Enjoy complimentary customisation on priority with our Enterprise License!
The methyl acetate market size is estimated to grow at a CAGR of 3.98% between 2023 and 2028. The market size is forecast to increase by USD 11,721.15 million. The growth of the market depends on several factors such as Increasing demand for methyl acetate in the paints and coatings industry, the rise in production of foam-blowing agents, and the increasing use of methyl acetate in the food industry.
This methyl acetate market report extensively covers market segmentation by type (high purity and low purity), end-user (paints and coatings, inks, personal care, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
To learn more about this report, View Report Sample
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in production of foam-blowing agents is the key factor driving the market growth. Foam-blowing agents are used to impart foam properties such as lightweight, excellent texture, permeability, elasticity, heat insulation, noise and shock absorption, electrical insulation, and potable granular qualities. These substances are used in the production of various types of foam, such as rigid polyurethane (PU) foam, flexible PU foam, and rigid extruded polystyrene (XPS) foam.
Moreover, methyl acetate is regarded as a safe foam-blowing agent and can replace other foam-blowing agents, such as HFCs and HCFCs, which have several human health hazards. Hence, increasing demand for foam-blowing agents across the globe will drive the use of methyl acetate, which in turn will drive the growth of the market in focus during the forecast period.
The rise in demand for methyl acetate as a food flavoring agent is the primary trend shaping market growth. Methyl acetate is broadly used as a flavoring agent in the food industry to add nutritional value to dietary supplements and energy beverages. Growing consumption of food products such as confectioneries and cereal-based products is expected to drive the growth of the methyl acetate market in the food and beverage industry.
In addition, methyl acetate is also found in foods such as apple, grape, banana, orange, mint, and ginger. Therefore, the growing use of flavoring agents in the food and beverages industry across the globe will drive the demand for methyl acetate and, in turn, will drive the growth of the global methyl acetate market during the forecast period.
The supply-demand imbalance for methyl acetate is a challenge that affects market growth. Methyl acetate, also known as acetic acid methyl ester with the formula CH3COOCH3. Methyl acetate is produced in large quantities but is consumed in fewer quantities, particularly in applications such as paints and coatings, textiles, resins, and foam-blowing agents. The production of methyl acetate is higher than its demand, which has led to a major supply-demand imbalance in the global market.
In addition, other problems related to the procurement of methyl acetate include high inventory and financial costs. For methyl acetate, the increasing inventory costs will lead to reduced demand in the next five years. This is anticipated to inhibit the demand-supply of methyl acetate, which will impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Methyl Acetate Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The high purity segment is estimated to witness significant growth during the forecast period. Methyl acetate, also known as acetic acid methyl ester with the formula CH3COOCH3. The high purity grade, with a purity level of over 99.5%, is a highly valued methyl acetate grade due to its superior quality and performance. In paints and coatings, high-purity methyl acetate is widely used as a solvent due to its low toxicity, excellent solvent capacity, and relatively low boiling point. The adhesive industry also benefits from high purity methyl acetate.
Get a glance at the market contribution of various segments View the PDF Sample
The high purity segment was the largest segment and was valued at USD 33,042.79 million in 2018. The pharmaceutical industry utilizes high-purity methyl acetate as a solvent in drug formulation and chemical synthesis processes. Its high purity ensures the absence of impurities that could interfere with drug efficacy or result in undesirable side effects. Thus, increasing demand for high-quality solvents in industries such as paints and coatings, adhesives, and pharmaceuticals is expected to drive the growth of the high-purity segment of the Acetic acid methyl ester or methyl ethanoate market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 67% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Acetic acid methyl ester or methyl ethanoate is one of the blowing agents used for manufacturing PU foams. Major countries such as China, South Korea, India, and Japan are the leading consumers of PU foams in the region.
Furthermore, increasing construction activities and automotive production in APAC also contribute to the growing demand for acetic acid methyl ester or methyl ethanoate in the region. In China and India, growing residential construction activities are positively correlated to the demand for PU foams in the region. In addition, in the automotive industry, the increasing usage of solvents in paints and coatings, which are used for coating automotive body parts, is expected to drive the demand for methyl acetate during the forecast period.
In APAC, the outbreak of COVID-19 negatively impacted the growth of the methyl acetate market in 2020. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of several commercial and developmental activities in APAC. This further helped the end-user industries, such as paints and coatings, inks, and personal care, to resume operations in the end-product manufacturing units. Moreover, the growing manufacturing activities in countries such as China and India, the rising adhesive and packaging industries, and the expanding pharmaceutical sector are anticipated to boost the growth of the regional market during the forecast period.
The methyl acetate market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Methyl Acetate Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.98% |
Market growth 2024-2028 |
USD 11,721.15 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.65 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 67% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ALPHA CHEMIKA, Anhui Wanwei Group Co. Ltd., Celanese Corp., Central Drug House Pvt. Ltd., Chang Chun Group, China Petrochemical Corp., Choice Organochem LLP, Eastman Chemical Co., EuroChem Group AG, Gayatri Industries, Henan Haofei Chemical Co. Ltd., Jiangsu Ruifeng Polymer Materials Co. Ltd., Otto Chemie Pvt. Ltd., RXChemicals, Shanxi Sanwei Group Co. Ltd., Sinochem Group Co. Ltd., Solventis Ltd., Sontara Organo Industries, Wacker Chemie AG, and Zhengzhou Meiya Chemical Products Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.