Ethyl acetate Market Overview to 2023
Ethyl acetate is used in diverse applications, which is capable of offering quick evaporating nature, flavor, and fragrance, and extended shelf life to the final product. Thus, they are used in various applications such as food & beverage, pharmaceutical, cosmetics, textiles, paints & coatings, adhesives & sealants, and others. The global ethyl acetate market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Some of the well-known players operating in the global ethyl acetate market are INEOS (Switzerland), Carbohim – Wood and Chemical Company (U.S.), Jubilant Life Sciences Ltd (India), Celanese Corporation (U.S.), EniChem (Italy), SEKAB (Sweden), PT. Indo Acidatama Tbk (Indonesia), Chiba Ethyl Acetate Co., Ltd (China), The Nippon Synthetic Chemical Industry Co., Ltd (Japan), and Dairen Chemical Corporation (Taiwan) among others
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Among these, Asia Pacific holds the major share of the global market and is projected to continue leading owing to the increasing consumption of ethyl acetate in food & beverage, pharmaceutical, cosmetics, textiles, and others. It is estimated that the food & beverage segment is set to observe the highest CAGR in the market due to the growing use of the product in flavored candy, baked food, gum, and others. Moreover, the increasing demand for ethyl acetate in cosmetics, pharmaceutical, and paints & coatings sectors have propelled the market to witness a rapid growth during the forecast period. These factors have led to China, India, and Japan to be the major players of this region.
Among the various segments of the ethyl acetate market, the food & beverage segment holds the major portion and is anticipated to continue its dominance as a flavor enhancer in the food production. This product is mainly used in the production of various flavors such as pineapple, bananas, strawberries, and others. It is predicted that the cosmetics segment is set to grow at a higher CAGR due to increasing consumption of ethyl acetate in beauty products such as lip products, nail products, and hair color products to add fragrance, and cost-effective nature to the product. The pharmaceutical segment is projected to expand at a significant rate due to growing use of ethyl acetate as an extraction agent, intermediate in the industry. Additionally, the extraction agents and intermediates are used widely in the production of medicines. Ethyl acetate is used in numerous coating formulations such as epoxies, urethanes, cellulosic, acrylics, vinyl, and others. Therefore, these factors are projected to drive the paints & coating segment during the forecast period.
The ethyl acetate market is segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major share of the market due to the growing consumption of ethyl acetate in the food & beverage, pharmaceutical, cosmetics, textiles, and others. The food & beverages segment holds the major portion and is anticipated to continue its dominance in the global market as a flavor enhancer and add different flavors to various products in the industry. Therefore, countries such as China, Japan, and India are the major players in this market.
The North American region is growing significantly due to an increased consumption of ethyl acetate in decaffeination process to reduce caffeine content of coffee, tea leaves, and cocoa. It is predicted that growing investment in the end-use industries is likely to lead the market growth during the forecast period. The growing consumption of the product in healthcare, lipsticks, and ointments has propelled the growth in countries such as the U.S., Canada, and Mexico to achieve a stunning growth in the market as they provide quick evaporating nature, durable, and high standard performance to the product.
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The global ethyl acetate market is segmented into the application. The market by application is further categorized into food & beverage, pharmaceutical, cosmetics, textiles, paints & coatings, adhesives & sealants, and others.
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