H1 2023: During H1 2023, Asia Pacific region was leading in terms of consuming Ethyl Acetate. However, ethyl acetate prices were consistently fluctuating in the Asia Pacific region. In the Asian market, the price of ethyl acetate increased steadily in the first two months of 2023. Prices had increased sharply since the end of the Chinese New Year holiday as market participants replenished the supply of raw materials. Meanwhile, there was high ethyl acetate demand by end-user industries like paints & coatings. However, after March 2023, the ethyl acetate price began to trend southwards, as the raw material acetic acid costs fell and there was sluggish demand from downstream industries. Ethyl acetate prices continued to fall in China from March 2023 as there were high inventory level in the market to meet demand by the downstream industries. In Europe, Ethyl acetate prices increased in January 2023 in Germany as inventories were low and purchase rate of the product was high. However, in mid-February 2023, ethyl acetate prices fell sharply in Germany due to reduction in demand by the end-use industries and abundancy of raw materials in Germany. Although, there was stable ethyl acetate production rate in the European market.
H1 2022: During H1 2022, the total production of Ethyl Acetate had reached 2.2 million tonnes. The key producers of Ethyl Acetate were Celanese Corporation, Eastman Chemical Company, INEOS Capital Limited. In H1 2022, Celanese Corporation was leading among all the other producers of the market. Based on region, Asia Pacific was leading in terms of consumption. During H1 2022, ethyl acetate prices in India fell in the first few months but soon the market stabilized. It was due to the due to weak trading conditions and product saturation in India’s markets. The supply was very strong however the demand wasn't that great. In addition, the Indian government had cut production taxes on certain chemicals such as acetic acid and methanol, thus lowered prices in the domestic market. However, during the other half of H1 2022, ethyl acetate prices rose across Asia Pacific due to increased demand from paints & coatings’ companies. In the western hemisphere, Europe witnessed a bullish Ethyl Acetate market in H1 2022. Feedstock acetic acid market was seen to be fluctuating, yet costs of Ethyl acetate surged due to the strong interest from the downstream sectors. With the significant utilization of Ethyl Acetate in the downstream Paint and coating ventures was robust as the interest from the customer's end was high during H1 2022, thus resulting in expansion of the Ethyl Acetate market.
H2 2022: In H2 2022, the production rate was significantly higher than H1 2022. During H2 2022, the Ethyl Acetate production levels reached a volume of approximately 2.6 million tonnes. Based on consumption, Asia Pacific still consumed the majority of ethyl acetate. Abundant supply and decline in raw material acetic acid prices led to a strong downward trend in the first two months of H2 2022. However, ethyl acetate prices stabilized towards the end of July 2022 in the Asia-Pacific region. The supply had exceeded downstream demand as the Chinese market had to deal with covid cases disrupting normal business operations. However, in August 2022, tight supplies and limited quantity of product supported the price hike of ethyl acetate as typhoons ravaged Japan, South Korea and China, disrupted port operations and thus, the shipping of the product. In Japan, ethyl acetate prices continued to decline in November 2022 as weak demand momentum from downstream paints and coatings industries maintained in the market. Buying sentiment in the market was observed to be significantly low due to skewed consumption rates and limited queries. In addition, prices of acetic acid, which is a key material to produce ethyl acetate was fluctuating during the last two months of 2022, resulting in the fluctuation in the prices of ethyl acetate across the Asian market.
The global Ethyl Acetate market stood at approximately 4.8 million tonnes in 2022 and is expected to grow at a steady CAGR of 3.82% during the forecast period until 2030.
