Ethyl 3 Ethoxypropionate Market Introduction :
Consegic Business Intelligence analyzes that the ethyl 3 ethoxypropionate market is growing with a CAGR of 6.7% during the forecast period (2023-2030), and the market is projected to be valued at USD 4,184.65 million by 2030 from USD 2,508.86 million in 2022.
Ethyl 3 Ethoxypropionate Market Definition & Overview:
Ethyl 3-ethoxypropionate (EEP) is chemical compound with the molecular formula C7H14O3. It is a slow-evaporating ether-ester solvent used in a wide range of coating polymers. The compound provides high electrical resistance to the various paints and coatings solutions. In addition, the linear structure of the molecule offers various desirable properties such as moderate odor, and good resistance due to which EEP finds a wide variety of applications in paints & coatings, automotive, and marines.
EEP is commercialized in two purity grades, less than 99% and more than 99%. More than 99% offers significantly high purity and stability that is deployed in applications including paints & coatings, wood coatings, and initiators for polymers.
Ethyl 3 Ethoxypropionate Market Insights :
Ethyl 3 Ethoxypropionate Market Dynamics - (DRO) :
Key Drivers :
Rising demand for polymers in various end-use industries
The ability of ethyl 3 ethoxypropionate to evaporate slowly makes them an excellent solvent for a wide range of coating polymers. EEP offers exceptional film formulation to polymers owing to the excellent levelling characteristics and enhanced flow rate. The growing adoption of polymers by various end use industries such as automotive, paints & coatings, and marine coatings due to the above-mentioned characteristics is propelling the market growth.
Increasing demand for automotive coatings
Ethyl 3 ethoxypropionate is widely used as a solvent in the automotive paint & coating sector attributed to the super fixation ability of the compound. In addition, the capability of EEP to provide high purity, and exceptional protection against harsh environmental conditions including acid rain, foreign particles, and UV radiation is contributing to the market growth. The increasing production of automobiles along with the rising advancements in the sector such as the development of vehicles is driving the need for automotive coatings. For instance, according to a data by International Organization of Motor Vehicle Manufacturers, around 85,016,728 vehicles were produced in 2022 which included cars and commercial vehicles.
Key Restraints :
Easy availability of alternatives that offer better sustainability
The alternatives of ethyl 3-ethoxypropionate such as propylene glycol ether and diethylene glycol monobutyl provide similar performance properties as compare to EEP which is likely to hinder the market growth. For instance, diethylene glycol monobutyl offers excellent film formation and improved gloss and color to the coatings due to their effective dispersion and stabilizing properties. Moreover, propylene glycol ether proves to emit low VOCs (Volatile Organic Compounds) as compared to EEP. Hence, the presence of sustainable and effective intermediates in the market is serving as the major restraining factor in the ethyl 3-ethoxypropionate market.
Future Opportunities :
Rising applications in non-food pesticide products such as jute, tea and others.
The chemical substances that are used to manufacture ethyl 3-ethoxypropionate are listed under FIFRA (Federal Insecticide, Fungicide, and Rodenticide Act). FIFRA permits the deployment of EEP in non-food use pesticide products including jute, tea, and others. Therefore, the emerging application of ethyl 3-ethoxypropionate as a pesticide to protect crops from pests and enhance production yield is expected to offer a significant opportunity for the key players operating in the ethyl 3 ethoxypropionate market.
Ethyl 3 Ethoxypropionate Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 4,184.65 Million |
| CAGR (2023-2030) | 6.7% |
| By Purity | Less than 99% and More than 99% |
| By Application | Ink Cleaners, Cleaning Agents, General Industrial Coatings, Refinish Painted Film Additives, Initiator for PVC, Photoresist Coatings, Wood Coatings, Appliance Topcoats, Polymerization Solvents, and Others |
| By End-Use | Automotive, Paints & Coatings, Packaging, Marine, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
| Key Players | Merck KGaA, Eastman Chemical Company, TCI Chemicals Pvt. Ltd., SANKYO CHEMICAL CO.,LTD., Honeywell International Inc, The Dow Chemical Company, abcr GmbH, Thermo Fisher Scientific, VWR International, LLC., Jinan Qinmu Fine Chemical Co., Ltd. |
Ethyl 3 Ethoxypropionate Market Segmental Analysis :
Based on the Purity :
The purity segment is categorized into less than 99% and more than 99%. In 2022, the less than 99% segment accounted for the highest market share in the overall ethyl 3 ethoxypropionate market. The growth of the market is attributed to the ability of less than 99% pure EEP to cause less harm to the environment and enhance solvent release from the coating films. In addition, the rising concerns among governments of various countries regarding the VOC emissions (Volatile Organic Compounds) is also proliferating the demand for less the 99% pure EEP. For instance, the Chinese government sanctioned a 4% tax on any type of coating that has a VOC level exceeding 420g/l. Therefore, the above-mentioned factors are anticipated to propel the market growth.
