Butyl Acetate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2027)
Overview:
The global butyl acetate market has been segmented on
the basis of application, end-use industry, and region.
By application, the global butyl acetate market has
been classified into paints & coatings, pharmaceutical, perfumes, flavors,
printing inks, and others. The use of butyl acetate in the production of paints
& coatings is increasing as it offers waterproof coatings as well as acts
as a solvent for the preparation of paints and coatings. This has driven its
demand in the construction industry, attributing to the wide application of
paints and coatings. Additionally, paints and coatings are used in the
packaging and automotive industries due to their unique properties such as good
evaporation rate and excellent protection offered by it. The rapid growth of
the construction industry is also expected to fuel the growth of the global
butyl acetate market.
On the basis of end-use industry, the global Butyl Acetate Market has been divided into automotive & transportation,
building & construction, healthcare, cosmetics, food & beverage, and
electrical & electronics. Among these, the building & construction
industry held the largest share of the global butyl acetate market in 2017 and
is expected to witness significant growth during the review period. The growth
of the building & construction industry across the globe is boosting the
demand for butyl acetate. Furthermore, butyl acetate is used in spray
paintings, lacquer coatings, glue manufacturing, and paint mixing, which
contributes to its increasing use in the construction industry.
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Market players:
Some of the major players operating in the global
butyl acetate market are BASF SE (Germany), DowDuPont (US), Eastman Chemical
Company (US), Celanese Corporation (US), INEOS (US), Yangtze River Acetyls
(China), Mitsubishi Chemical Corporation (Japan), Sasol (South Africa), Alfa
Aesar (US), Sipchem (Saudi Arabia), Industrias Monfel, SA (Mexico), Merck KGaA
(Germany), and Kai Co., Ltd. (South Korea).
Regional Analysis:
The global butyl acetate market has been analyzed
across five regions, namely Asia-Pacific, North America, Europe, Latin America,
and the Middle East & Africa. The Asia-Pacific market is expected to
witness healthy growth during the review period, owing to the increasing
construction activities and growth of the pharmaceutical industry. North
America is projected to have remarkable growth during the forecast period,
owing to the increasing use of the product in the automotive, construction, and
pharmaceuticals industries. The European market for butyl acetate is expected
to grow at a significant rate due to the growing use of the product in
different applications, especially in automobiles. While, the Latin American
and the Middle East & African markets for butyl acetate are projected to
witness moderate and sluggish growth, respectively, during the review period.
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