LONDON--(BUSINESS WIRE)--According to Technavio Research Report "Global Methyl Acetate Market by end-user (paints and coatings, inks, personal care industry, and others) and geographic regions (APAC, North America, Europe, MEA, and South America) is witnessed to grow by USD 16.04 million, at a CAGR of 7% from 2019 to 2023.”
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Global Methyl Acetate Market: Increasing adaptation of flexographic inks
Flexographic printing inks are chemical substances increasingly being used in small quantities in printing ink formulations. These inks are mainly used in printing inks owing to its fast evaporation properties allowing the inks to dry quickly at the time of printing. Also, the growing packaging industry across several economies, including China, India, the US, and Germany is directly impacting the flexographic printing inks market demand in the forthcoming years. The rising popularity of online trade and e-commerce, coupled with the increasing demand for doorstep delivery of commodities, will foster the flexographic printing ink market. Thus, the growing demand for flexographic inks for printing is expected to drive the methyl acetate demand during the forecast period.
“Methyl acetate is increasingly being used in the paints and coatings industry owing to several properties such as corrosion resistance, durability, water resistance, resistance to heat, and others. Also, high purity and low volatility are properties that will propel the adoption of methyl acetate as a solvent in paints and coatings industry,” says a senior research analyst at Technavio.
Global Methyl Acetate Market: Segmentation analysis
This market research report segments the global methyl acetate market by end-user (paints and coatings, inks, personal care industry, and others) and geographic regions (APAC, North America, Europe, MEA, and South America).
APAC led the market in 2018, followed by North America, Europe, MEA, and South America, respectively. The market growth in APAC can be attributed to the growing consumption of methyl acetate as a blowing agent in the manufacture of PU foams, particularly, in mattresses and cushions. Also, increasing construction activities and automotive production in APAC are contributing to the growing demand for methyl acetate in the region.
Global Methyl Acetate Market: Rise in the production of foam blowing agents
A key factor driving the growth of the global methyl acetate market is the rise in the production of foam blowing agents. Foam blowing agents are used to impart several features, including low weight, excellent textures, heat insulation, electrical insulation, and permeability. These properties make them a viable option to be used in the manufacture of various foams, including rigid polyurethane foams, flexible PU foams, and rigid extruded polystyrene (XPS) foams. Therefore, the increasing demand for foam blowing agents across the globe is anticipated to drive the methyl acetate market growth during the forecast period.
Few Major Vendors in Global Methyl Acetate Market are:
- Celanese Corp.
- China Petrochemical Corp.
- Eastman Chemical Co.
- EuroChem Group AG
- Wacker Chemie AG
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