The global ethyl acetate market size is expected to reach USD 4,368.9 million by 2027, exhibiting a CAGR of 9.07% during the forecast period. The growing application of ethyl acetate in the paints coatings industry is expected to foster healthy growth of the market, states Fortune Business Insights, in a report, titled “Ethyl Acetate Market Size, Share COVID-19 Impact Analysis, By Application (Paints Coating, Printing Ink, Process Solvent, Food beverage, and Others), and Regional Forecast, 2020-2027.” The market size stood USD 3,323.2 million in 2019.
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The Report Lists the Main Companies in this Market:
- INEOS (UK)
- Celanese (US)
- Eastman Chemical (US)
- Jiangsu Sopo (China)
- Jiangmen Handsome (China)
- Wuxi Baichuan (China)
- Jubliant (India)
- GODAVARI BIOREFINERIES LTD. (India)
- Sekab (Sweden)
- Korea Alcohol (South Korea)
- IOL Chemicals and Pharmaceuticals (India)
- Other players
The report on the ethyl acetate market includes:
- An excellent report on the market
- Vital stats about main regions
- Recent developments
- Wide-ranging data about eminent players
- COVID-19 impact on the market
Hindered Import and Export Activities to Deteriorate Business Amid Coronavirus
The weak demand for ethyl acetate due to coronavirus has resulted in an enormous loss for the market. The restrictions imposed by the governments on import and export activities has further obstructed the growth of the market. For instance, China is the largest producer and exporter is facing a trade war with the US which has further impacted its exports. However, the demand for ethyl acetate from the packaging industry has remained poised owing to the essential supply of packaged food during coronavirus. Besides, the weakened construction industry on account of labor shortage can consequently impede business proceeding for the market in the near future.
High Production of Ethyl to Promote Growth in Asia Pacific
The market size in Asia Pacific stood at USD 2,312.3 million in 2019 and is expected to dominate the global market owing to the growing production of chemicals in China, India, Indonesia, Taiwan. China is the largest manufacturer and exporter of ethyl acetate in the world. In India, sugarcane molasses is the largest source of ethanol production, thus aiding in ethyl acetate creation in large quantities. Moreover, India exports substantial quantities of ethyl acetate to Europe. The ongoing export activities will back the growth of the market in Asia Pacific. Europe is expected to exhibit a high growth rate owing to the increasing consumption of ethyl acetate. The presence of major paints coating manufacturing companies such as Akzo Nobel, BASF, Jotun, and others will further foster growth in the region. The market in North America is expected to hold a relatively small market share compared to other regions.
Growing Utilization of Printing Ink to Support Development
The developing printing ink industry in various regions around the world will contribute positively to the growth of the market. The growing consumption of ethyl acetate in the manufacturing of printing ink will foster the healthy growth of the market. The evolving lifestyle of people will influence the healthy growth of the market. The increasing juggernaut production capacities of required solvents such as ethyl solvents used in the manufacturing of printing ink will have a tremendous impact on the market. Moreover, the desired properties of ethyl acetate make it ideal for manufacturing both flexographic and rotogravure printing inks. Hence, the growing demand for flexographic and rotogravure printing inks will simultaneously enable speedy expansion of the market in the forthcoming years.
August 2019: Celanese Corporation, a renowned player in the ethyl acetate market, announced that it has increased the price of its ethyl acetate product in the European market. It increased the cost by around EUR 110 per ton.