Ethyl Acetate Market to Reach Around US$ 5.0 Billion by 2026, Increasing Synthesis Mechanism to Boost Prospect - TMR

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Apr 03, 2019, 06:30 ET

ALBANY, New York, April 3, 2019 /PRNewswire/ -- The competitive landscape of the ethyl acetate market is highly competitive with the presence of large number of players across the globe, finds transparency Market Research (TMR). Due to the easy availability of raw materials for the manufacturing of ethyl acetate several mid-scale and small scale players have also expressed interest in the ethyl acetate market. Owing to this, the competition in the ethyl acetate market is expected to intensify further. Some of the prominent players operating in the global ethyl acetate market are Celanese Corporation, Solvay S.A., Sigma-Aldrich Corp., Jiangsu Sopo (Group) Co., Ltd., Jubilant Life Science Ltd., and Jinyimeng Group Co. Ltd.

Top players in the global ethyl acetate market are adopting strategies such technological advancements, mergers and acquisitions, and capacity expansion to strengthen their market position, adds TMR. For instance, in November 2018, Eastman Chemical Company has announced opening of its new manufacturing facility at Kingsport. The new facility will double production capacity of the company. Similarly, in 2016, INEOS AG, expanded is manufacturing unit in Hull, the U.K.

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The global ethyl acetate market was noted at a valuation of US$3 bn in 2017. The market is anticipated to expand at a steady 6% CAGR from 2018 to 2026.

Geographically, Asia Pacific is likely to hold majority of share during the forecast period. This is because of the rising demand for ethyl acetate in various applications such as printing inks, food & beverage, cosmetics, and pharmaceuticals. The ethyl acetate market is estimated to touch a valuation of US$1295.7 mn during the forecast period. On the basis of application, demand for ethyl acetate is projected to remain high in paints & coatings in the coming years.

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Rising Demand for Ethyl Acetate in End User Industries to Boost Prospect

The global ethyl acetate market is projected to rise at a significant pace in the forecast period. This is because of the increasing application of ethyl acetate in several end user industries. Ethyl acetate is used as a solvent in several industries due to its dilution properties. Along with this, it is also used as decaffeination in coffee/tea and as a carrier solvent for herbicides. Apart from this, it is extensively used in the perfume industry owing to its properties such as quick evaporation and sweet fragrance.

Further, it is widely used for providing various flavors, such as pineapple, strawberries, vanilla and others, to food products. Strong growth of food & beverage industry owing to increasing trend of online food deliveries and e-retail business is projected to increase demand for ethyl acetate. This is expected to drive the growth of the ethyl acetate market in the forecast period.

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However, prolong exposure of ethyl acetate on humans may cause several side effects such as skin irritation, nausea, and head ace. Owing to this several countries are banning production of ethyl acetate. This could hinder the growth of the global ethyl acetate market in future. Nevertheless, manufacturers in the global ethyl acetate market are adopting advanced technology for the manufacturing of ethyl acetate so as to minimize human expose while manufacturing of ethyl acetate. This is expected to open a lucrative avenues for growth of the global ethyl acetate market in future.

Low Cost of Ethyl Acetate to Increase Demand in Industries

Ethyl acetate finds application in several flexible packaging and plastic films. This is due to its low cost of manufacturing and easy availability. Emerging e-commerce and e-retail business is further increasing the prospect of flexible packaging. This in turn is expected to fuel the global ethyl acetate market.

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This review is based on Transparency Market Research's report, titled "Ethyl Acetate Market (Application - Printing Inks, Adhesives, Cosmetics, Paints and Coatings, Pharmaceuticals, Food and Beverage, Herbicides) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."

The global ethyl acetate market has been segmented as follows:

Application

Printing Inks
Adhesives
Cosmetics
Paints & Coatings
Pharmaceuticals
Food & Beverages
Herbicides
Others (including Marine and Mining)

Region

Asia Pacific

China
Japan
India
ASEAN
Rest of Asia Pacific

Europe

Germany
U.K.
France
Italy
Poland
Hungary
Czech Republic
Russia & CIS
Rest of Europe

North America

U.S.
Canada

Middle East & Africa

South Africa
GCC
Rest of Middle East & Africa

Latin America

Brazil
Mexico
Rest of Latin America

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