Ethyl Acetate Market to Reach USD 9.59 Billion by 2032, Expanding at a 6.62% CAGR - Says SNS Insider

The ethyl acetate market grows with rising demand in coatings and automotive, driven by eco-friendly trends, despite challenges from raw material costs.

AUSTIN, TX, UNITED STATES, March 3, 2025 /EINPresswire.com/ -- The ethyl acetate market was valued at USD 5.39 billion in 2023 and is projected to reach USD 9.59 billion by 2032, growing at a CAGR of 6.62% from 2024 to 2032. The growth of the market can be attributed to the increasing use of ethyl acetate as a solvent in paints, coatings, and adhesives, coupled with the flourishing construction and automotive industries. In addition, the rising consumption of ethyl acetate as a flavoring agent and excipient due to increasing demand for processed food and pharmaceutical products is also slated to bolster the growth of the ethyl acetate market during the assessment period. The growing government regulations for reducing volatile organic compounds (VOCs) emissions for various applications as well as consumption of bio-based products are also driving the market towards sustainable production technologies.

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Key Players:

- Celanese Corporation (Elvacite, Tuffak)
- Daicel Corporation (Daijet, Celgreen)
- Eastman Chemical Company (Eastman EA, Solusolv)
- INEOS (INEOS Ethyl Acetate, INEOS Oxide)
- IOL (IOL Ethyl Acetate, IOL PharmaSolv)
- Jiangsu SOPO (Group) Co., Ltd. (SOPO Ethyl Acetate, SOPO Solvent)
- Jubilant Pharmova Limited (Jubilant Ethyl Acetate, Jubilant PharmaSolv)
- KAI CO. LTD. (KAI Acetate, KAI Solvex)
- Linde PLC (Linde Ethyl Acetate, Linde Solvents)
- Sasol Limited (Sasol Ethyl Acetate, Sasol Solvenx)
- SHOWA DENKO KK (SDK Ethyl Acetate, SDK Solvent)
- Sipchem (Sipchem Ethyl Acetate, Sipchem Solvent)
- Solvay (Solvay Ethyl Acetate, Solvay Acetex)
- Yip's Chemical Holdings Limited (Bauhinia Ethyl Acetate, Bauhinia Solvent)
- Godavari Biorefineries Ltd. (Godavari Ethyl Acetate, Godavari BioSolv)
- Kanoria Chemicals & Industries Limited (Kanoria Ethyl Acetate, Kanoria Solvent)
- Sekab Biofuels & Chemicals AB (Sekab Green EA, Sekab BioSolvent)
- Merck KGaA (Merck Ethyl Acetate, Merck Solvent)
- Shandong Jinyimeng Group Co., Ltd. (Jinyimeng Ethyl Acetate, Jinyimeng Solvent)
- Handsome Chemical Co., Ltd. (Handsome Ethyl Acetate, Handsome Solvent)

By Application, the Paint & Coatings Segment Accounted for Over 54% Share in 2023

Ethyl acetate is extensively used as a solvent in coatings and paints due to its fast evaporation rate and excellent solvency properties. This segment is witnessing strong growth due to increasing infrastructure development, rising automotive production, and growing demand for high-performance coatings. The expanding construction sector, particularly in emerging economies, is driving the adoption of ethyl acetate-based coatings for enhanced durability and aesthetics. Additionally, the shift toward eco-friendly paints and coatings is encouraging manufacturers to use ethyl acetate as a low-VOC solvent.

By End Use, the Automotive Segment Held the Largest Market Share of Around 35% in 2023

It is Due to its extensive use as a solvent in automotive paints, coatings, and adhesives, the automotive segment held a larger market share in the ethyl acetate market. Ethyl acetate is one of the most commonly used solvents in automotive refinishing and OEM coatings and its fast evaporating, low toxic, high solvency characteristics provide true high-performance coatings. It is also particularly consumed on the back of its increasing demand for eco-friendly coatings and growing automobile production. Also, the growth of low-VOC (volatile organic compounds) coatings due to government regulations has increased the consumption of ethyl acetate in waterborne as well as solvent-based coatings.

By Distribution Channel the Offline Segment Accounted for the Largest Market Share of 68% in 2023

The offline segment handles the larger share of the ethyl acetate market with several distribution networks established in the long-term relationship in traditional trade sectors and an in-depth reach. Some sales, such as direct sales through distributors and industrial suppliers, occur offline to meet bulk buying needs for the key end-use industries such as automotive, pharmaceuticals, and paints & coatings, among others. These channels offer the customers easy accessibility, have a vast stock of chemicals, and also ensure on-site technical assistance which is essential for chemicals for uninterrupted supply and timely delivery. Moreover, offline channels still hold significance, as face-to-face consultations give guarantee that products requiring expertise are delivered right.

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Asia-Pacific Led the Market with a Share of 45% in 2023

Asia-Pacific dominates the global ethyl acetate market, driven by rapid industrialization, growing chemical manufacturing, and increasing demand from the paints & coatings and food industries. Countries such as China, India, and Japan are leading producers and consumers of ethyl acetate, supported by expanding infrastructure, automotive production, and a robust pharmaceutical sector. Government policies promoting green chemicals and investment in sustainable production technologies are further boosting market growth in the region.

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