Ethyl Acetate Market To Generate Revenue Worth $8,443.1 Million by 2030

The global ethyl acetate market is projected to generate $8,443.1 million revenue by 2030, advancing at a CAGR of 7.5% during 2021–2030. This can be attributed to the growing end-use industries such as construction, automotive, and pharmaceutical. Moreover, the rising need for this chemical in the flexible packaging sector and the increasing demand for artificial leather in the automotive sector due to the stringent environmental regulations for natural leather are the other key factors driving the market growth.

Food & Beverages Industry Is Prime Revenue Contributor

Based on end use, the market is categorized into food & beverage, pharmaceutical, automotive, artificial leather, packaging, and others. Among these, the food & beverage category held the largest revenue share, of over 25%, in 2021, and it is further expected to dominate the industry during the forecast period. This is due to the widespread usage of this chemical for the enhancement of flavors of food products and beverages, as it is an artificial flavoring ingredient. In addition, the rising consumer demand for packaged food and beverages has increased the usage of ethyl acetate in the packaging of these products.

On the other hand, the automotive category is expected to witness the fastest growth during the forecast period. This can be ascribed to the usage of such solvents in vehicle care products, and in coatings or refinishing processes of vehicles by automotive manufacturers. Moreover, the demand for vehicles across the globe is increasing, owing to the rising population, which, in turn, fuels the market growth.

Geographically, the APAC market accounted for the largest revenue share in 2021, and it is further expected to dominate the global industry during the forecast period, advancing at a significant CAGR. This is ascribed to the rising disposable income, the increasing demand for paints and coatings as well as adhesives due to the increasing infrastructural development, and the growing automobile sector in emerging economies such as China and India. Additionally, the presence of a large number of manufacturers and high investment by prominent players in the industry are the key factors responsible for the market expansion in the region.

Furthermore, the European market held the second-largest revenue share in 2021, and it is projected to grow at a substantial pace in the coming years. This can be attributed to the growing food and beverage industry, the presence of a large number of automobile manufacturers, and the high demand for artificial leather due to the surging consumer preference for cruelty-free products.

Additionally, North America accounted for a significant revenue share in 2021 in the market. This is due to the rising consumption of end products such as paints and coatings, printing inks, and synthetic leather in the region.

Some of the major players operating in the ethyl acetate market are Jiangsu SOPO (Group) Co. Ltd., Eastman Chemical Company, INEOS Group Holdings S.A., Daicel Corporation, Celanese Corporation, and Jubilant Pharmova Limited.