Global Ethyl Acetate Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Ethyl Acetate Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Ethyl acetate is an important and widely used industrial chemical that plays an important role as a solvent in adhesives, paints or coatings. Ethyl acetate is mainly used as paint, varnish and varnish coating solvent; Used as extraction solvent for various processes, including decaffeination of coffee and tea; Used as process solvent in pharmaceutical industry; Used as carrier solvent for printing inks, adhesives and nail polish.

Market Overview:

The latest research study on the global Ethyl Acetate market finds that the global Ethyl Acetate market reached a value of USD 3877.7 million in 2022. It’s expected that the market will achieve USD 4584.95 million by 2028, exhibiting a CAGR of 2.83% during the forecast period.

The raging COVID-19 has plunged the global economic environment into a depression. The impact of COVID-19 on the ethyl acetate industry will involve all major links and all entities of the industry chain. During the COVID-19 pandemic, countries around the world went into lockdown, affecting the production and sales of ethyl acetate, resulting in restrictions on the global supply chain of ethyl acetate. In terms of upstream raw materials, the outbreak of the epidemic has prompted countries around the world to implement measures such as comprehensive traffic control to prevent the spread of COVID-19, which has had different impacts on the supply chain of the ethyl acetate industry. This is mainly reflected in the impact of the epidemic on the procurement of raw materials in the industry. Due to the limited output of raw material suppliers and poor logistics, raw material procurement is facing difficulties. However, with the progress of resumption of work and production, this situation will be effectively alleviated.

From the perspective of ethyl acetate producers, the COVID-19 outbreak has put the company under pressure from tight cash flow, supply chain disruption and a general decline in market supply and demand. Most companies expect a sharp drop in revenue. Employee salaries, loan repayments and rental expenses are the main cost pressures for business operations. Especially for SMEs, paying staff wages has become the biggest cost pressure. By contrast, workers at large companies face relatively less wage pressure.
From the downstream point of view, the epidemic has affected different downstream markets of ethyl acetate to varying degrees. During the COVID-19 pandemic, industries such as construction, food and beverage, packaging industry, and textile industry have been severely affected, and most enterprises have stopped production due to the prevention and control measures adopted by the policy. In addition, a large number of small and medium-sized enterprises are facing the reduction of downstream market demand and capital chain problems. For example, small and medium enterprises in products such as ink packaging and adhesives.
Currently, the adverse impact of COVID-19 on the industry is slowing down as the situation improves.

The downstream market is wider. The wider application range of ethyl acetate affects the market share of ethyl acetate, and the wider downstream market is more conducive to the development of the ethyl acetate industry. Ethyl acetate is an important organic chemical raw material and industrial solvent. First, ethyl acetate can be used in the pharmaceutical field, where ethyl acetate is used as a solvent raw material for some finished and semi-finished products. At present, the global pharmaceutical industry is developing continuously, which will be more conducive to the development of the ethyl acetate industry.

Secondly, ethyl acetate can be divided into three grades: industrial grade, food grade and pharmaceutical grade, of which industrial grade ethyl acetate is the mainstream product in the market. Ethyl acetate is used both in the production of nail polish removers and glues, and in the production of perfumes, paints, dyes and cosmetics.
Finally, in the food and beverage industry, ethyl acetate is used for decaffeination in coffee beans and tea leaves, ethyl acetate is widely used as an ester in wine production, and as a volatile organic acid in food. Food and beverages are essential products for human life, and with the development of the economy, the food and beverage industry is also constantly developing. Therefore, the development of the extensive downstream market of ethyl acetate is promoting the development of the ethyl acetate industry.

The development of e-commerce. For the ethyl acetate industry, the growing popularity of e-commerce retailers has boosted the industry. This was mainly due to the online channel driving the sales of ethyl acetate. Online e-commerce is gradually increasing its share of total retail sales as shoppers become more accustomed to buying goods online and retailers adjust e-commerce operations to deliver products faster. At the same time, the pandemic has exacerbated this trend. Online e-commerce has broadened the sales channels of products due to its convenience and other characteristics, thereby promoting the development of the ethyl acetate industry.

Region Overview:

On the basis of region, Asia Pacific is projected to grow at the highest rate, taking up74.27% of the market share in 2027.

Company Overview

Handsome Chemical Group is one of the major players operating in the Ethyl Acetate market, holding a share of10.29% in 2022.

Handsome Chemical Group was established in 1993. The group mainly produces and manages healthy and environmentally friendly solvent acetate and water-based paint emulsion intermediate acrylate. The production bases are located in the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, mainly producing ethyl acetate and n-propyl acetate. ester, n-butyl acetate, butyl acetate-HS, n-butyl acrylate and other products.

INEOS is a global manufacturer of petrochemicals, specialty chemicals and petroleum products. INEOS has 36 separate business units covering the chemical and oil and gas industries, as well as multiple consumer brands.

Yankuang Energy Group is a domestic and overseas listed company controlled by Shandong Energy Group Co., Ltd. It was listed in Hong Kong, New York and Shanghai in 1998. In 2012, Yancoal Australia, a holding subsidiary, was listed on the Australian Stock Exchange, and Yankuang Energy became the first and only coal company in China to have listed platforms in four domestic and overseas markets. Yankuang Energy Group operates coal business. The company produces pulverized coal, blown coal, thermal coal and coal chemical products. In addition, the company produces ethyl acetate products.

Segmentation Overview:

By type,Purity:<99.9% segment accounted for the largest share of market in 2021.

Application Overview:

By application, thePaints & Coatings segment occupied the biggest share from 2017 to 2022.

Paints & Coatings

Ethyl acetate is used in paints and coatings, for example as a hardener, paint and coating additive in paints.

Adhesives & Sealant

Ethyl acetate is used as a solvent in the production of adhesives and sealants.

Pharmaceuticals

Ethyl acetate is used in the Pharmaceuticals industry as a solvent feedstock for some finished and semi-finished products.

Packaging Industry

In the packaging industry, ethyl acetate is used in solvent casting processes to make flexible packaging films. Flexible packaging comes in a variety of sizes and can be recycled, so ethyl acetate is widely used in the packaging industry.

Textile industry

In the Textile industry, for example, ethyl acetate is used as a solvent for resins used in leather production.

Key Companies in the global Ethyl Acetate market covered in Chapter 3:

Celanese Corporation
Zhongrong Technology Corporation
Showa Denko Group
Lianhai
Eastman Chemical Company
Handsome Chemical Group
Jiangsu SOPO
IOLCP
Solvay
Daicel Corporation
Jubilant Ingrevia
INEOS
Jinyimeng Group
Sipchem
Yankuang Energy Group

In Chapter 4 and Chapter 14.2, on the basis of types, the Ethyl Acetate market from 2018 to 2029 is primarily split into:

Purity: ≥99.9%
Purity:<99.9%

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Ethyl Acetate market from 2018 to 2029 covers:

Paints & Coatings
Adhesives & Sealant
Pharmaceuticals
Packaging Industry
Textile industry
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)