Report Code: CMI42193

Published Date: March 2024

Pages: 320+

Category: India

Report Snapshot

CAGR: 4.10%

Source: CMI

Study Period: 2024-2033
Fastest Growing Market: India
Largest Market: India

Major Players

  • Dhanlaxmi Organics & Chemical
  • Jubilant Ingrevia Limited
  • Saanvi Corp.
  • Celanese Corporation
  • Others

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Reports Description

India Ethyl Acetate Market was valued at USD 846.24 Million in 2023 and is expected to reach USD 1214.93 Million by 2032, at a CAGR of 4.10% during the forecast period 2023 – 2032.

Ethyl acetate is a colourless, volatile, flammable liquid with a fruity odour. In India, it is widely used as a solvent in various industries such as pharmaceuticals, paints, coatings, printing inks, adhesives, and food flavourings.

India Ethyl Acetate Market: Growth Factors

Increasing Pharmaceutical industry is propelling the growth

One of the major uses of ethyl acetate in India is the pharmaceutical industry. Ethyl acetate is used as a solvent in pharmaceutical manufacturing processes, particularly in the extraction of active pharmaceutical ingredients (APIs) from plants. India is a major producer of generic drugs, and as India’s pharmaceutical industry expands, demand for ethyl acetate as a solvent is expected to continue to increase.

Growing Automotive and Construction Industries

The increasing demand for paints, coatings, and adhesives in these industries, due to urbanization and infrastructure development, drives the consumption of ethyl acetate. This trend is likely to persist as the government focuses on initiatives such as “Make in India” and the construction of smart cities, boosting the ethyl acetate market.

The rapid expansion of the automotive and construction sectors in India is a significant driver for the ethyl acetate market. According to the India Brand Equity Foundation (IBEF), the automotive industry in India is expected to reach 125 million vehicles by 2030, fostering the demand for coatings and adhesives, where ethyl acetate is widely used.

In the paint and varnish industry, ethyl acetate is used as a solvent in nitro lacquers, acrylic lacquers and other coating systems. The growth of the Indian construction industry has increased the demand for paints and coatings and also increased the demand for ethyl acetate as a solvent.

The Indian printing industry also uses ethyl acetate as a solvent in inks. Ethyl acetate-based inks dry quickly and produce high-quality prints, making them ideal for printing on a variety of surfaces such as paper, plastic, and metal.

Growing Food and Beverage Industry

Ethyl acetate is widely used as a solvent in the food and beverage industry, particularly in flavourings and extracts. As consumer preferences for processed and packaged food continue to rise, the demand for ethyl acetate in this sector is expected to grow.

The market benefits from the increasing consumption of packaged foods, confectioneries, and beverages, driving the need for ethyl acetate in flavouring and aroma extraction. The food and beverage industry’s expansion in India plays a pivotal role in driving the ethyl acetate market.

The sector is estimated to reach a market size of USD 535 billion by 2025, according to the National Restaurant Association of India (NRAI).

India Ethyl Acetate Market: Restraints        

Fluctuating Raw Material Prices

As ethyl acetate production relies heavily on ethanol and acetic acid, any instability in their prices directly affects the production cost of ethyl acetate. Manufacturers face challenges in maintaining stable profit margins, making it imperative to implement efficient supply chain management and explore alternative sources of raw materials.

The volatility in the prices of raw materials, especially ethanol and acetic acid, poses a significant restraint. According to industry reports, fluctuations in ethanol prices are influenced by factors such as government policies, agricultural conditions, and global market trends.

Stringent Environmental Regulations

Ethyl acetate manufacturing processes can generate emissions and waste that need proper disposal. Compliance with environmental regulations adds operational costs to manufacturers and necessitates investments in eco-friendly technologies.

Adhering to these regulations may pose challenges for smaller players in the market, impacting their competitiveness. The increasing focus on environmental sustainability has led to stringent regulations governing emissions and waste disposal. According to the Central Pollution Control Board (CPCB) of India, industries must comply with strict environmental standards.

India Ethyl Acetate Market 2023–2032 (By Distribution Channel)

Competitive Pressure and Price Sensitivity

The ethyl acetate market in India is characterized by intense competition among manufacturers. As a result, companies often face pressure to maintain competitive prices to retain or gain market share.

Price sensitivity among consumers further complicates the scenario, as buyers tend to be influenced by cost considerations. Ethyl acetate manufacturers need to strike a delicate balance between maintaining profitability and offering competitive pricing, which can be challenging in a market with numerous players.

India Ethyl Acetate Market: Opportunities

Rising Demand for Bio-based Ethyl Acetate

Manufacturers have an opportunity to invest in research and development for bio-based ethyl acetate production, aligning with the sustainability goals of various industries. This move not only addresses environmental concerns but also taps into a niche market segment that values eco-friendly products.

With increasing environmental awareness, there is a growing demand for bio-based ethyl acetate. The bio-based solvents market is expected to grow very rapidly owing to these reasons.

