The Global ethyl acetate market is estimated to be valued at US$ 6.25 Billion in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024-2031.
Ethyl acetate is a colorless, volatile liquid with a fruity scent used as a synthetic flavoring agent giving apple, banana and pineapple tastes and odors. It is used as a solvent in paints, coatings and medical applications due to its polarity and non-toxic nature. The growth of paints and coating industry as well as rising demand from medical sector are fueling the growth of ethyl acetate market.
Key Takeaways
Key players operating in the ethyl acetate market include Celanese, Eastman Chemical, INEOS Group Holdings SA, Solventis Limited, Sasol Ltd., Showa Denko K.K., Jubilant Life Sciences Limited, Wacker Chemie AG, Ashok Alco-Chem Ltd., Nippon Synthetic Chemical Industry Co., Ltd., LCY Chemical Corp., Sipchem, Jiangsu Sopo (Group) Co., Ltd., Shanghai Wujing Chemical Co., Ltd., Daicel Corporation, Rhodia Acetow GmbH, Saudi International Petrochemical Co., Tokuyama Corporation, Carbohim d.o.o., Avantium N.V
Ethyl Acetate Market Demand from paints and coating industry across regions owing to growth in construction sector provides huge growth opportunities to ethyl acetate market players.
Growing demand for ethyl acetate from emerging economies of Asia Pacific region such as India and China due to increasing industrial activities is expected to drive global expansion of ethyl acetate market over the forecast period.
Market Drivers
The high growth of paints and coatings industry especially in Asia Pacific region is estimated to be the major growth driver for global ethyl acetate market over the forecast period. Construction activities in developing countries such as India, China have picked up pace which is subsequently increasing the demand for paints and coatings driving the growth of ethyl acetate market.
PEST Analysis
Political: Changes in government regulations regarding production and consumption of chemicals may impact the market. Stringent environmental laws can hamper growth.
Economic: Stable economic conditions result in increased demand from end-use industries like paints, coatings, adhesives boosting the market. Rise in disposable income increases its use in cosmetics, household products.
Social: Growing population, changing lifestyles, rising health awareness increases demand for personal care products containing ethyl acetate. Rapid urbanization increases infrastructure development augmenting coatings, paints requirement.
Technological: Developments in production technologies help improve efficiency, reduce costs, and ensure environment compliance. New application discoveries in pharmaceuticals, food flavors may open new avenues.
Geographical regions of concentration
Asia Pacific holds the major share in terms of value led by China, India, Japan due to large production bases and growing end-use industries in the region. North America and Europe are also significant markets due to established paints, coatings industries and research activities.
Fastest growing region
Asia Pacific region is expected to witness the highest growth during the forecast period due to rising domestic consumption in major countries like India and China. Increasing investments in infrastructure, automotive, electronics, construction sectors are fueling market demand. Industrialization, urbanization trends coupled with improving economic conditions support the regional growth.
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