Growing preference for propyl acetate over ethyl acetate in several end-use industries, especially in the printing ink industry, is expected to boost its demand in the coming years. A clear, colorless liquid that has distinguishable acetate odor of pears, and is highly flammable, propyl acetate finds application across diverse industries due to its superior solvent and fragrance properties.
According to a recent research report published by Future Market Insights, the propyl acetate market is expected to experience a CAGR of 6.9% during the forecast period of 2022-2029.
Several end-use industries prefer propyl acetate over ethyl acetate due to its cost effectiveness and excellent solvent properties. This is prompting manufacturers to lay more emphasis towards the production of propyl acetate as compared to ethyl acetate.
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Key Takeaways of Propyl Acetate Market Study
- High purity (i.e. +99%) propyl acetate is the dominant segment, as manufacturers from several end-use industries of propyl acetate prefer high purity to ensure improved performance of end products.
- Propyl acetate is gaining traction over conventional ethyl acetate in flexography printing, Propyl acetate, on an average, is 30% more economical in terms of solvent consumption, while reducing ink usage by an average of 20%. Retardants such as ethoxy propanol are not required for propyl formulation. This offers considerable advantages when printing food product packaging, significantly reduces scrap percentage, and improves process stability.
- Substantial demand is anticipated for propyl acetate from the pharmaceutical industry, as it is a well-known fragrance agent for several personal care products. Propyl acetate is widely used in the fragrance, cosmetic, and personal care industry. In fragrances and personal care products, manufacturers often use n-propyl acetate as a flavoring agent. Flavor library of the Flavor Extract Manufacturers Association (FEMA) states that, it has notes of celery, floral, pear, and red fruit.
Propyl Acetate Market: Competitive Landscape
The global propyl acetate market is moderately fragmented, due to the availability of raw materials required for the manufacturing of propyl acetate, especially at the regional level, and presence of local manufacturers in domestic as well as international markets.
Key manufacturers such as Dow Chemical Company, BASF SE, OXEA GmbH, Eastman Chemical Company, and SHOWA DENKO K.K. account for around 28% of the overall market share. North America and East Asia are anticipated to account for a significant share of the global propyl acetate market, owing to significant growth in printing ink industry and increasing preference for propyl acetate over ethyl acetate.
Propyl Acetate Market Market by Category
By Purity :
- Purity ≥ 99%
- Purity < 99%
- Coating & Printing Ink
- Chemical Intermediates
- Food Flavorings
- Personal Care Products
By End Use Industry:
- Food & Beverages
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The research report analyzes the total sales of propyl acetates on the basis of volume (tons) and value (US$ Mn). The report contains a competition analysis section that includes market structure analysis, tier structure analysis, competition development, and other crucial information about global and regional players in the propyl acetate market.
Opportunities in the market are projected on the basis of factors such as printing ink industry growth, food industry outlook, pharmaceutical industry overview, and expansion in production capacity by manufacturers around the world.
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What was the Impact of COVID-19 Crisis on Propyl Acetate Market?
The covid-19 pandemic has had a negative influence on the world economy, with numerous business lines being disrupted as a result of decreased demand from various end-use industries, as well as restrictions. Many industries, including food & beverages, Paints & Coatings, and packaging, have suffered as a result of lockdown regulations. Decrease in demand from the consumers and low production rate of the manufacturing sector has resulted in lower demand for the product.
All these have significantly impacted the supply chain network impacting the economic growth. However, due to rising consumption of propyl acetate in various applications, the market is likely to rise at a quicker rate in the forecast period, and it is expected to continue growing in the future due to the compound’s substantial use in some upcoming applications.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.