“Global Ethyl Acetate Market to reach a market value of USD 8.5 Billion by 2030 growing at a CAGR of 6.6%”
The Global Ethyl Acetate Market size is expected to reach $8.5 billion by 2030, rising at a market growth of 6.6% CAGR during the forecast period. In the year 2022, the market attained a volume of 4,369.2 Kilo Tonnes, experiencing a growth of 5.8% (2019-2022).
Ethyl acetate is used as a solvent in the production of coatings for artificial leather. Therefore, the artificial leather segment captured $263.5 million revenue in the market in 2022. It helps dissolve the coating ingredients, ensuring uniform application and adhesion to the synthetic leather substrate. It has a fast evaporation rate, which helps dry coatings on artificial leather quickly, increasing production efficiency.
The construction and automotive industries have experienced significant growth globally, driven by various factors such as urbanization, population growth, and infrastructure development. Additionally, as countries worldwide industrialize, they become major players in the global economy as producers and consumers of goods and services. Therefore, the increasing industrialization will support the expansion of the market in the coming years.
However, ethyl acetate is primarily derived from ethanol and acetic acid, both subject to price volatility based on factors such as supply-demand dynamics, weather conditions affecting crops, and geopolitical events. One of the main challenges posed by fluctuating raw material prices is the impact on production costs. Increases in ethanol and acetic acid prices directly translate to higher production costs for these manufacturers. Hence, these factors may result in slowed market growth.
On the basis of end-use, the market is classified into artificial leather, automotive, food & beverage, packaging, pharmaceutical, and others. The automotive segment acquired 37.1% revenue share in the market in 2022. The use of ethyl acetate in the automotive industry is driven by its effectiveness as a solvent, environmental friendliness, cost-effectiveness, and versatility, making it a valuable component in the production of automobiles and automotive components.
Based on application, the market is characterized into paint & coatings, inks, process solvents, pigments, and others. The process solvents segment procured 15.9% growth rate in the market in 2022. Ethyl acetate is a highly effective solvent for a wide range of materials, including resins, polymers, fats, and oils. Its ability to dissolve these substances makes it valuable in various process applications, such as pharmaceuticals, textiles, and electronics.
By distribution channel, the market is divided into offline and online. The offline segment garnered 76.6% revenue share in the market in 2022. Offline distribution channels offer personalized service, allowing customers to interact directly with sales representatives who can provide expert advice and guidance on product selection and usage.
Free Valuable Insights: Global Ethyl Acetate Market size to reach USD 8.5 Billion by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment acquired 48.1% revenue share in the market in 2022. The construction and automotive industries are major consumers of ethyl acetate for paints, coatings, adhesives, and sealants. The rapid urbanization and infrastructure development in countries like China and India are driving its demand in these sectors.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 5.2 Billion |
| Market size forecast in 2030 | USD 8.5 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 6.6% from 2023 to 2030 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 367 |
| Number of Tables | 770 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Distribution Channel, Application, End-Use, Region |
| Country scope |
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| Companies Included | Celanese Corporation, Daicel Corporation, Eastman Chemical Company, INEOS Group Holdings S.A., Wacker Chemie AG, Linde plc, Sasol Limited, Solvay SA, Sipchem Company, Tokuyama Corporation |
By Distribution Channel (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End Use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $8.5 billion by 2030.
Growth of the construction and automotive industries are driving the Market in coming years, however, Fluctuations in raw material prices restraints the growth of the Market.
Celanese Corporation, Daicel Corporation, Eastman Chemical Company, INEOS Group Holdings S.A., Wacker Chemie AG, Linde plc, Sasol Limited, Solvay SA, Sipchem Company, Tokuyama Corporation
In the year 2022, the market attained a volume of 4,369.2 Kilo Tonnes, experiencing a growth of 5.8% (2019-2022).
The Paint & Coatings segment is generating highest revenue in the Market by Application in 2022; there by, achieving a market value of $4.9 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $4.2 billion by 2030.
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