Ethyl Acetate Market Size, Share & Trends Analysis Report By End Use (Food & Beverages, Pharmaceutical, Automotive, Artificial Leather, Packaging), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global ethyl acetate market size was valued at USD 4.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.8% from 2021 to 2028. This is attributed to the growing investments in the construction, pharmaceuticals, and automotive sector. There has also been a significant rise in the production of sustainable packaging products such as flexible packaging due to increasing environmental concerns, which is anticipated to propel the demand for solvent-based printing inks in the packaging industry over the forecast period.

Ethyl acetate solvents are used in car care products in the automotive industry. These solvents are also used in chromatographic separation applications in the pharmaceuticals industry, thus resulting in a stable market. Moreover, they are used in food products and beverages to enhance their flavor. Increasing demand for convenient and sustainable packaging is triggering the demand for flexible packaging solutions across the world. It is anticipated to contribute to the demand for ethyl acetate solvent-based printing inks globally.

In the packaging solutions industry, flexible packaging solutions are witnessing the highest demand on the account of numerous benefits offered by them, including lightweight, low cost, easy recyclability, increased flexibility, and enhanced shelf life. Furthermore, the demand for ethyl acetate-based flexible packaging solutions is expected to grow in the coming years due to the flourishing e-commerce and retail business across the world wherein these solutions are used.

As ethyl acetate has more than four polarities, it is used in applications with difficult separations. It is also used in column chromatography applications, thereby resulting in its surged use in the wine industry for the differentiation of various wines and the study of wine vintage. With increasing wine consumption in Germany, the U.K., etc., new chromatography applications are anticipated to emerge contributing significantly to the overall market growth.

As chemicals containing VOC are used in the footwear and leather manufacturing industries, the product is expected to witness wide application scope in artificial leather manufacturing processes. With the stringent imposition of various government regulations on the production of natural leather and the surged demand for cruelty-free leather accessories such as belts and apparel, the global market for artificial leather is anticipated to witness significant growth over the forecast period.

End-use Insights

The food and beverage segment dominated the market and accounted for the largest revenue share of 25.9% in 2020. This high share is attributable to increased usage in various food products such as fruits, dairy, meat, and vegetables among others due to its low toxicity, agreeable odor, and low cost.

The pharmaceutical application segment is another large segment in the market. The segment accounted for a revenue share of around 24.o% in 2020. Ethyl acetate is commonly used in the pharmaceutical industry owing to its low purity; it is also used for purifying and concentrating antibiotics. In the pharmaceutical industry, solvent extraction finds many applications due to its suitability for processing heat-sensitive products and inherent flexibility.

It is used for the auto refinishing process, which involves refurbishing and repairing automobiles and other transportation vehicles. Growing demand for used vehicles and continuous adoption of new technologies are some of the factors responsible for driving the growth of the automotive to refinish coating market which will directly propel the demand for ethyl acetate over the coming years.

It has a wide scope of application in the manufacturing process of artificial leather as the ethyl acetate solvent plays a vital role in the leather production process. The global market for artificial leather is expected to show significant growth over the forecast period owing to rising demand for cruelty-free leather products such as belts, wallets, bags, clothing, and others. Moreover, the rising demand for solvent-based printing inks in flexible packaging is estimated to propel the market demand over the forecast period.

Regional Insights

In Asia Pacific, the market accounted for the highest revenue share of 50.0% in 2020. This is attributed to the rising urbanization and research and development for the creation of technologically advanced products at an affordable rate. The region has a presence of numerous ethyl acetate manufacturing companies which is also key a driver in the growth of the market.

In North America, ethyl acetate is mainly used for manufacturing printing inks, paints, and coatings, synthetic leather, etc. The increasing consumption of these products is expected to contribute to the growth of the ethyl acetate market in the region. The growing demand for convenient and flexible packaging solutions for food products and beverages in the U.S. is expected to fuel the consumption of ethyl acetate in the country.

Europe has the presence of major industrial economies, such as the U.K., Germany, and France which have a continuously increasing number of manufacturers and suppliers of automobiles, food products, and beverages, packaging solutions, and chemical products. The presence of major automobile manufacturing units in Europe drives the demand for ethyl acetate in the region. The growth of the market in this region can be attributed to the flourishing automotive, food and beverages, and artificial leather manufacturing industries in the key countries of the region such as the U.K., Germany, and France among others. This is due to the rising awareness among customers to opt for cruelty-free products.

The steady economic growth and an increase in the number of middle-and high-income consumers in countries, such as Argentina, Brazil, Peru, and Chile, are leading to a change in lifestyle patterns in the region. These factors have led to a strong increase in the demand for Ready-To-Eat (RTE) food products that are healthy and conveniently packed. This, in turn, is expected to augment the growth of the flexible packaging market, which will directly increase the consumption of ethyl acetate solvent-based printing inks in the region. In addition, the high demand for paints and coatings in the automotive, furniture, and other industries in countries, including the UAE, Kuwait, and Saudi Arabia, is expected to increase the demand for ethyl acetate.

Key Companies & Market Share Insights

The market is moderately fragmented with a few players accounting for a large share of the market. The key players in the market include Solvay SA, Celanese Corporation, INEOS, Jiangsu SOPO Group, Eastman Chemical Company, Sasol, etc. These companies are involved in the bulk manufacturing of ethyl acetate, which is then distributed globally. Moreover, these companies are also continuously involved in mergers and acquisitions to enhance their customer base and acquire new markets globally. Some of the prominent players in the ethyl acetate market include:

• INEOS

• Solvay

• Eastman Chemical Company

• Sipchem

• Sasol Limited

• Daicel Corporation

Ethyl Acetate Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global ethyl acetate market report on the basis of end use and region:

• End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

  • Food & Beverages

  • Pharmaceutical

  • Automotive

  • Artificial Leather

  • Packaging

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

  • Middle East & Africa