According to Future Market Insights (FMI), the global n-propyl acetate market is expected to reach US$ 706.3 Million by the end of 2032. The market is expected to experience increased demand at a CAGR of 5.4% as a result of the different industries of printing, pharmaceuticals, and food & beverages consistently expanding. Sales are being boosted by the unique properties of n-propyl acetate as a solvent or chemical intermediary in several processes.
Prominent players are investing in emerging countries from Latin America and South Asia to get an efficient and rapid supply chain advantage over their competitors. Several players are also focusing to develop long-term relationships with their customers for an uninterrupted supply of n-propyl acetate. Meanwhile, other suppliers are focusing on collaborating with e-commerce giants to increase the sales and expand their customer base.
Additionally, n-propyl acetate can be employed in the food and perfume industries because of its pleasant aroma. Additionally, expanding applications in the pharmaceutical and printing ink industries would boost market sales. On the strength of this, the market’s demand is anticipated to increase to US$ 418.6 Mn by the end of 2022.
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“Growing consumption of n-propyl acetate coupled with its increasing adoption as a potential replacement for ethyl acetate in different industries such as pharmaceutical and food is expected to bolster the demand during the projected period,” says an FMI analyst.
Key Takeaways:
- The global market of n-propyl acetate is projected to witness a CAGR of magnitude 4% during the period of 2022 and 2032.
- Significant development in the end-use industries – chemical, pharmaceuticals, paints & coatings, and food & beverages in the Asia-Pacific region is anticipated to remain one of the prominent markets for n-propyl acetate in the forecast period.
- By Grade type, pharmaceutical/food grade (>99%) is expected to account for the largest share, about 75% of the overall market size.
- By Application, the consumption of n-propyl acetate as a solvent is expected to grow at a CAGR of 3% over the forecast period.
- By End-Use, the printing ink industry is expected to remain a key consumer of n-propyl acetate, the segment is further anticipated to witness a consumption rate of about 1% n-propyl acetate in terms of value.
Competitive Landscape
The market of n-propyl acetate is estimated to be a consolidated market, where key players are expected to account for more than 46% share of the market. OQ Chemicals GmbH, Solvay, BASF SE, Sasol, DOW chemicals, Eastman Chemical company, SHOWA DENKO K.K., Jiangsu Baichuan High-tech New Materials Co., Ltd., shiny chemical Industries Co. Ltd, Solventis, and many others are the some of the manufacturers of n-propyl acetate profiled in the full version of the report.
Key players are certainly focusing on expanding their production capacity to increase their market presence all over the globe and to gain maximum traction in the market. Further top players are also investing significantly in acquisitions of regional players to reduce competition and gain capacity advantage.
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N-propyl acetate Market Segmentation
By Grade:
- Industrial/Technical Grade (<99%)
- Pharmaceutical/Food Grade (>99%)
By Application:
- Solvent
- Flavouring Agent
- Others
By End-Use Industry:
- Chemical
- Pharmaceutical
- Paint & Coatings
- Printing Ink
- Food & Beverages
- Agrochemical
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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