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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