Technological Advancements and Process Innovations

Companies can explore opportunities to enhance production processes, reduce energy consumption, and improve the overall efficiency of ethyl acetate manufacturing. This not only lowers production costs but also positions the manufacturers as leaders in adopting cutting-edge technologies, attracting a broader customer base.

The ongoing advancements in technology, particularly in process optimization and innovation, present an opportunity for the ethyl acetate market. Investment in research and development in the chemical industry is increasing, leading to the opportunity for the ethyl acetate market in India.

India Ethyl Acetate Market 2023–2032 (By Application)

India Ethyl Acetate Market: Segmentation Analysis

India Ethyl Acetate market is segmented by application and end use industry.

Based on application, Ethyl Acetate market is segmented into Paints and coating, Pigments, process solvents, Adhesive and Sealants and others. Among these Paints and Coatings is the leading sub-segment, accounting for around 48% of the market share.

This is driven by the booming construction and infrastructure sectors, along with increasing demand for decorative and industrial coatings. Paints and coatings utilize ethyl acetate as a solvent for various resins and binders, enabling smooth application, fast drying, and desired finishes.

Pigments hold a significant share due to their use in inks and colourants for paints, plastics, and textiles. Process Solvents have a moderate share in various industrial processes like extraction, purification, and cleaning.

Adhesives and Sealants hold a smaller share (5-10%) but are expected to grow due to rising demand in construction and packaging. Others Include applications like flavor enhancers in food and beverages, nail polish removers, and pharmaceuticals, contributing a minor share.

Based on End-Use Industry, the Ethyl Acetate market is segmented into food and beverages, packaging, Artificial Leather, automotive, Pharmaceuticals and others. Among these all segments, Food and Beverages holds the top spot with around 30-35% share.

This is driven by its use as a flavour enhancer in fruits, candies, baked goods, and beverages. Ethyl acetate contributes fruity and refreshing notes, mimicking natural Flavors and enhancing palatability.

Packaging holds a significant share due to its use in adhesives and coatings for flexible packaging and food containers. Artificial Leather has a moderate share as a solvent in the production process for its desired properties.

Automotive holds a smaller share in paints, coatings, and cleaning agents for vehicles. Pharmaceuticals contribute a minor share in drug intermediates and certain formulations. Others include applications like furniture, textiles, and cosmetics, with a minimal share.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 846.24 Million
Projected Market Size in 2032 USD 1214.93 Million
Market Size in 2022 USD 820 Million
CAGR Growth Rate 4.10% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Application, End-Use Industry and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Country Scope India
Buying Options Request tailored purchasing options to fulfil your requirements for research.

India Ethyl Acetate Market: Regional Analysis

Based on the regional segment, the Indian ethyl acetate market is categorized into North India, South India, East India, and West India. In terms of profits, West India is gaining a share in the ethyl acetate market due to the low production cost of ethyl acetate and the growth of bulk exports of ethyl acetate by West India. Demand for ethyl acetate will further increase in western India in 2023.

Food and beverages, furniture, and automotive are the major end-use industries that account for a large share of ethyl acetate usage in the region. Therefore, the West Indian market is expected to grow rapidly during the forecast period. North India and East India also account for a significant share in the Indian ethyl acetate market and these regions are expected to grow at a reasonable pace during the forecast period.

India Ethyl Acetate Market 2023–2032 (By Million)

India Ethyl Acetate Market: Recent Developments

  • In January 2023, Laxmi Organic Industries Ltd., a major player in the Indian Ethyl Acetate market, announced plans to expand its production capacity by 30,000 MTPA (metric tons per annum) in Q3, 2023. This expansion aims to cater to the rising demand from various end-use industries like pharmaceuticals, paints, and adhesives.
  • In April 2023, The Indian government implemented stricter environmental regulations for solvent emissions, including Ethyl Acetate. This led to several manufacturers investing in upgrading their production facilities to comply with the norms, potentially impacting production costs and product pricing.
  • In June 2023, Growing awareness of bio-based alternatives to traditional solvents like Ethyl Acetate fueled research and development activities. Companies like Genomatica and BioAmber announced collaborations with Indian research institutions to explore the feasibility of bio-based Ethyl Acetate production in the country.
  • In December 2023, Several Indian paint manufacturers launched new eco-friendly and low-VOC (Volatile Organic Compounds) paints that use reduced amounts of Ethyl Acetate. This trend reflects the growing consumer preference for sustainable products and its potential impact on the future demand for traditional Ethyl Acetate formulations.

List of the prominent players in the India Ethyl Acetate Market:

  • Dhanlaxmi Organics & Chemical
  • Jubilant Ingrevia Limited
  • Saanvi Corp.
  • Celanese Corporation
  • Solvay S.A.
  • Merck KGaA
  • IOL Chemicals and Pharmaceuticals Limited
  • HELM AG, Vizag Chemical International
  • Maharashtra Aldehydes & Chemicals Ltd.
  • Others

These key players are adopting various organic and inorganic growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.

