According to the report, the global ethyl acetate industry generated $5.73 billion in 2021 and is anticipated to generate $10.33 billion by 2031, witnessing a CAGR of 6.1% from 2022 to 2031. 

Prime determinants of growth

The global ethyl acetate market is driven by factors such as growth in demand of ethyl acetate in a solvent application and cost-effectiveness of ethyl acetate. However, availability of substitutes and environmental impacts of ethyl acetate hamper the growth of the market. On the contrary, production of renewable ethyl acetate expected to offer remunerative opportunities for expansion of the ethyl acetate market during the forecast period. 

The paints and coatings segment is expected to grow faster throughout the forecast period. 

Based on Application, the process solvents segment held the highest market share in 2021, accounting for more than one-fourth of the global ethyl acetate market revenue. Ethyl acetate is used as a process solvent in the pharmaceutical and cosmetic industries to extract natural compounds from plant materials, produce flavors and fragrances, and extract caffeine from decaffeinated coffee and tea. However, the paints and coatings segment is projected to manifest the highest CAGR of 6.5% from 2022 to 2031, as it is used as a specialty coating, such as printing inks, leather coatings, and high-performance industrial coatings.  

The pharmaceutical segment is expected to grow faster throughout the forecast period. 

Based on the end use industry, the pharmaceutical segment held the highest market share in 2021, accounting for more than one-fourth of the global ethyl acetate market revenue. This can be attributed to the fact that ethyl acetate is used for the production of various medicines, such as antibiotics, analgesics, and anti-inflammatory drugs. The same segment is estimated to showcase the highest CAGR of 6.6% from 2022 to 2031. 

Asia-Pacific to maintain its dominance by 2031. 

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global ethyl acetate market revenue, owing to utilization of in food and pharmaceutical applications by regulatory authorities in the Asia Pacific region. The same region is expected to witness the fastest CAGR of 6.6% % from 2022 to 2031 and is likely to dominate the market during the forecast period. North America region is expected to follow Europe followed by the Asia-Pacific region during the projection period. This is due to the fact that several ethyl acetate projects being planned and enforced in countries like China, Japan, India, South Korea, and Australia. 

Leading Market Players: - 

•  Eastman Chemical Company  

•  Jubilant Ingrevia Limited   

•  Maharashtra Aldehydes and Chemicals Ltd.,   

•  Sasol Limited  

•  Sipchem  

• Celanese Corporation  

• Daicel Corporation  

• INEOS  

• IOL Chemicals and Pharmaceuticals Limited  

• Solvay  

The report provides a detailed analysis of these key players in the global ethyl acetate market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.