Ethyl Acetate Is Estimated To Witness High Growth
SWOT Analysis
Strength: Ethyl acetate has excellent solvent characteristics with good polarity and low volatility which makes it suitable for various applications in surface coatings, inks, and adhesives. It is easy to handle and transport being a liquid at room temperature. Production process for ethyl acetate is cost-effective using simple esterification reaction between ethanol and acetic acid.
Weakness: Stringent regulations regarding VOC emissions during ethyl acetate production may increase operational costs. Dependence on petrochemical feedstock prices exposes the market to supply chain risks.
Opportunity: Growing paints and coatings industry especially in Asia Pacific driven by construction activities provides growth opportunity. Use of ethyl acetate in electronic chemical applications like electronics cleaning is expanding.
Threats: Availability of substitute products like propyl and butyl acetates poses competition challenge. Volatility in crude oil prices may increase production costs.
Key Takeaways
The Global Ethyl Acetate Market Size is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing demand from paints and coatings industry. Rapid urbanization and infrastructure growth especially in developing nations of Asia Pacific is a major driver.
Regional analysis: Asia Pacific dominates the global market, accounting for over 40% share aided by presence of key ethyl acetate manufacturing hubs in China, Japan, and India. Steady growth in end use industries supported by rising incomes in the region is boosting demand. Countries like India and Indonesia are fastest growing markets in the region.
Key players: Key players operating in the ethyl acetate market are Celanese Corporation, Eastman Chemical, Solutia, INEOS Group Limited, Rhodia Brasil, Showa Denko, Shanghai Wujing Chemical, Sasol Limited, Jiangmen Handsome, and Sekab. They are focusing on capacity expansions as well as developing bio-based production methods to reduce costs.
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