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The methyl acetate market size is estimated to grow by USD 11.72 billion at a CAGR of 3.98% between 2023 and 2028. The market's growth is influenced by various factors, including the rising demand for methyl acetate in the paints and coatings industry, the increase in the production of foam-blowing agents, and the expanding utilization of these in the food industry. Methyl acetate is sought after in the paints and coatings sector due to its properties as a solvent and its low toxicity. The growing production of foam-blowing agents, used in various industries including construction and packaging, is also driving the demand for methyl acetate. Moreover, its use in the food industry as a flavoring agent and solvent further contributes to its market growth. These factors collectively indicate a positive outlook for the market in the foreseeable future.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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This 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).
The high purity segment is estimated to witness significant growth during the forecast period. They 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.
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The high purity segment was the largest segment and was valued at USD 33.04 billion 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.
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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 during the forecast period.
Methyl acetate is a chemical compound with a chemical formula of CH3COOCH3. It is a clear, flammable liquid with a fragrant odor, commonly used as a solvent in various industries. Unlike its counterpart, ethyl acetate, methyl acetate has limited solubility in water but is soluble in organic compounds such as methanol. Its low VOC (volatile organic compound) contents make it a preferred choice in the formulation of cosmetic products. The market is driven by its use in cosmetics, particularly among the youth population focused on grooming and eye care. However, prolonged exposure can lead to dizziness and drowsiness. Additionally, this is naturally present in fruits such as grapes. At elevated temperature, saturated hydrocarbons undergo esterification reaction with strong acid to produce final product suitable for cosmetic and personal care applications, often requiring industrial grade ingredients due to their non polar nature, particularly in formulations like paint and ink solutions or moisture sensitive paints, where biocompatible solvents are essential for grooming purpose in urbanized areas. 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, this 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, a green and bio solvent, 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. This 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 market in the food and beverage industry.
In addition, this 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, an essential component in acrylic acid derivatives, and in turn, will drive the growth of the 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. This 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 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, 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 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 market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments
Methyl acetate is a key ingredient in many cosmetic products due to its low VOC contents and fast evaporation rate. It is used in the formulation of paints, inks, and coatings, particularly in moisture-sensitive paints. Its non-polar nature and biodegradability make it a preferred choice in the production of acetate derivatives. Methyl acetate undergoes esterification reactions with strong acids to produce a variety of useful compounds. Its low odor and biocompatible properties also make it suitable for use in personal care and cosmetic products, meeting the demands of a growing urbanized population focused on grooming and eye care. However, exposure to high concentrations can cause irritation.
The market is witnessing robust growth driven by its versatile applications in various industries. In the cosmetics and personal care sector, it is used for its solvent activity and grooming purposes, especially in products for the eyes. As a flavoring ingredient, it enhances the sensory experience of products. Methyl acetate is also utilized in paint and coating solutions, including moisture-sensitive paints, due to its biodegradable nature and low VOC content. Its non-polar nature makes it suitable for industrial-grade and cosmetic-grade formulations, offering exceptional properties in commercial solvents. Moreover, it is favored for esterification reactions under elevated temperatures and strong acids, resulting in high-quality final products.
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 11.72 billion |
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 Forecasting, 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 market 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
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