Methyl Acetate Market Report and Forecast 2023-2028

According to the report by the publisher, the global methyl acetate market attained a volume of 1904.32 KMT in 2022. Aided by the increasing demand for eco-friendly solvents across various industries, the market is projected to further grow at a CAGR of 3.9% between 2023 and 2028 to reach a volume of 2333.37 KMT by 2028.

Methyl acetate is an organic compound that serves as a solvent in multiple applications, including paints, coatings, adhesives, and pharmaceuticals. It is a colourless, flammable liquid with a pleasant, fruity odour. Methyl acetate is considered an eco-friendly solvent due to its low toxicity, high solvency power, and low environmental impact. It is an ideal choice for replacing conventional solvents in various industries. The increasing demand for eco-friendly solvents across multiple industries, including paints and coatings, adhesives, and pharmaceuticals, has been a significant driver of the methyl acetate market. Additionally, the growing emphasis on reducing greenhouse gas emissions and adhering to stringent environmental regulations has further contributed to the market's expansion.

The paints and coatings industry, a major consumer of methyl acetate, has experienced significant growth due to the booming construction and automotive sectors. Methyl acetate is used as a solvent in the production of paints and coatings, and its demand has increased in parallel with the expansion of this industry. It is also widely used as a solvent in the production of adhesives and sealants, another sector witnessing robust growth. The rising demand for adhesives and sealants in various applications, such as packaging, construction, and automotive, has further contributed to the growth of the global methyl acetate market. As industries continue to adopt eco-friendly solvents and comply with environmental regulations, the demand for methyl acetate is expected to rise.

Methyl acetate has gained popularity in the pharmaceutical industry as a solvent for the synthesis of various drugs and chemicals. With the pharmaceutical industry growing rapidly, the demand for methyl acetate is expected to rise, driving the growth of the methyl acetate market. Governments worldwide are increasingly promoting the use of eco-friendly solvents to reduce environmental pollution and greenhouse gas emissions. These favourable policies and initiatives have spurred the adoption of methyl acetate in various industries, boosting the growth of the methyl acetate market. These advancements have facilitated the market's growth by making methyl acetate more accessible and affordable for various industries.

Market Segmentation

The market can be divided on the basis of end use and region.

Market Breakup by End Use:

• Paints and Coatings
• Inks
• Personal Care
• Adhesives
• Others

Market Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

This report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global methyl acetate companies. Some of the major key players explored in the report by the publisher are as follows:

• Celanese Corporation
• China Petrochemical Corporation (SINOPEC)
• Eastman Chemical Company
• Wacker Chemie AG
• Anhui Wanwei Group Co., Ltd
• Others

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*The publisher always strives to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.