Moreover, the more than 99% segment is expected to register the fastest CAGR in the market over the forecast period. The wide adoption of high-purity coatings that offer exceptional flow, solvency, and high stability is expected to increase the demand for more than 99% pure EEP. For instance, Thermo Fisher Scientific Inc, offers Ethyl 3-ethoxypropionate, 99+% that is pure and highly stabilized for coating applications. Hence, the rising demand for solvents that are highly stable and offer excellent solvency is expected to accelerate the growth of the segment.
Based on the Application :
The application segment is categorized into ink cleaners, cleaning agents, general industrial coatings, refinish painted film additives, initiators for PVC, photoresist coatings, wood coatings, appliance topcoats, polymerization solvents, and others. The initiator for the PVC segment accounted for the highest market share in the ethyl 3 ethoxypropionate market. The extensive application of ethyl 3-ethoxypropionate as a solvent for a wide variety of coating polymers owing to the characteristics such as slow evaporation rate and high electrical resistance is increasing the demand for EEP in polymer coating production. For instance, according to the PlasticsEurope AISBL, in 2021, the European plastics industry had a turnover of about USD 441.8 billion. Hence, the aforementioned factors are fueling the market growth.
However, the general industrial coatings segment is expected to register the fastest CAGR during the forecast period. The growth of the market is attributed to the wide deployment of ethyl 3-ethoxypropionate as a solvent in the coating solutions. Such types of coating are further used in general industries such as automotive and construction. The rising need for coating to protect products from harsh environmental conditions such as UV radiation, acid rain, and foreign particles is anticipated to propel segment growth.
Based on the End-Use :
The end use segment is categorized into automotive, paints & coatings, packaging, marine, and others. In 2022, paints & coatings segment held the highest market share of 38.50% in the overall ethyl 3 ethoxypropionate market. Ethyl 3-ethoxypropionate is widely deployed in paints & coatings due to the excellent solvency power, high stability, and slow evaporation rate. The extensive use of paints & coatings owing to the application in various end use industries such as building & construction, and wood industries. For instance, according to American Coatings Association (ACA) in 2020, the U.S. contributed USD 26 billion in the paint and coating industry. Hence, the increasing consumption of industrial coatings in numerous sectors is propelling the market growth.
However, the automotive segment is expected to witness fastest CAGR in the ethyl 3 ethoxypropionate market during the forecast period. The extensive use of ethyl 3 ethoxypropionate in automobile coating to provide a durable surface, enhanced appearance, and protection from extreme weather conditions is growing the demand for EEP. The growing automotive industry due to rising advancements such as the development of electric vehicles and enhanced safety features is expected to drive the ethyl 3-ethoxypropionate market growth.
Based on the Region :
The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
In 2022, Asia Pacific accounted for the highest market share at 45.21% and was valued at USD 1,134.25 million, and is expected to reach USD 1,813.63 million in 2030. In Asia Pacific, China accounted for the highest market share of 67.71% during the base year of 2022. The growing automotive industry in the region due to the rising advancement in technology is surging market growth. In addition, stringent regulation imposed by the government of various countries regarding VOC emissions is also driving market growth. For instance, in 2018 Chinese government set policies to reduce VOCs by 10% by 2020 for coating application industries, ink, and coating manufacturers. Hence, the above-mentioned factors are contributing to the growth of the market.
However, North America is expected to register the fastest CAGR over the forecast period. The region is the hub of major global ethyl 3 ethoxypropionate manufacturers, such as Eastman Chemical Company and Honeywell International Inc. that have a strong presence and influence in the region. Additionally, the well-established automotive industry is also expected to boost the demand for ethyl 3 ethoxypropionate in automotive coatings, as a result, propelling the market growth over the forecast period.
Top Key Players & Market Share Insights:
The ethyl 3 ethoxypropionate market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include -
Recent Industry Developments :
- In August 2022, Merck KGaA acquired the chemical business of Mecaro Co. Ltd. This acquisition is a part of level up growth program of the electronic business of Mecaro Co. Ltd that includes investment of more than USD 32.87 billion.
- In August 2022, Merck KGaA acquired the chemical business of Mecaro Co. Ltd. This acquisition is a part of level up growth program of the electronic business of Mecaro Co. Ltd that includes investment of more than USD 32.87 billion.
Key Questions Answered in the Report
What was the market size of the ethyl 3 ethoxypropionate industry in 2022? +
In 2022, the market size of ethyl 3 ethoxypropionate was USD 2,508.86 million.
What will be the potential market valuation for the Ethyl 3 Ethoxypropionate industry by 2030? +
In 2030, the market size of ethyl 3 ethoxypropionate will be expected to reach USD 4,184.65 million.
What are the key factors driving the growth of the 3 ethoxypropionate market? +
Increasing demand for polymers across various end-use industries.
What is the dominating segment in the ethyl 3 ethoxypropionate market by application? +
In 2022, the initiator for PVC segment accounted for the highest market share in the overall ethyl 3 ethoxypropionate market.
Based on current market trends and future predictions, which geographical region will have the fastest impact on the Ethyl 3 Ethoxypropionate market's growth in the coming years? +
Asia Pacific is expected to be the fastest-growing region in the market during the forecast period.
