Market Insights:
Ethyl acetate is an organic compound produced by Fischer
esterification reaction between ethanol and acetic acid or ethanol dehydrogenation
process. The ethanol dehydrogenation process is considered as an economical one
and widely used in a chemical plant. It is colorless and possesses a sweet
smell. Moreover, changing lifestyle and growing personal care concerns are the
important trends and factors promoting the market growth positively. Therefore,
they are used in various applications such as food & beverage,
pharmaceutical, cosmetics, textiles, paints & coatings, adhesives &
sealants, and others.
Among the various segments of the ethyl acetate market, the
food & beverage segment holds the major portion and is anticipated to
continue its dominance as a flavor enhancer in the food production. This
product is mainly used in the production of various flavors such as pineapple,
bananas, strawberries, and others. It is predicted that the cosmetics segment
is set to grow at a higher CAGR due to increasing consumption of ethyl acetate
in beauty products such as lip products, nail products, and hair color products
to add fragrance, and cost-effective nature to the product. The pharmaceutical
segment is projected to expand at a significant rate due to growing use of
ethyl acetate as an extraction agent, intermediate in the industry.
Additionally, the extraction agents and intermediates are used widely in the
production of medicines. Ethyl acetate is used in numerous coating formulations
such as epoxies, urethanes, cellulosic, acrylics, vinyl, and others. Therefore,
these factors are projected to drive the paints & coating segment during
the forecast period.
Segmental Analysis:
The ethyl
acetate market is segmented on the basis of application. By application, the
market is segmented into segments such as pharmaceutical, food & beverage,
adhesives & sealants, cosmetics, paints & coatings, textiles, and
others.
Competitive Analysis
The
noteworthy success factors in the market are accomplished without difficulty in
the market which is contributing to a raised tempo of progress in the forecast
period. The innovation in products and services of the markets will modify the
progression of the market notably. The market pull and competitors’
propensities are markedly enhanced by the strategies that are being used by
market competitors.The heightened level of prominence placed on the
variants of the products is growing the number of customers in the market
appreciably.
·
Jubilant Life Sciences Ltd
·
The Nippon Synthetic Chemical Industry Co., Ltd
·
EniChem
·
Celanese Corporation
·
PT. Indo Acidatama Tbk
·
INEOS
·
Carbohim – Wood and Chemical Company
·
SEKAB
·
Chiba Ethyl Acetate Co., Ltd
·
Dairen Chemical Corporation
Detailed Regional Analysis
The market
is segmented into regions such as Latin America, North America, Asia Pacific,
Europe, and the Middle East & Africa. Among these regions, the Asia Pacific
region controls the key share of the market owing to the increasing consumption
of Ethyl
Acetate Market in the pharmaceutical, food & beverage,
textiles, cosmetics, and others. The food & beverages segment leads the
major portion of the market and is expected to carry on its domination in the
market as a flavor enhancer and add diverse flavors to various products in the
industry. The North American region is rising radically owing to an amplified
consumption of ethyl acetate in the decaffeination process to cut the caffeine
content of coffee, cocoa and tea leaves. It is forecasted that the rising
investment in the end-use industries is expected to direct the market growth
through the forecast period. The European market has also witnessed an
outstanding level of growth owing to widespread use of ethyl acetate in the
production of beverages, wines, and others. The Latin American region is likely
to observe a predictable progress in the market owing to the increasing
consumption of ethyl acetate in paints & coatings industries and textiles
to impart aesthetic look and cost-effective nature to the product.
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