Alkyl acetates market size will show substantial traction between the period 2021 to 2027 driven by higher adoption in several commercial and industrial verticals. Its rising utility in adhesives, cosmetic and personal care applications coupled with the surge in domestic and export-oriented revenues streams will add strong impetus to the market progression.
Formed with a combination of alkyl group and acetate atoms, alkyl acetates are used in paints & coating processing for cellulose acetate and nitrocellulose production.
Based on type, the alkyl acetates market is segmented into methyl acetate, ethyl acetate, n-butyl acetate, n-propyl acetate, isopropyl acetate, and isobutyl acetate. Out of these, the annual remuneration of the methyl acetate segment is likely to witness inclination owing to its rising usage as a food additive for enhancing food flavors. It is also used in production of artificial leather and lubricants. Given its clear and colorless liquid form as well as fragrant fruity odor, the methyl acetate is largely incorporated in paint removers. Growing utility in plasticizers will further jet the product demand spurt.
With respect to application, the agriculture sector is set to collect substantial gains for the alkyl acetates industry owing to the rising government support and the higher demand for agrochemical products. On account of their antibacterial properties, alkyl acetates are increasingly used as a solvent in pesticides production to shield crops from pests, mites, and insects.
Demand for alkyl acetates in pharmaceutical applications will expand with the rising prevalence of infections, colds, and fever. Ethyl acetate is extensively used in the pharma sector as a process solvent. Increasing penetration for countering bacterial infection and higher usage in Penicillin G manufacturing are other paramount factors contributing to the product demand.
In terms of regional segmentation, North America is set to record a significant share in the alkyl acetates market ascribing to the growing product requirement in paints & coating manufacturing. The ongoing construction and infrastructural advancements in the region have instigated the higher adoption of materials with maximum adhesive power. As per estimates, the federal government in the U.S. spent close to $63 billion on infrastructure in 2020 and granted over $83 billion in infrastructure funding to states. This factor is likely to influence the regional product demand.
Asia Pacific alkyl acetates market will attain notable proceeds through 2027 due to the robust presence of some of the major industry participants. The expediting milk production rate has increased the number of activities in dairy products manufacturing, complementing the growing demand for cheese, milk, creams, and ice cream in the region.
Higher penetration of coating and paints in construction and the automotive sectors is expected to drive the adoption of alkyl acetates in the Middle East & Africa.
Few of the global players in the alkyl acetates industry include Eastman Chemical Company, Celanese Corporation, Yangtze River Acetyls, INEOS (INEOS Limited), The Dow Chemical Company (Dow Inc.), Arkema, and Sipchem.
These alkyl acetates suppliers are constantly resorting to strategic decisions, including acquisitions, partnerships, as well as mergers, apart from various other expansion and growth initiatives to sustain the escalating market competition.
Effect of the COVID-19 outbreak on the alkyl acetates market trends
Apart from putting forth dramatic changes in several end-user industries, the COVID-19 crisis led to massive hurdles in the global economy. The industry for alkyl acetates also faced the brunt of the pandemic considering the sluggish growth of the agriculture sector. The inadequate amount of labor and raw materials also posed multiple challenges for the paints, construction, and cosmetic verticals. However, ethyl acetate saw considerable consumption in the production of alcohol-based hand sanitizers to limit infection prevention.