Ethyl Acetate Market Poised to Grow Due to Rising Demand for Paints and Coatings Industry
Key Takeaways
Key players operating in the ethyl acetate market are Berkshire Corporation, Kimberly-Clark Corporation, Contec, Inc., DuPont, Ansell Ltd., Illinois Tool Works Inc., Thermo Fisher Scientific Inc., Valutek Inc., Steris, Avantor, Inc., and KM Purely. The major opportunities in the market include growing demand for ethyl acetate from textile and leather industries. Technological advancements like development of eco-friendly production processes using membranes, extractive distillation etc. are adding to the growth of global ethyl acetate market.
Market Drivers
The primary driver boosting the Ethyl Acetate Market Growth is growing paints and coatings industry. Wide applications of paints and coatings in construction and automotive industries has increased the consumption of ethyl acetate. According to statistics, the global construction industry is expected to grow at 4% annually till 2025. Also, rising disposable incomes in developing nations have improved the sales of passenger cars worldwide. This is positively impacting the demand for automotive paints and subsequently ethyl acetate.
Challenges in Ethyl Acetate Market
The ethyl acetate market is facing various challenges which need to be addressed for continual growth. Stringent regulations around the usage and disposal of VOCs are a key challenge. Regulatory bodies globally are imposing restrictions to reduce VOC emissions. This is increasing compliance costs for manufacturers. Moreover, ethyl acetate is classified as a hazardous air pollutant in many countries.
Another challenge is the availability of substitute products. Alternatives like propyl acetate and butyl acetate are gaining traction in end-use industries like paints & coatings where ethyl acetate is predominantly used. Substitute products offer certain advantages in terms performance, which is prompting a shift. Fluctuating raw material prices also pose a challenge. Raw materials account for a major portion of the total production cost. Unavailability of reliable domestic sources of raw materials increases import dependency.
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