South Korea will drive the regional market.

Key players operating in the ethyl acetate market are Celanese Corporation, Eastman Chemical, Solutia, INEOS Group Limited, Rhodia Brasil, Showa Denko, Shanghai Wujing Chemical, Sasol Limited, Jiangmen Handsome, and Sekab. Growing demand for ethyl acetate from emerging economies will encourage these players to ramp up production capacities. Strategic partnerships, expansion into high-growth regions, and new product launches will be the key focus areas of these companies to gain competitive edge in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it