Ethyl Acetate Market – Snapshot
Ethyl acetate is an ester compound. It is primarily manufactured by using the process of esterification of ethanol and acetic acid in the presence of a strong acid. Ethyl acetate is used as a solvent for various applications such as varnishes, lacquers, dry cleaning, and nitrocellulose. High-purity ethyl acetate is utilized as a nail polish remover and in cleaning of electric circuit boards. Low-purity ethyl acetate can be used in pharmaceuticals, perfumes, printing inks, and foods. It can be employed as a carrier solvent for herbicides and in decaffeination of tea and coffee. Ethyl acetate is used in coating formulations for wood furniture, construction equipment, mining equipment, agricultural equipment, and marine equipment.
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Increase in Demand for Flexible Packaging to Drive Ethyl Acetate Market
Ethyl acetate is extensively used as a solvent for high-resolution printing inks and laminated adhesives and are employed in various types of flexible packaging and plastic films owing to its rapid evaporation property. Ethyl acetate is used in the solvent cast process to manufacture flexible packaging films. Flexible packaging is highly flexible, available in various sizes, cost less, has a long shelf life, and can be recycled and hence, it is extensively employed in the packaging industry. These benefits make flexible packaging a preferred type of packaging in a various industries. Companies are spending more on packaging to achieve differentiation owing to growing consumer awareness and increasing focus on building brand image. This is anticipated to drive the demand for flexible packaging in the next few years. Hence, rising demand for flexible packaging drives the ethyl acetate market. This trend is expected to continue during the forecast period, as the demand for flexible packaging is increasing due to the emergence of e-commerce and e-retail companies.
Ethyl acetate is an extensively used solvent in all types of coatings, paints, and varnishes, which are employed in building & construction and automotive industries. The global construction industry is expanding at a significant pace. According to Oxford Economics, the construction industry is anticipated to expand at an average annual growth rate of 3.9% by 2030. This is anticipated to fuel the demand for paints and coatings, which in turn, is projected to drive the demand for ethyl acetate in the next few years. Additionally, rapid urbanization in developing countries such as China and India is expected to drive the automotive industry in these countries in the next few years. This, in turn, is expected to boost the ethyl acetate market in China and India during the forecast period. Thus, increase in the requirement for paints and coatings from construction and automotive industries is expected to propel the demand for ethyl acetate in the next few years.
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Leading Players Focusing on Geographical Expansion
Key players profiled in the ethyl acetate market include INEOS AG, Sekab Biofuels & Chemicals AB, Solventis Ltd., Sasol Ltd., Daicel Corporation, Ashok Alco-Chem Ltd., Celanese Corp., Eastman Chemical Co., Jiangsu Sopo (Group) Co., Ltd, and Godavari Biorefineries Ltd. These players engage in collaborations, mergers and acquisitions (M&A), geographical expansion, and launch of new products. In 2016, INEOS AG, expanded its ethyl acetate production plant in Hull, the U.K. by 100 kilotons per year. The capacity expansion is projected to help the company strengthen its position in the ethyl acetate market in the U.K.
Demand for Ethyl Acetate to Increase from Paints & Coatings Industry
Demand for ethyl acetate has increased significantly for the manufacture of paints, coatings, and varnishes. Ethyl acetate offers superior performance and is an economical solvent. Furthermore, it has properties such as low toxicity and odor. This makes ethyl acetate a preferred solvent in coatings, paints, and varnishes that are extensively employed in building & construction and automotive industries. The global construction industry is expanding at a significant pace. This, in turn, is projected to drive the demand for ethyl acetate in the next few years.
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Developing Economies to Present Lucrative Opportunities
In terms of volume, Asia Pacific and North America are leading regions of the global ethyl acetate market. In terms of value, the market in Asia Pacific is projected to expand at a substantial pace during the forecast period. The market in Middle East & Africa is estimated to expand considerably during the forecast period owing to the rise in the industrialization and increase in demand for these solvents for making printing inks varnishes and protective coatings for applications in industries such as building & construction and automotive in the region. The market in India, ASEAN, Japan, and China is anticipated to expand at a substantial pace in the next few years due to the increase in demand for ethyl acetate in various applications such as printing inks, food & beverage, cosmetics, and pharmaceuticals.
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