The global ethyl acetate market is expected to witness steady growth over the forecast period. Commonly known as acetic ether or acetic ester, ethyl acetate is a colorless liquid, which is highly miscible with all organic compounds (solvents), such as glycols, ketones, alcohols, and esters. Ethyl acetate is used as a solvent due to its dilution properties. At a high purity level, it is used as a nail polish remover and in cleaning electric circuit boards. While, at a lower purity level, it is used in pharmaceuticals, printing, perfumes, textile, and decaffeination of coffee/tea and as a carrier solvent for herbicides.
Ethyl acetate is synthesized by the ethanol dehydrogenation hydrogenation process (Tishchenko Reaction) or by the Fischer ethanol and acetic acid esterification process. It is extensively utilized in the perfume industry owing to its quick evaporation properties and sweet fragrance. However, it should be handled and stored appropriately to avoid potential health hazards. Ethyl acetate is an excellent solvent for nitrocellulose, chlorinated rubber, cellulose ethers, celluloid, and for some natural and synthetic resins as well. A combination of ethyl acetate and 20% ethanol is an excellent solvent for cellulose acetate. It is used in several industries owing to its low cost and toxicity levels.
It is majorly used as an activator or hardener in paints and entomological killing agent and as a solvent in inks, enamels, and other chemical processes. Increasing disposable income and changing lifestyle is driving the perfume industry, which, in turn, is creating considerable growth opportunities for ethyl acetate. Ethyl acetate also forms an integral part of the synthetic leather manufacturing industry and has a broad application scope in the manufacturing of leather bags, purses, belts, wallets, and other accessories. Growing product consumption as a flavor enhancer in the food & beverage industry is also driving the ethyl acetate market. Steady growth of the F&B industry, exclusively in Asia Pacific, owing to growing e-retail business and online food services is expected to boost the demand over the forecast period.
The Asia Pacific region is expected to witness considerable growth. Rapidly expanding the construction industry due to demand for new infrastructure and the inflow of greenfield investments across several sectors would also drive the regional market. Moreover, the presence of a large food processing industry in the region has boosted the demand in the manufacturing of product labeling and packaging. Emerging economies like China, India, Brazil, and Indonesia provide lucrative opportunities for the ethyl acetate market owing to their low production and labor costs. These economies are transforming into a manufacturing hub with the presence of numerous companies in the pharmaceutical, polymer, textile, and chemical manufacturing industries. This is also likely to support market expansion.
The fruity odor of ethyl acetate has made it an essential ingredient in alcoholic beverages, such as wine and beer. Rising awareness about the ill effects of soft drinks has resulted in a shift in preference towards coffee, thereby positively influencing the coffee production and export in Brazil, which indirectly propels the ethyl acetate market. Brazil is the largest producer of coffee in the world and it is extensively used in the region for the de-caffeinating process of the beverage. Major industry participants include Celanese Corporation, INEOS, Eastman Chemical Company, Solvay S.A., Jiangsu Sopo (Group) Co., Ltd., Sigma-Aldrich Corp., Jubilant Life Science Ltd., and Jinyimeng Group Co. Ltd.
Technological advancements, M&A, and capacity expansion are the major market strategies undertaken by most of the companies For instance, in 2016, INEOS announced to expand its production facility by 100,000 tons per year at its Hull production facility owing to high demand from end-use industries, such as cosmetic, pharmaceutical, inks, and flexible packaging.
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Demand across the organic chemicals sector shall register a slump in growth albeit increasing demand for certain chemicals that find end applications in healthcare and food. Furthermore, China, a major supplier of chemicals to the world, registered a considerable decline in manufacturing in the first quarter of 2020, following the trajectory unfolded by COVID-19's escalation to a pandemic. This has led to an imbalance in supply-demand dynamics, forcing manufacturers and customers alike to renegotiate supply agreements. The report will account for Covid19 as a key market contributor.