The global ethyl acetate market size was estimated to be around 5150 kilo tons in 2023, and it is poised to register a CAGR of 3.8% to cross 8200 kilo tons by end of 2036. Ethyl acetate is a colorless organic compound that has a sweet odor. It is produced by the reaction of ethanol and acetic acid which is also known as the Fischer esterification process. Ethyl Acetate is used in a wide range of applications such as solvent in inks, paints and coatings additives, oil-based enamels, adhesives, Pigments, food and beverages, automobiles, packaging, and intermediates. The major demand driver for ethyl acetate is the paints and coatings industry in Asia and the food & beverage industry in North America and Western Europe.
In 2023, global Ethyl Acetate was estimated to be around 6000 kilo tons with China accounting for over 60% which translates to around 3820 thousand tons followed by India with capacity of around 670 kilo tons overall capacity. Godavari Biorefineries, Jubilant, Laxmi Organics, IOL Chemicals and GNFC are some of the key player in India Ethyl Acetate market.
Asia Pacific leads the global Ethyl Acetate market, accounting for over 80% of total capacity, followed by Wester Europe at 7% and North America at 5%, while all other regions including Central & Eastern Europe, Central & South America and Middle & Africa together accounts for remaining share. Within Asia Pacific, China holds the largest share of capacity, supported by abundant raw material availability, backward integration across the value chain, and robust demand growth in downstream products.
Ethyl Acetate finds a wide range of applications such as solvent in inks, paints and coatings additives, oil-based enamels, adhesives, pigments, food and beverages, automobiles, packaging, and intermediates. The primary demand driver for Ethyl Acetate varies by region: in Asia, it is the paints and coatings industry, while in North America and Western Europe, the food and beverage sector takes the lead.
The ethyl acetate market depends on acetic acid supply and demand to some extent. Asia is the largest consumer of ethyl acetate, especially Northeast Asia (China), while developed countries like North America and Western Europe show moderate demand growth. Various innovations in the pharmaceutical sector will lead to substantial growth in ethyl acetate consumption.
Key Players in Ethyl Acetate Market
Ethyl acetate is an extensively used solvent, mainly for paints, lacquers, varnishes, and perfumes. The paints and coatings application industry accounts for the largest share of the ethyl acetate market. Ethyl acetate is used in paints as an activator. It is also used as an industrial solvent to dissolve materials and in coatings, rayon, and adhesives. It is widely used in the production of varnishes, lacquers, and thinners.
The pharmaceutical industry accounts for around 8-10% of the global Ethyl Acetate demand and it is projected to register a CAGR of 5% during the forecast period mainly driving by its increasing usage as an antibiotics. It is extensively used in this sector for the purification and concentration of antibiotics, highlighting its critical role in pharmaceutical manufacturing processes.
Ethyl acetate is used as a solvent in the leather manufacturing process. The global market for artificial leather is expected to boost in the forecast years owing to the rising demand for cruelty-free products. In India, the demand for artificial leather is increasing in the automotive industry because of its heat-resistant properties, and elasticity. It is being used for sun visors, buses, door trims, roof lining, and other cars, and trucks.
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