Ethyl Acetate Market Size, Share, Growth, Trends, and Global Industry Analysis: By Application (Paints and Coating additives, Adhesives and Sealants, Pigments, Solvents), By End User (Food and Beverages, Automotive, Pharmaceuticals, Packaging, Artificial Leather), and Region  

Ethyl Acetate Market size was valued at US$ 4,892.6 million in 2023 and is poised to grow at a CAGR of 10.4% from 2024 to 2030. Ethyl acetate is an ester, which is a type of organic compound that is formed through the reaction between an alcohol (in this case, ethanol, or ethyl alcohol) and an organic acid (acetic acid). Ethyl acetate is known for its sweet, fruity odor, and it is often used as a solvent in various industrial and laboratory applications. The growth in the paints and coatings industry serves as a significant driver for the ethyl acetate market. Ethyl acetate is a widely used solvent in the formulation of paints, varnishes, and coatings due to its excellent dissolving properties and ability to provide a smooth finish. As construction activities expand and the automotive industry thrives, there is a continual demand for high-quality paints and coatings to protect surfaces and enhance aesthetics. This, in turn, boosts the need for ethyl acetate as a key ingredient in the production of these coatings.

Moreover, the increasing demand in the food and beverage industry plays a pivotal role in driving the sales of ethyl acetate. Ethyl acetate serves as a versatile compound, often employed as a flavoring agent and aroma enhancer in the production of a wide range of food and beverage products. With consumer preferences continuously evolving towards unique and diverse flavors, the need for ethyl acetate as a flavor enhancer is expected to maintain its upward trajectory. However, Ethyl acetate poses some health and safety risks if not handled properly. For example, ethyl acetate can cause skin, eye, nose, and throat irritation, dizziness, light-headedness, skin dryness, and cracking upon repeated contact, and long-term exposure may impact the liver and kidneys. Hence, these concerns related to worker safety or environmental safety can limit the adoption of ethyl acetate. Meanwhile, rising demand from various other industries such as cosmetics and personal care, pharmaceuticals, and chemicals creates potential opportunities for market expansion. Key manufacturers are announcing launches, acquisitions, and collaborations to further contribute to the market growth. for instance, in March 2022, Viridis Chemical, LLC launched its first production of renewable ethyl acetate from its manufacturing plant in Columbus, Nebraska. 

Ethyl Acetate Market Key Developments:

• In December 2022, Crop Energies announced to building of a plant that will produce 50,000 tonnes of renewable ethyl acetate annually using sustainable ethanol.
• In October 2021, Sekab is investing SEK 100 million to increase the production of chemicals such as acetaldehyde, ethyl acetate, and acetic acid, for industrial use made from renewable raw materials.