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Alkyl acetates market size is poised to witness substantial growth trajectory between 2023 and 2032 on account of the surging demand for industrial solvents across the cosmetics and personal care industries.
With the growing need for adhesives in the production of beauty, and cosmetic products, alkyl acetates including ethyl acetates are gaining significant traction. Lately, the consumer interest in luxury beauty brands and organic cosmetic products has increased substantially across developed and developing countries. Moreover, the paradigm shift towards sustainable beauty and the growing public efforts to reduce the environmental impact of cosmetics manufacturing is driving the demand for ethyl acetate as a green solvent with minimal environmental impact.
For instance, in December 2022, Cosmetics Europe, an industry association based in Europe introduced a new sustainability initiative, called Commit for our Planet to support joint eco-efforts in the beauty and personal care space. Similar initiatives aimed at the reduction of carbon footprint while preserving biodiversity and the growing cosmetics preservatives sector will positively affect the alkyl acetates market demand.
The outbreak of COVID-19 outbreak had a massive impact on the alkyl acetates market with significant supply chain disruptions. The unprecedented crisis resulted in the sudden drop in the product demand due to the closure of the manufacturing facilities during lockdowns. Additionally, the lack of raw materials, labor, and inflation affected the cosmetics, construction, and paint businesses worldwide. However, the pandemic introduced new opportunities for the product manufacturers with the increasing utilization of ethyl acetate in the large-scale production of alcohol-based hand sanitizers to curb the spread of infection.
The Russian invasion of Ukraine aggravated the pandemic-introduced supply chain devastations. Several countries opposed the war by imposing economic sanctions on Russian imports including natural gas, a key raw material required to produce ethyl acetate, thereby hampering production and negatively impacting the industry dynamics.
The alkyl acetates market share from methyl acetate segment is expected to record significant remuneration over 2032. Methyl acetate is extensively used by food manufacturing companies as an additive for enhancing food flavors. It is also utilized to produce lubricants and artificial leather. Methyl acetate forms a clear and colorless liquid that has a fragrant fruity odor, and hence has high application in paint removers. Furthermore, the demand for methyl acetates is anticipated to gain immense momentum in plasticizers over the projected timeframe. Increasing adoption of ethyl acetate, isopropyl acetate, and others alkyl acetates across various industrial verticals will further drive the segment growth.
The alkyl acetates market revenue from the agriculture sector is set to record significant gains over 2032 due to the surging demand for agrochemical products. Alkyl acetates have excellent antibacterial properties, and hence act as an ideal solvent in the production of pesticides. With the growing global population and the increasing concerns associated with food insecurity, several governments are focusing on enhancing agricultural yield through R&D activities to introduce novel solutions to protect crops from pests, insects, and mites. These trends are likely to influence the segment growth.
North America alkyl acetates market is projected to expand at a notable pace from 2023-2032 led by the rising need for paints and coating manufacturing. The growing number of construction and infrastructure activities in the U.S. are expected to further fuel the need for industrial solvents. For instance, in January 2023, the Biden-Harris Administration offered funds worth USD 1.2 billion for nine projects under the new National Infrastructure Project (Mega) discretionary grant program.
Global alkyl acetates market key players include Eastman Chemical Company, Yangtze River Acetyls, Celanese Corporation, INEOS (INEOS Limited), Arkema, The Dow Chemical Company (Dow Inc.), and Sipchem. These firms are partnering with end-user manufacturers to boost their product adoption. For instance, in July 2022, onTop cosmetics launched its Renewal Oil Cream in collaboration with Eastman Chemical Company featuring the latter’s Eastman Cristal™ copolyester made up of 50% certified recycled raw materials.