Ethyl Acetate Market size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1709
Ethyl Acetate Market size may grow significantly over the forecast timeframe as it is used as solvent in inks, oil based enamels and adhesives. It also finds application in cosmetics, wine food & beverage and laboratory experiments.
It is organic in nature and known as ethyl ethanoate, acetic ester or acetic ether. It is manufactured by Fischer ethanol esterification and acetic acid or ethanol dehydrogenation Hydrogenation process is more economical and commonly accepted process in chemical plant.
Ethyl acetate has wide application scope in nail products including nail polish removers, nail polishes and base coats as efficient solvent. It possesses fruity odour and acts as film forming agent in nail paint. It is also used in nail paint remover as it is gentle on nail enamel and quickly removes nail paint. Frequent consumer visits in spa and salon to maintain nails may contribute towards product demand. Rise in nail products demand due to growing awareness regarding personal grooming mainly in young generation may boost product demand in nail care applications.
Ethyl acetate is common two components solvents in column chromatography. It has more than four polarities thereby used in difficult separations. Column chromatography is used in wine industry to differentiate various wine types and to study wine vintage. Global chromatography market was valued at over USD 7.05 billion in 2016. Rise in wine consumption mainly in Germany and UK should favour ethyl acetate market size.
Coffee, tea leaves and coco are washed with ethyl acetate in decaffeination process to reduce caffeine content. The U.S. and European market accounts for highest global coffee consumption. Wide range of flavours, types, brewing style along with increase in coffee outlets has propelled coffee demand. Decreasing soft drink popularity has increased coffee consumption in the 18 to 25 age group population. Increase in spending on recreational drink along with rise in disposable income has stimulated product demand which may have positive influence on ethyl acetate market size.
Ethyl acetate finds application in perfume industry owing to quick evaporation from skin and leaving behind sweet fragrance. Rising living standards has led to surging perfume demand in young population thereby promoting industry growth.
Ethyl acetate solvent has a strong application scope in artificial leather manufacturing process. Global artificial leather market size is poised to exceed USD 95 billion in 2024. Rise in leather accessories like purses, bags, covers, wallets and belts demand owing to availability of various fashion brands providing stylish and trendy accessories may drive industry growth. Stringent regulatory norms regarding natural leather production along with growing awareness for animal wellbeing is likely to contribute towards synthetic leather market size. Increasing trend for stylish seat and steering wheel cover, air bags and belts in automotive sector has propelled industry growth thereby promoting ethyl acetate demand.
North America, driven by Canada and the U.S. ethyl acetate market size may witness strong gains. Rising consumer health consciousness coupled with increasing awareness about soft drink ill effects has shifted consumer preference towards coffee consumption, may fuel ethyl acetate demand in the region.
Europe ethyl acetate market size, driven by UK, France and Germany, may grow significantly over the foreseeable period. Favourable economic conditions along with efficient distribution channel such as hyper markets and super market may boost wine consumption, thereby stimulating regional industry growth.
Asia Pacific led by Japan, India, and China ethyl acetate market size may show steady growth. Rapid urbanisation and increase in spending on personal care product may drive cosmetics & perfume industry which is likely to propel regional growth. Expanding automotive industry growth in China and India has led to increase in leather consumption. Favourable authentic import regulations may boost synthetic leather demand thereby driving industry growth.
Ethanol is essential feedstock for ethyl acetate production. Volatile raw material costs may challenge industry profitability thereby affecting ethyl acetate market price trend. Prolonged exposure may cause eye, noise and throat irritation. It causes drowsiness, dizziness and cause unconsciousness. In rare cases, it can cause skin eruption and can be fatal to human health. Severe human health associated issues may hamper market growth.
Global ethyl acetate market share is moderately fragmented. Key players operating in this industry include Wood and Chemicals, INEOS, Nippon, Lee Chang Yung, Shandong Jinyimeng, Shanghai Wujing, Celanese, Enichem, Lonza, Erkimia, Sekab, Dairen, Tokuyama.
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