Propyl Acetate Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1642
Global Propyl Acetate Market Size is set to witness healthy gains in the coming years owing to its wide application in cosmetics and fragrance industry. The product is a clear, colorless chemical compound commonly known as propyl ethanoate.
Cosmetics industry is growing at an exponential rate since the past few years owing to its needs in daily lives. The global cosmetics industry was valued close to USD 500 billion in 2016 and will witness further growth by a decent CAGR. Increasing disposable income of people and growing awareness of self-grooming in the developing economies is fueling the cosmetic industry largely. This exponential growth in the cosmetic industry is driving the global propyl acetate market on a large scale.
Fragrance has become an important segment in the propyl acetate market and is gaining huge importance since the past decade. Use of perfumes and other fragrances is increasing by the day due to corporate lifestyle and round the clock work structure. Young population round the world are fueling the perfumes and other fragrances demand in order to smell good and feel confident. The global perfumes industry was close to USD 40 billion in 2016 and is likely to grow with close to 5% CAGR in the forecast period. Rise in the use of fragrances will, in turn boost the global propyl acetate market demand in near future.
The product is highly flammable due to its properties and its vapors may result in dizziness, frowziness, sore throat, cough, narcosis and dermatitis. If in direct contact, it may also lead to serious eye, nose and throat irritation. These factors may hinder the global propyl acetate market growth as manufacturers look for other safe alternative chemicals.
On the basis of product, the global propyl acetate market can be bifurcated into naturally and synthetically derived product. The product can naturally be derived from apples. Apart from that it can also be prepared synthetically by esterification of 1-propanol and acetic acid. These are heated in the presence of a strong acid.
Based on the applications, the global propyl acetate market can be segmented into food additive, fragrance agent, solvent & intermediaries, and cleaning & degreasing agent. Due to its strong fruity odor that reminds of celery, banana, honey, and pear, it is used in various confectionaries for flavor and fragrance. Apart from these, the product is used as a fragrance agent in perfumes and deodorants owing to its strong smell. The chemical is an ester and acts as a solvent and intermediates to synthesize several chemicals.
Considering end-user industries, global propyl acetate market is classified into cosmetics, fragrances, paints & coatings, and printing. The product finds its major use in nail polish in the cosmetic industry. Rising use of nail care products as a fashion statement is likely to push the propyl acetate market demand to new heights. It is also widely used as a solvent in the paints & coatings industry. The product is a good solvent for this industry as it exhibits excellent ability to thin many other organic compounds. In the printing industry, the product finds its major use in special screening prints and flexography.
At present, Europe and North America hold a major chunk of propyl acetate market. Europe is the home to many big fragrance houses in countries such as France and Italy whereas North America also consists of many large players in the fragrance industry. Asia Pacific and Middle East have significantly fast growing propyl acetate market and are likely to witness potential growth in the forecast period. Government support and policies in these regions are likely to further enhance the regional propyl acetate market demand.
Key players operating in the global propyl acetate market include Sigma-Aldrich, Finetech Industry Limited, Angene, Tractus, TCI America, Oakwood Products, Inc., abcr GmbH, Sontara Organo Industries, Organo Chem India, Eastman Chemical Company, Yixing Kaixin Chemical Co., Ltd, Somu Solvents Pvt. Ltd., Surya Life Sciences, and Hazel Mercantile Limited to name some.
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