PUBLISHER: DataM Intelligence | PRODUCT CODE: 1208692
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1208692
The global ethyl acetate market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
Ethyl acetate is an ester, a chemical compound commonly used as a solvent in the production of various products, including paints, lacquers and inks. Ethyl acetate is represented by the chemical formula CH₃CO2CH2CH₃. It has a fruity, sweet smell and is a colorless liquid at room temperature. It is highly flammable and requires special care during handling and transportation. Ethyl acetate is mainly used as a solvent in various paints, coatings and adhesives.
Ethyl acetate is often used to prepare pharmaceutical products such as tablets, capsules and creams. Ethyl acetate is also used as a solvent for extracting active ingredients from plant material and it is a common ingredient in many topical pharmaceutical preparations. Ethyl acetate is used as a solvent in the manufacturing processes used to create artificial leather. Ethyl acetate is also used in the production of perfumes and flavors.
The rising global infrastructure development is the major driver for the global ethyl acetate market. The volatility in prices of raw materials is a key factor in limiting the growth of the global ethyl acetate market.
Rising global infrastructure development
A significant increase in global infrastructure development has been observed in recent years as governments and private investors have recognized the importance of modern and efficient infrastructure for economic growth. Infrastructure development has been particularly high within emerging countries of Asia-Pacific and Africa, as governments in these regions strive to improve the living standards of their populations. It has resulted in the construction of various infrastructure projects globally, including high-speed rail networks, ports, airports and highways.
One of the main drivers of global infrastructure development has been the rapid urbanization that is taking place in emerging countries. As more people move to cities, there is a need for infrastructure to support the growing population. In addition, the increasing global trade and the need to improve connectivity between countries have also contributed to the expansion of infrastructure.
Ethyl acetate is a common solvent used in the infrastructure and construction industry. Ethyl acetate is often used as a solvent in the production of paints and coatings for use on structures such as bridges, buildings and roads. It is also used as a thinner to adjust the viscosity of the paint or coating to the desired level.
Ethyl acetate is also used as a solvent in the production of adhesives used in the construction industry. It is often used to dissolve polymers and other solids to create a homogenous mixture. In addition, ethyl acetate is used as a cleaner in the construction industry. It is effective at removing dirt, oil and other contaminants from a variety of surfaces and it is often used in cleaning tools and equipment. Rising global infrastructure development is a key driver for the global ethyl acetate market.
Volatility in prices of raw materials
Ethyl acetate is typically produced from ethanol and acetic acid and the prices of these raw materials can fluctuate due to volatility. The prices of raw materials for ethyl acetate can be volatile, as they are affected by various factors such as supply and demand, geopolitical events and economic conditions. Raw materials such as ethanol are mainly produced from crops such as sugarcane, corn and beetroot. A fall in harvests due to pests and adverse weather events can lead to a shortage of feedstock, thereby reducing ethanol production and leading to increased prices. In addition, the cost of energy, which is often a significant component of the production process, can also have an impact on the price of ethyl acetate.
Market conditions, such as the level of competition among producers, can also affect the price of ethyl acetate. Bigger producers with large production capacity can have a major influence on market prices of ethyl acetate. It is not uncommon for the price of raw materials and energy to fluctuate over time, which can result in changes in the price of ethyl acetate. The volatility in prices of raw materials has a direct impact on ethyl acetate production and presents a major challenge for the growth of the global ethyl acetate market.
COVID-19 impact analysis
The COVID-19 pandemic has significantly impacted the global ethyl acetate market. Ethyl acetate is a common solvent used in various industries, including paints and coatings, printing inks, adhesives and cleaners. The demand for these products was significantly impacted by the pandemic as many businesses closed or reduced their operations due to lockdowns and other restrictions. The paint and coatings industry was particularly hard hit by the pandemic, as the demand for residential and commercial construction projects decreased significantly. It decreased the demand for ethyl acetate, as it is a common solvent used in the production of paints and coatings.
In addition, the closure of non-essential businesses and the shift to online shopping also decreased the demand for products such as printing inks and adhesives, which use ethyl acetate as a solvent. However, the demand for ethyl acetate in the healthcare industry increased during the pandemic due to the increased production of personal protective equipment (PPE) and other medical supplies. It helped to partially offset the decrease in demand from other industries.
With concerted vaccination efforts and falling cases, most governments lifted pandemic restrictions from mid-2021 onwards and end-user industries started recovering. The demand for ethyl acetate is expected to recover and gradually increase in the coming years. Overall, the COVID-19 pandemic had a negative impact on the global ethyl acetate market, as the decrease in demand from some industries was not fully offset by the increase in demand from others. However, the pandemic is not expected to curtail the long-term growth of the global market.
The global ethyl acetate market is segmented into application, end-user and region. The global ethyl acetate market by end-users is further segmented into food and beverage, paints and coatings, pharmaceuticals, artificial leather, packaging and others. Paints and coatings are leading within this segmentation since it is the largest end-user for ethyl acetate.
Ethyl acetate is a common solvent used in the production of paints and coatings. In paints and coatings, ethyl acetate is used to dissolve pigments and other solids in order to create a homogenous mixture. It is also used as a thinner to adjust the viscosity of the paint or coating to the desired level. Ethyl acetate is preferred as a solvent in certain types of paints and coatings due to its low toxicity and low evaporation rate, which allows for a longer open time, that is, the time during which the paint or coating can be applied before it begins to dry.
It is also miscible with many materials, making it a versatile solvent in various applications. In addition to its use as a solvent, ethyl acetate is also used as a coalescent, which helps to improve the film formation of the paint or coating. It acts as a bridge between the pigments and the binder, helping to create a cohesive film on the surface being painted.
North America is a developed region with a significant concentration of major industries. U.S. accounts for the largest share within North America due to significant demand from the automotive, construction, pharmaceutical and food and beverage industries. Rising economic development is expected to increase demand from Mexico during the forecast period. The North American ethyl acetate market will witness sustained growth in the upcoming years.
Europe is another developed and industrialized region with well-developed industries. The pharmaceutical and food and beverage industries will show promising growth in demand for ethyl acetate. European industries are also gradually adopting renewable ethyl acetate as part of their sustainability practices. The European ethyl acetate market is expected to grow steadily during the forecast period.
Asia-Pacific is a rapidly developing and industrializing region and is experiencing a rapid expansion of various industries. Countries such as India and China are generating the largest regional demand due to their various national infrastructure projects. Other emerging countries in the region, such as Vietnam, Indonesia and Malaysia, also generate substantial demand for ethyl acetate. The Asia-Pacific ethyl acetate market will witness major growth during the forecast period.
Some major players contributing to growth in the market are INEOS, Eastman Chemical Company, Solvay, Merck KGaA, Daicel Corporation, Celanese Corporation, Sekab, Lonza, Solventis and Godavari Biorefineries Ltd. The major players in the global ethyl acetate market are adopting several strategies to generate growth in the global market. Some key strategies pursued by the major market players include expanding production capacity, increasing the production of renewable ethyl acetate and partnering with research institutes to develop new applications for ethyl acetate
Overview: Solvay is a Belgian chemical company that produces a wide range of products used in industries such as automotive, aerospace, construction, electronics, energy, healthcare and personal care. The company was founded in 1863 by chemist Ernest Solvay. The company has undergone a series of acquisitions and divestitures to streamline its operations and focus on its core businesses. Solvay is a leading chemical producer specializing in advanced materials and specialty chemicals. Solvay has operations in all major regions, with a particular focus on Europe and Asia-Pacific.
The global ethyl acetate market report would provide approximately 51 market data tables, 54 figures and 210 pages.
Target Audience 2022
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