(MENAFN- GlobeNewsWire - Nasdaq) Rising demand for butyl acetate in automotive coatings and refinishing applications, rapid expansion of the construction industry, and increasing adoption of butyl acetate in paints and coatings are key factors driving butyl acetate market revenue growth.Vancouver, Dec. 28, 2023 (GLOBE NEWSWIRE) -- The global Butyl acetate market size was USD 1.32 Billion in 2022 and is expected to register a rapid revenue CAGR of 3.4% during the forecast period. Key factors propelling this growth include the increasing demand for butyl acetate in automotive coatings, the expansion of the construction industry, and its adoption in paints and coatings.
Key Market Drivers:
Automotive and Construction Sectors Fuel Demand:
Butyl acetate, also known as butyl ethanoate, is widely recognized for its versatility as a solvent in various applications, including flavorings, paints, coatings, adhesives, and inks.
In the automotive industry, butyl acetate plays a vital role in the formulation of coatings, contributing to the aesthetics, longevity, and protection of vehicles.
The construction sector benefits from butyl acetate in architectural coatings, sealants, and adhesives, enhancing the quality and performance of these essential elements.
Rising Infrastructure Projects Worldwide:
The surge in infrastructure projects, such as highways, bridges, and public buildings, contributes to the increased demand for protective coatings, driving the market growth.
Notable projects like the High-Speed Rail Line in California highlight the ongoing global infrastructure development, boosting the need for butyl acetate in coatings and construction applications.
Paints and Coatings Dominate Application Segment:
The paints and coatings segment holds the largest revenue share in the global butyl acetate market in 2022.
Butyl acetate's significance in paint formulations lies in its role as a versatile solvent, aiding in dissolving resins and ensuring better paint application.
Its compatibility with both solvent-based and water-based paints, along with its moderate evaporation rate, makes it a preferred choice in the industry.
Pharmaceutical Sector Emerges as a Growing Consumer:
The pharmaceutical segment is poised for steady revenue growth, driven by the versatile application of butyl acetate as a solvent in pharmaceutical formulations.
Butyl acetate's role in film coatings for tablets and pills, as well as its use as an excipient in specific drug formulations, contributes to its increasing adoption in the pharmaceutical industry.
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Challenges and Opportunities:
While the butyl acetate market experiences substantial growth, challenges include high competition with alternative solvents and chemicals. The market may face constraints if substitute solvents become more cost-effective. However, opportunities lie in the continued expansion of infrastructure projects globally and the growing need for environmentally friendly coatings.
Regional Insights:
North America Leads in Revenue Share:
North America accounted for the largest revenue share in 2022, attributed to the rapid expansion of the chemical industry and its widespread use in various sectors, including pharmaceuticals and automotive.
The United States, a key global producer of chemical goods, has seen consistent growth in the demand for butyl acetate.
Asia Pacific Emerges as Fastest-Growing Region:
The Asia Pacific region is expected to register the fastest revenue growth, fueled by the burgeoning automotive and paint and coating industries in countries like China, India, Japan, and South Korea.
China's dominance in annual vehicle sales and manufacturing output contributes significantly to the region's growth.
Europe Thrives on Construction and Automotive Sectors:
Europe is projected to account for a considerably large revenue share, driven by the rapid growth of the construction and automotive sectors.
Strict environmental regulations in Europe favor the use of butyl acetate due to its low toxicity and minimal Volatile Organic Compounds (VOCs).
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 1.32 Billion |
| CAGR (2023–2032) | 3.4% |
| Revenue Forecast To 2032 | USD 1.86 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Type, application, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa, |
| Key Companies Profiled | BASF SE, DowDuPont, Eastman Chemical Company, Celanese Corporation, INEOS, Yangtze River Acetyls, Mitsubishi Chemical Corporation, Sasol, Alfa Aesar, Sipchem, and Industrials Monfel |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global butyl acetate market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective butyl acetate products in the market. Some of the major companies included in the global butyl acetate market report are:
BASF SE DowDuPont Eastman Chemical Company Celanese Corporation INEOS Yangtze River Acetyls Mitsubishi Chemical Corporation Sasol Alfa Aesar Sipchem Industrials Monfel
Strategic Development
On 6 August 2021, BASF, the leading German chemical company, along with its Chinese joint venture partner Sinopec, announced to enhance various downstream facilities at its jointly operated Nanjing petrochemical complex, known as BASF-YPC. A significant investment will introduce a Tert-Butyl Acrylate (TBA) unit in Nanjing, expanding BASF's integrated production network referred to as Verbund. This unit will be supplied with on-site produced acrylic acid and isobutene. Notably, this marks the inaugural application of this advanced production technology outside of Germany.
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For the purpose of this report, Emergen Research has segmented the global butyl acetate market on the basis of type, application, end use, and region:
Type Outlook (Revenue, USD Billion; 2019-2032)
Normal Butyl Acetate Isobutyl Acetate
Application Outlook (Revenue, USD Billion; 2019-2032)
Paints Coatings Chemicals Pharmaceuticals Perfumes Flavors
End-use Outlook (Revenue, USD Billion; 2019-2032)
Automotive and Transportation Building and Construction Healthcare Food and Beverage (F&B)
Regional Outlook (Revenue, USD Billion; 2019–2032) North America U.S. Canada Mexico Europe Germany France UK Italy Spain Benelux Rest of Europe Asia Pacific China India Japan South Korea Rest of APAC Latin America Brazil Rest of LATAM Middle East & Africa Saudi Arabia UAE South Africa Turkey Rest of Middle East & Africa
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