The India Ethyl Acetate Market is segmented as follows:

By Application

  • Pigments
  • Paints and Coatings
  • Process Solvents
  • Adhesives and Sealants
  • Others

By End-Use Industry  

  • Artificial Leather
  • Packaging
  • Automotive
  • Food and Beverages
  • Pharmaceuticals
  • Others

By Distribution Channel 

  • Offline
  • Online

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 India Ethyl Acetate Market, (2024 – 2033) (USD Million)
    • 2.2 India Ethyl Acetate Market: snapshot
  • Chapter 3. India Ethyl Acetate Market – Industry Analysis
    • 3.1 India Ethyl Acetate Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Increasing Pharmaceutical industry is propelling the growth
      • 3.2.2 Growing Automotive and Construction Industries
      • 3.2.3 Growing Food and Beverage Industry
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Application
      • 3.7.2 Market Attractiveness Analysis By End-Use Industry
  • Chapter 4. India Ethyl Acetate Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 India Ethyl Acetate Market: Company Market Share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaboration, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. India Ethyl Acetate Market – Application Analysis
    • 5.1 India Ethyl Acetate Market Overview: By Application
      • 5.1.1 India Ethyl Acetate Market Share, By Application, 2022 and – 2033
    • 5.2 Pigments
      • 5.2.1 India Ethyl Acetate Market by Pigments, 2024 – 2033 (USD Million)
    • 5.3 Paints and Coatings
      • 5.3.1 India Ethyl Acetate Market by Paints and Coatings, 2024 – 2033 (USD Million)
    • 5.4 Process Solvents
      • 5.4.1 India Ethyl Acetate Market by Process Solvents, 2024 – 2033 (USD Million)
    • 5.5 Adhesives and Sealants
      • 5.5.1 India Ethyl Acetate Market by Adhesives and Sealants, 2024 – 2033 (USD Million)
    • 5.6 Others
      • 5.6.1 India Ethyl Acetate Market by Others, 2024 – 2033 (USD Million)
  • Chapter 6. India Ethyl Acetate Market – End-Use Industry Analysis
    • 6.1 India Ethyl Acetate Market Overview: By End-Use Industry
      • 6.1.1 India Ethyl Acetate Market Share, By End-Use Industry, 2022 and – 2033
    • 6.2 Artificial Leather
      • 6.2.1 India Ethyl Acetate Market by Artificial Leather, 2024 – 2033 (USD Million)
    • 6.3 Packaging
      • 6.3.1 India Ethyl Acetate Market by Packaging, 2024 – 2033 (USD Million)
    • 6.4 Automotive
      • 6.4.1 India Ethyl Acetate Market by Automotive, 2024 – 2033 (USD Million)
    • 6.5 Food and Beverages
      • 6.5.1 India Ethyl Acetate Market by Food and Beverages, 2024 – 2033 (USD Million)
    • 6.6 Pharmaceuticals
      • 6.6.1 India Ethyl Acetate Market by Pharmaceuticals, 2024 – 2033 (USD Million)
    • 6.7 Others
      • 6.7.1 India Ethyl Acetate Market by Others, 2024 – 2033 (USD Million)
  • Chapter 7. India Ethyl Acetate Market – Regional Analysis
    • 7.1 India Ethyl Acetate Market Regional Overview
    • 7.2 India Ethyl Acetate Market Share, by Region, 2022 & – 2033 (USD Million)
  • Chapter 8. Company Profiles
    • 8.1 Dhanlaxmi Organics & Chemical
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Jubilant Ingrevia Limited
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 Saanvi Corp.
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 Celanese Corporation
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Solvay S.A.
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Merck KGaA
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 IOL Chemicals and Pharmaceuticals Limited
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 HELM AG
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 Vizag Chemical International
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 Maharashtra Aldehydes & Chemicals Ltd.
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 Others.
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments
List Of Figures

Figures No 1 to 20

List Of Tables

Tables No 1 to 2

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2032

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers

Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2032
  • Market revenue estimates and forecasts up to 2032, by technology
  • Market revenue estimates and forecasts up to 2032, by application
  • Market revenue estimates and forecasts up to 2032, by type
  • Market revenue estimates and forecasts up to 2032, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • Dhanlaxmi Organics & Chemical
  • Jubilant Ingrevia Limited
  • Saanvi Corp.
  • Celanese Corporation
  • Solvay S.A.
  • Merck KGaA
  • IOL Chemicals and Pharmaceuticals Limited
  • HELM AG, Vizag Chemical International
  • Maharashtra Aldehydes & Chemicals Ltd.
  • Others


The Stringent Environmental Regulations of India Ethyl Acetate is major restraint in India Ethyl Acetate market.

The Increasing Pharmaceutical industry is propelling the growth is major driver in India Ethyl Acetate market.

The “Pigments” category dominated the market in 2022.

The key players in the market are Dhanlaxmi Organics & Chemical, Jubilant Ingrevia Limited, Saanvi Corp., Celanese Corporation, Solvay S.A., Merck KGaA, IOL Chemicals and Pharmaceuticals Limited, HELM AG, Vizag Chemical International, Maharashtra Aldehydes & Chemicals Ltd., Others.

The market is projected to grow at a CAGR of 4.10% during the forecast period, 2023-2032.

The India Ethyl Acetate Market size was valued at USD 846.24 Million in 2023.












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