Ethyl Acetate Global Market Report 2023

NEW YORK, March 3, 2023 /PRNewswire/ -- Major players in the ethyl acetate market are Celanese Corporation, Daicel Corporation, Eastman Chemical Company, Ineos Capital Limited, Jiangsu Sopo Group Co Ltd., Jubilant Ingrevia Limited, Kai Co Ltd., Sipchem Company, Showa Denko K.K, Wuxi Baichuan Chemical Industrial Co Ltd., Yip'S Chemical Holdings Ltd., Solventis, Ashok Alco - Chem Limited (Aacl), Svensk Etanol Kemi Ab (Sekab), Indo Acidatama Tbk Pt, Solvay S.A., Merck Kgaa, Shandong Jinyimeng Group Co Ltd., Godavari Biorefineries Ltd., Lonza Group, and Iol Chemicals And Pharmaceuticals Ltd.

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The global ethyl acetate market grew from $4.32 billion in 2022 to $4.76 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The ethyl acetate market is expected to grow to $6.68 billion in 2027 at a CAGR of 8.8%.

The ethyl acetate market consists of sales of ethyl acetate that is used as solvent for varnishes, paints and lacquers.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Ethyl acetate is the acetate ester organic compound formed by the combination of acetic acid and ethanol.It's a colorless liquid with a fruity odor that has less density than water and vaporizes in air.

Ethyl acetate is a natural product found in various plants such as vitis rotundifolia, cinnamomum burmannii, and others. Ethyl acetate is used as solvents in paints, coatings, cleaning mixtures, decaffeinating coffee beans, and others.

Asia-Pacific was the largest region in the ethyl acetate market in 2022 and is expected to be the fastest-growing region in the forecast period. The regions covered in ethyl acetate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main sales channel of ethyl acetate is direct company sales. direct import and distributors & traders. Direct company sale refers to the use of various activities to sell ethyl acetate products directly to the customers. The various applications of ethyl acetate include adhesives and sealants, paints and coatings, pigments, process solvents intermediates, and other applications that are used by end-users industries such as includes automotive, artificial leather, food and beverage, pharmaceuticals, and other end-user industries.

The increasing demand for paints and coatings is expected to propel the growth of the ethyl acetate market.Ethyl acetate is commonly used as an industrial solvent in paints and coatings to dissolve pigments and act as a hardener, which gives long-lasting effects after application to surfaces.

The construction industry and the application of painting and coating to existing buildings and infrastructure for décor and protection have significantly increased the usage of paints and coatings applications.According to the European Coatings article, paints and coatings saw a rise in volume from 14 percent in 2021 to 22 percent in 2022 with the majority of applications decorating new and old infrastructure.

Therefore, the increasing demand for paint and coating applications is driving the growth of the ethyl acetate market.

Technological advancement is the key trend gaining popularity in the ethyl acetate market.Major companies operating in the ethyl acetate market are focused on developing technologically advanced solutions to strengthen their market position.

For instance, in October 2020, Linde plc, a Germany-based company operating in industrial gases and the production of ethyl acetate, launched Linde EDHOX ethylene technology.Linde EDHOX ethylene technology works on catalytic technology, a chemical process in which the catalyst or substrate is added to change the pace of the reaction to get the desired result.

Linde EDHOX is an oxidative process that converts ethane into ethylene and acetic acid in mild conditions in a commercial-size reactor.

In January 2021, Ineos Group Ltd., a United Kingdom-based chemicals company, acquired BP plc's Aromatics & Acetyls business for a $5 billion deal. With the acquisition, INEOS aims to strengthen its petrochemical, aromatics, and acetyls product portfolio and gain the reach of the business. BP plc is a United Kingdom-based company operating in petrochemicals and ethyl acetate.

The countries covered in the ethyl acetate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The ethyl acetate market research report is one of a series of new reports that provides Ethyl acetate market statistics, including ethyl acetate industry global market size, regional shares, competitors with ethyl acetate market share, detailed Ethyl acetate market segments, market trends and opportunities, and any further data you may need to thrive in the ethyl acetate industry. This ethyl acetate market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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