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Alkyl Acetates Market Size
Alkyl Acetates Market is poised to witness substantial growth between 2024 and 2032, on account of the surging demand for industrial solvents across the cosmetics and personal care industries. With the growing need for adhesives in the production of beauty and cosmetic products, alkyl acetates, including ethyl acetates are gaining significant traction. Lately, the consumer interest in luxury beauty brands and organic cosmetic products has increased substantially across several developed and developing countries.
The paradigm shift towards sustainable beauty and the growing public efforts to reduce the environmental impacts of cosmetics manufacturing is driving the demand for ethyl acetate as a green solvent with minimal environmental impacts. According to China Agrotechnology Extension & Service Center forecast, in 2024, significant pest and disease outbreaks are anticipated in wheat, rice, corn, and potato crops of the country, potentially impacting an area of 2.04 billion mu/times. This rise in pest attacks will escalate the demand for alkyl acetates for pesticides manufacturing.
In December 2022, Cosmetics Europe, an industry association based in Europe introduced a new sustainability initiative ‘Commit for our Planet’, to support joint eco-efforts in the beauty and personal care space. Similar initiatives aimed at the reduction of carbon footprint while preserving biodiversity and the growing cosmetics preservatives sector will positively impact the market demand. However, volatile raw material prices, stringent environmental regulations, and the abundant availability of alternative solvents with similar properties at competitive prices may hamper the industry expansion to some extent.
Alkyl Acetates Market Trends
The growing demand for eco-friendly and sustainable solvents is driving the adoption of alkyl acetates due to their low toxicity and biodegradability. The rising focus on reducing VOC (volatile organic compounds) emissions is leading to increased product usage in various applications, such as paints, coatings, and adhesives. Rising technological advancements in manufacturing processes are enhancing the production efficiency and quality of alkyl acetates. The increasing adoption as cleaning agents in industries, such as electronics and pharmaceuticals to render excellent solvent properties will further augment the market growth.
Alkyl Acetates Market Analysis
Based on type, the industry value from the methyl acetate segment is expected to record significant growth rate between 2024 and 2032. This is due to the extensive use of methyl acetate by food manufacturing companies as an additive for enhancing food flavors. It is also utilized to produce lubricants and artificial leather. Methyl acetate forms a clear and colorless liquid that has a fragrant fruity odor, and hence has high application in paint removers. Rising incorporation in plasticizers along with the increasing adoption of ethyl acetate, isopropyl acetate, and others alkyl acetates across various industrial verticals will drive the segment growth.
Alkyl acetates industry revenue from the agriculture application segment is set to record significant gains through 2032, owing to the surging demand for agrochemical products. Alkyl acetates have excellent antibacterial properties, and hence act as an ideal solvent in the production of pesticides. With the growing global population and the increasing concerns associated with food insecurity, several governments are focusing on enhancing agricultural yield through R&D activities to introduce novel solutions to protect crops from pests, insects, and mites.
North America alkyl acetates market size is anticipated to expand at commendable CAGR from 2024 to 2032, on account to the robust manufacturing sector, particularly in automotive, construction, and electronics industries. The growing number of construction and infrastructure activities, mainly in the U.S. are expected to further fuel the need for industrial solvents. For instance, in January 2023, the Biden-Harris Administration offered funds worth USD 1.2 billion for nine projects under the new National Infrastructure Project (Mega) discretionary grant program.
Stringent environmental regulations are promoting the use of eco-friendly solvents, further accelerating the adoption of alkyl acetates due to their low toxicity and biodegradability. Furthermore, technological advancements in manufacturing processes are improving production efficiency and quality. The increasing preference for sustainable and high-performance solvents is also escalating the regional product demand.
Alkyl Acetates Market Share
Leading firms operating in the alkyl acetates industry are partnering with end-user manufacturers to boost their product adoption. They are also adopting various corporate strategies, such as mergers and acquisitions and are increasing investments in R&D initiatives to better serve their consumer base.
Some of the major alkyl acetates companies are:
- Eastman Chemical Company
- Yangtze River Acetyls
- Celanese Corporation
- INEOS (INEOS Limited)
- Arkema
- The Dow Chemical Company (Dow Inc.)
- Sipchem.
Alkyl Acetates Industry News:
- In July 2022, onTop cosmetics launched its Renewal Oil Cream in collaboration with Eastman Chemical Company featuring the latter’s Eastman Cristal™ copolyester made up of 50% certified recycled raw materials.