N-Propyl Acetate Market is expected to Grow at a CAGR of 4.07% by 2030
According to ChemAnalyst report, “Global N-Propyl Acetate Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Global N-Propyl Acetate market is growing exponentially over the last few years and is anticipated to accomplish a CAGR of 4.07% in the forecast period as it extensively used in paints and coatings as a solvent. N-propyl acetate is volatile, colorless, highly flammable, toxic liquid, synthesized by the esterification of acetic acid and 1-propanol. It is miscible with many common solvents, e. g. alcohols, ketones, aldehydes, ethers, glycols and glycol ethers, but it is only sparingly soluble in water.
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N-Propyl Acetate comes in different grades including reagent and technical grade, agricultural and pharmaceutical grade, and optical grade. Owing to its properties like high volatility, mild odor and miscibility with most of the organic solvents, it finds application in various areas including paints and coatings, flexographic, printing inks, fragrances, cosmetics, food and beverages, pharmaceuticals and others. The N-Propyl Acetate market is bifurcated into Purity≥99.5% and Purity≥ 99.0%. The purity≥ 99.0% segment holds the largest market share. Growing demand for paints and coatings from various industries coupled with the increasing usage in food and beverage industry is expected to drive the demand of N-Propyl Acetate during the forecast period. Another factor of great significance is that the solvent power and the ability to thin other chemicals or organic compounds of n-propyl acetate are comparable to those of ethyl acetate. Owing to this, it dissolves many natural and synthetic resins (e. g. cellulose nitrate, acrylates, alkyd resins, rosin, plasticizers, waxes, oils and fats) and is thus an eminently suitable solvent for wood lacquers and industrial finishes. Moreover, increased production capacity additions including the capacity expansion by Showa Denko K.K. are likely to create opportunities in the n-propyl acetate market during the forecast period.
Due to COVID-19 pandemic, there is a decline in the demand of N-Propyl Acetate as most of the industries have been greatly impacted, including chemical industries during the lockdown due to the imposition of lockdown in the major economies. There was a disturbance in the supply and value chain which negatively affect the N-Propyl Acetate market. However, after relaxation in lockdowns, an improvement is seen as industries begin to operate their manufacturing units at maximum efficiencies.
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Region wise, Asia Pacific region holds the major share of global demand for n-propyl acetate owing to growing demand for paints and coatings. Increasing population, Rapid industrialization and undergoing construction in the region specially, in China and India N-propyl market finds a significant place. Many industries involve in paints and coatings are investing in the region to set up their manufacturing plants due to the growing construction and automobile sector here, that consequently uplifting the production capacity of N-Propyl Acetate in Asia Pacific.
According to ChemAnalyst report, “Global Market By Global N-Propyl Acetate Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”, BASF Group, Du Pont Inc., DOW, Eastman Chemical Company, Solvay S.A., Showa Denko K.K., Sankyo Chem., Daicel, Sasol corporation, Shiny Chemical industrial Co. ltd., Zibo Nuoao Chem. Co. Ltd., Wujiang Shuguang Chemical CO. Ltd., Ningbo Yongshun and Tosoh corporation are some major players of the industries among others.
N-Propyl Acetate is a versatile chemical, used in various chemical industries as solvent or as an intermediate to manufacture natural and synthetic resins. Major applications of N-propyl Acetate include Paints and Coatings coupled with cosmetics, pharmaceuticals and in the preparation of lacquers as a solvent. Growth in construction, healthcare and automobile sectors is expected to directly upsurge the demand for N-Propyl Acetate in the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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