Authored By: Sarah
11 Jul 2024

 Methyl Acetate Market Size to grow by USD 11721.15 million between 2024-2028

According to a research report “ Methyl Acetate Market” by Type (High purity, Low purity) End-user (Paints and coatings, Inks, Personal care, Others) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 11721.15 million, at a CAGR of  3.98% during the forecast period. In the global market, methyl acetate plays a pivotal role as a solvent in the production of paints and coatings, which are integral components in various industries such as automotive, construction, and electronics. These coatings not only enhance the visual appeal of substrates but also provide functional benefits, including anti-skid, insulation, conduction, reflection, and light absorption. With the increasing production of automobiles worldwide, the demand for automotive paints and coatings is projected to surge, thereby fueling the growth of the methyl acetate market during the forecast period. Methyl acetate's high purity and low volatility make it an ideal choice as a solvent in this industry. Additionally, its application in other sectors, such as construction and electronics, further bolsters market expansion.

Browse market data tables, figures, and in-depth TOC on “Methyl Acetate Market” by Type (High purity, Low purity) End-user (Paints and coatings, Inks, Personal care, Others) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Type, the High purity segment is projected to dominate the market size in 2024

In the realm of paints and coatings, methyl acetate plays a pivotal role as a solvent, contributing to the enhancement of desirable properties such as durability, corrosion resistance, water resistance, and heat resistance. The construction and automotive industries are significant consumers of paints and coatings, utilizing them to impart texture and protective layers to their end products. The burgeoning automotive sector, driven by increasing production rates, will fuel the demand for methyl acetate as an integral component in the manufacturing of industrial paints and coatings for automotive applications.

By End-user, Paints and coatings  segment is expected to hold the largest market size for the year 2024

Methyl acetate, specifically the high-purity grade with a purity level surpassing 99.5%, is a preferred choice in various industries due to its superior quality and performance. In the paints and coatings sector, high-purity methyl acetate is extensively utilized as a solvent due to its low toxicity, impressive solvency power, and relatively low boiling point. This results in efficient dissolution of resins and pigments, leading to enhanced coating quality and expedited drying times. Moreover, its high purity level ensures minimal impurities, ensuring the final product's integrity and performance are not compromised. The adhesive industry also reaps the benefits of high-purity methyl acetate, serving as a solvent for diverse adhesive formulations, including those employed in automotive, construction, and packaging applications.

APAC is forecasted to hold the largest market size by region in 2024

In the Asia Pacific (APAC) region, which consumed the largest volume of methyl acetate in 2023, this chemical compound plays a crucial role as a blowing agent in the production of Polyurethane (PU) foams. Notably, PU foams are extensively utilized in manufacturing furniture and bedding, primarily in densely populated countries like China, India, Japan, and South Korea. With an estimated population of over 1.4 billion people in China alone, according to The World Bank Group, the demand for furniture and bedding is projected to surge due to population growth. Consequently, the demand for methyl acetate as a key raw material for PU foam manufacturing is anticipated to increase significantly during the forecast period.

The Methyl Acetate Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 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
  • Zhengzhou Meiya Chemical Products Co. Ltd.
.

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Research Analysis Overview

Title: Methyl Acetate Market: A Fragrant and Flammable Organic Compound Used in Fruits, Cosmetics, and Coatings Methyl acetate, also known as methyl ethanoate or CH3COOCH3, is a colorless, flammable liquid organic compound with a fruity, fragrant odor. Its chemical formula is C4H8O2. Methyl acetate is naturally found in various fruits like apples, grapes, bananas, and other fruits due to their ripening process. However, industrial production of methyl acetate is carried out through the esterification of methanol and acetic acid. This compound is limited in its solubility in water, making it an ideal solvent for various applications. Methyl acetate is used as a solvent in various industries, including cosmetics and personal care products due to its low VOC contents. It is also used in the production of coatings and paints. The youth population's preference for grooming and fragrant products has led to an increased demand for methyl acetate in the cosmetics industry. Despite its benefits, methyl acetate is a flammable liquid and can cause drowsiness, dizziness, and eye irritation if inhaled or comes in contact with the skin. It should be handled with care and stored at cool temperatures to prevent the risk of fire or explosion. Other organic compounds like ethyl acetate and saturated hydrocarbons are also used in various industries, but methyl acetate's unique properties make it a valuable addition to the chemical industry.

Market Research Overview

Methyl acetate, with the chemical formula CH3COOCH3, is a colorless, flammable liquid organic compound commonly used as a solvent in various industries. The global methyl acetate market is experiencing significant growth due to its exceptional properties, including low VOC content, biodegradability, and low odor. The urbanization and increasing consumption of cosmetics and personal care products among the youth population are driving the demand for biocompatible solvents like methyl acetate. Methyl acetate is used as a solvent in the production of high purity grade methyl acetate for cosmetics and perfumes. It is also used as a solvent in the production of coatings and paints, particularly moisture-sensitive ones, due to its fast evaporation rate. In the food industry, methyl acetate is used as a flavoring ingredient in various fruits like apples, grapes, bananas, and others. Despite its benefits, methyl acetate can cause irritation to the eyes and may have drowsiness and dizziness effects at elevated temperatures. It is important to handle methyl acetate with care due to its flammable nature. The production of methyl acetate involves an esterification reaction between acetic acid, methanol, and water. The final product is a non-polar solvent with limited solubility in water. Methyl acetate is an acetate derivative, and its commercial production involves the reaction of methanol with acetic acid under elevated temperatures. It is important to ensure the purity level of methyl acetate for various applications, with different grades available such as cosmetic grade and industrial grade. The purity level of methyl acetate can significantly impact its solvent activity and evaporation rate.

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