Methyl Acetate Market

Market Overview:

The global methyl acetate market size reached US$ 907.74 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,623.09 Million by 2028, exhibiting a growth rate (CAGR) of 9.70% during 2023-2028. The increasing product demand for printing applications in the packaging industry, rising construction activities, and escalating need for novel coating formulations from the automotive sector represent some of the key factors driving the market.

Methyl acetate is an acetate ester and volatile organic compound with the chemical formula CH₃COOCH₃. It is mainly produced via the esterification of methanol with acetic acid. It appears as a clear, colorless liquid with a fragrant odor that is highly flammable and moderately toxic. It is widely used as a solvent for resins, oils, paints, adhesives, coatings, inks, nail varnish removers, nitrocellulose, and acetyl cellulose. It is also utilized as a solvent in paint removers and lacquers and as a flavoring agent in rum, brandy, and whiskey. Besides this, it is commonly employed as a catalyst for the biodegradation of organic materials and in the agriculture sector to destroy cocklebur seeds selectively. At present, methyl acetate finds extensive applications as a polar aprotic solvent, fragrance, and lift for fruit flavors. 

Methyl Acetate Market Trends:

Methyl acetate is extensively used in flexographic inks as photoresistor strippers, mainly employed for printing applications in the packaging industry. As a result, the surging demand for flexographic inks due to the rapid expansion in the packaging sector represents one of the key factors driving the market growth. This can be attributed to the growing popularity of internet trade and e-commerce and the escalating demand for the shipment of doorstep goods. Moreover, the increasing product use in manufacturing foam-blowing agents represents another major growth-inducing factor. In addition, there has been a surge in product adoption as an ideal alternative to industrial solvents as an ingredient in paints and coating formulations owing to its higher evaporation rate, superior solvent activity, low odor, and readily biodegradable properties. In line with this, the rising sales of paints and coatings due to the increasing construction activities and the emerging trend of do-it-yourself (DIY) home decorations have propelled the market growth. Besides this, the surging utilization of methyl acetate in manufacturing cosmetics and personal care products has catalyzed market growth. Furthermore, the implementation of strict government regulations regarding the use of solvents with low volatile organic compound (VOC) content has prompted coating and paint manufacturers to utilize bio-compatible solvents, such as methyl acetate. Other factors, including rapid growth in the construction and automotive sectors, technological advancements in the chemical industry, and inflating consumer expenditure capacities, are also creating a positive market outlook. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global methyl acetate market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on purity and end use.

Purity Insights:

• Purity Less Than 99.5%
• 99.5% Purity
• 99.9% Purity
   

The report has provided a detailed breakup and analysis of the methyl acetate market based on the purity. This includes purity less than 99.5%, 99.5% purity, and 99.9% purity. According to the report, 99.9% purity represented the largest segment.

End Use Insights:

• Paints and Coatings
• Inks
• Personal Care Industry
• Others
   

A detailed breakup and analysis of the methyl acetate market based on the end use has also been provided in the report. This includes paints and coatings, inks, personal care industry, and others. According to the report, paints and coatings accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global methyl acetate market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Anhui Wanwei Group Co. Ltd., Chang Chun Group, China Petrochemical Corporation, Eastman Chemical Company, Shanxi Sanwei Group Co. Ltd., Wacker Chemie AG, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global methyl acetate market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global methyl acetate market?
• What is the impact of each driver, restraint, and opportunity on the global methyl acetate market?
• What are the key regional markets?
• Which countries represent the most attractive methyl acetate market?
• What is the breakup of the market based on the purity?
• Which is the most attractive purity in the methyl acetate market?
• What is the breakup of the market based on the end use?
• Which is the most attractive end use in the methyl acetate market?
• What is the competitive structure of the global methyl acetate market?
• Who are the key players/companies in the global methyl acetate market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the methyl acetate market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global methyl acetate market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the methyl acetate industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.