Ethyl Acetate is a highly volatile liquid of low viscosity and a fruity odor. This chemical compound is produced when acetic acid and ethanol react. It is a colourless liquid that vaporizes in the presence of air and has a fruity scent. It is less dense than water. Natural sources of ethyl acetate include the plants Vitis rotundifolia, cinnamomum burmannii, and others. Ethyl acetate is used as an extraction medium in the pharmaceutical industry to concentrate and purify antibiotics. Additionally, it serves as an intermediate in the manufacturing of medicines like rifampicin and sulphamethoxazole. It is generally employed as a solvent or diluent for purposes like nail polish removal or as an addition to cigarettes due to its low cost, low toxicity, and pleasant smell. Flexographic and rotogravure printing inks also use ethyl acetate as a solvent. In the cosmetic industry, ethyl acetate is used to manufacture powder, essences, mascara, teeth-whitening products, and fragrances. Because ethyl acetate evaporates quickly on the skin, the aroma of the perfume can cling to the skin and linger more. The pleasant, fruity aroma of ethyl acetate also helps to contribute to the perfume's aroma. Other niche uses of ethyl acetate include adhesives, cleaning agents, coated papers, photographic films and plates, and fake leather.
Ethyl acetate is commonly employed to create a variety of coating compositions, including epoxies, urethanes, cellulose, acrylics, and vinyl. These coatings have a variety of uses, including shellac for wood furniture and fixtures, nitrocellulose and cellulose acetate lacquers, exterior and interior architectural coatings, ceramic object decorating, and automotive refurbishing. Owing to the fast-paced industrialization and suitable government norms, construction activities are anticipated to rise in the forecast period, anticipated to propel the Ethyl Acetate market. The global Ethyl Acetate market is anticipated to reach approximately 6.5 million tonnes in 2030.
Regionally, the Asia Pacific is the major consumer of the Ethyl Acetate market. The expansion of the market in the region has been aided by the Asia Pacific region's rapid growth of the building and construction sector. In nations like China, Japan, Taiwan, and India, continuous population growth resulting in infrastructure development is creating a large sum of demand for Paints & Coatings. Furthermore, Asia Pacific also leads in terms of producing Ethyl Acetate owing to the presence of an abundance of raw materials and production technology.
Based on the end-user industry, the global Ethyl Acetate market is segmented into Paints & Coatings, Solvent, Printing Inks, and Others. Among these, the Paints and Coatings sector is dominating the Ethyl Acetate market. In 2022, this sector held about 54% of the market share and is anticipated to dominate the market even in the forecast period. Ethyl acetate is used as a solvent in inks for flexographic and rotogravure printing because of its low toxicity and pleasant smell. Its main purposes are to dissolve the resin, regulate viscosity, and alter the drying rate. Increasing demand for printing inks from the packaging industry is likely to drive the Ethyl Acetate market in the forecast period.
Major players in the production of Global Ethyl Acetate are Celanese Corporation, Eastman Chemical Company, INEOS Capital Limited., Jubilant Life Sciences Limited, Sekab, PT. Indo Acidatama Tbk., Solvay S.A., Shandong Jinyimeng Group Co. Ltd., DAICEL CORPORATION, KAI CO., LTD., and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2030
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Objective of the Study:
• To assess the demand-supply scenario of Ethyl Acetate which covers production, demand and supply of Ethyl Acetate market in the globe.
• To analyse and forecast the market size of Ethyl Acetate
• To classify and forecast Global Ethyl Acetate market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Ethyl Acetate market in the globe.
To extract data for Global Ethyl Acetate market, primary research surveys were conducted with Ethyl Acetate manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Ethyl Acetate market over the coming years.
ChemAnalyst calculated Ethyl Acetate demand in the globe by analyzing the historical data and demand forecast which was carried out considering the demand of Ethyl Acetate from the end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Ethyl Acetate manufacturers and other stakeholders
• Organizations, forums and alliances related to Ethyl Acetate distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Ethyl Acetate s manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Ethyl Acetate s market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
4.8 million tonnes
Market size Volume by 2030
6.5 million tonnes
Growth Rate
CAGR of 3.82% from 2023 to 2030
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2030
Quantitative units
Demand in million tonnes and CAGR from 2023 to 2030
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade
Segments covered
By End-Use: (Paints & Coatings, Solvent, Printing Inks, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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Which region is the leading as a consumer of the global Ethyl Acetate market?
Ans:
Asia Pacific is the largest consumer of the global Ethyl Acetate market.
Q2.
Which end-use industry is dominating the Global Ethyl Acetate market?
Ans:
The Paints & Coatings industry is dominating the Global Ethyl Acetate market with a market share of nearly 54% in 2022.
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