H1 2023: During H1 2023, the top producers of Butyl Acetate were Jiangmen Handsome Chemical Development, Baichuan Chemical Industrial Co., Ltd, and OQ Chemicals. Geographically, Asia Pacific region held major shares of the Butyl Acetate market in terms of volume. From January to mid-February 2023, Butyl Acetate prices surged in the Asian countries as manufacturing costs rose due to high prices feedstock Butanol prices. Additional factors like, rise in consumption by the downstream paints & coatings and adhesives increased as the construction industry was in a full swing. However, the price of butyl acetate displayed a bearish trend from mid-February 2023. The demand for butyl acetate was feeble steady in the Asian markets. Additionally, there were fewer orders by the end user sectors which led to the downward pricing sentiment in the Asian market. The production cost was muted as prices for butanol and acetic acid decreased in the Asian nations. The prices of Butyl Acetate continued to slump in the Asian nations from April – June 2023 owing to poor demand by the downstream paints & coatings industry. In the US, butyl acetate prices inclined in the month of February 2023. Due to considerably high feedstock prices for acetic acid and butanol, butyl acetate prices grew, and procurement increased steadily from downstream sectors. However, prices for butyl acetate declined in March 2023 as there were no considerable fresh orders being requested by end users, and the butyl acetate faced a downward trend in pricing sentiment in the US. April onwards, prices in the US market showed a bullish tendency due to rise in demand from the paints & coatings industry as the construction sector was optimistic.
H1 2022: During H1 2022, the total production of Butyl Acetate was approximately 900 thousand tonnes. The prominent producers of Butyl Acetate were Baichuan Chemical Industrial Co., Ltd, Jiangmen Handsome Chemical Development, OQ Chemicals, and Yip’s Chemical Holdings Limited. Although, Baichuan Chemical Industrial Co., Ltd acquired the position of the largest producer of Butyl Acetate in H1 2022. In January 2022, Yip’s Chemical Holdings Limited, one of the renowned chemical producers of Hong Kong, announced about expansion of production capacity at Gaolan Port, Zhuha. The details include expanding the total production capacity to reach 600 thousand tonnes of solvents which includes 150 thousand tonnes of butyl acetate along with several other solvents. Geographically, Asia Pacific held the position of the largest consumer of Butyl Acetate in H1 2022. Asia Pacific witnessed mixed market fundamentals of Butyl Acetate during H1 2022. Butyl acetate prices dropped in India as the product consumption was impacted by low demand by the end-user sectors and weak market sentiment. The sharp drop in cost of butyl acetate across Asia Pacific region was driven by constant decline in acetic acid and butanol prices combined with constant downward trends in demand of butyl acetate across the downstream industries. In China, the price of butyl acetate fell during H1 2022 due to fall in acetic acid raw material prices, excess inventories in the market and weak demand from downstream industries in China.
H2 2022: In H2 2022, Asia Pacific experienced an overall bearish Butyl Acetate pricing. Butyl acetate prices in the Asia-Pacific region continued to fall from July 2022 as the demand in downstream industries deteriorated while cost pressures remained weak. In addition, due to the increase in the number of new coronavirus infections, port activities were temporarily suspended in China. Meanwhile, Japan and South Korea experienced supply disruptions as typhoons disrupted trade and port operations in the nations. However, the company's inventories remained stable as the consumption rate of the downstream industry slowed down across the Asian nation. Butyl acetate prices fell steadily from October 2022 to mid-December 2022 due to weak demand dynamics and weak sentiment due to slow development in the construction industry. Although, the Butyl Acetate market bounced back in mid-December 2022 across the Asian nations. On the other hand, in the European region, butyl acetate prices fell in H2 due to weak demand by the downstream industries, including construction. However, price movements slightly went up as the market participants had to improve their margins near December 2022 as the price of butyl acetate went up in Asian nations which are major exporters of butyl acetate to Europe.
The global Butyl Acetate market demand stood at approximately 1900 thousand tonnes in 2022 and is expected to grow at a CAGR of 3.71% during the forecast period until 2032.
Butyl Acetate is a highly flammable, colorless liquid that occurs naturally in many fruits such as apples and bananas, providing a characteristic odor to the fruit. Butyl acetate is generally synthesized by the esterification reaction of n-butanol with acetic acid in the presence of an acid catalyst. Butyl acetate works well as a solvent for fats, oils, resins, polymers, etc. Various industries consume Butyl Acetate such as medicines, personal-care products, paints and coatings, food flavoring, plasticizers, electronics, and others. It is feasible to manufacture paints with great leveling and gloss because of butyl acetate's mild volatility. The largest market for the application of this chemical is its usage as a flavoring agent and in the coatings and paints industry. Butyl Acetate also finds its usage as a solvent in resins, varnishes, fragrances, fragrances, nail polish removers, and photographic film.
The global increase in the use of water-based coatings and automotive paints is what is driving the butyl acetate industry. Additionally, the rising demand for butyl acetate from the adhesives and cosmetics industries is anticipated to fuel market expansion throughout the course of the research period. Additionally, it is anticipated that growing R&D efforts to create cutting-edge goods, like tert-butyl acetate as a replacement for volatile organic compounds (VOCs), will present new potential for the market expansion of butyl acetate. The Butyl Acetate Market is expected to grow at a significant rate over the forecast period owing to its vast applications and reach a volume of 2800 thousand tonnes by 2032.
Based on region, Asia Pacific is dominating the Butyl Acetate market. In 2022, Asia Pacific held a market share of approximately 56% of the global Butyl Acetate market. It is anticipated that Asia Pacific will most likely retain this position in the forecast period owing to the growing demand for paints & coatings for coating the outer surfaces of passenger vehicles and in the construction sector for coating windowpanes, doors, etc. As of 2022, China has been the leading producer of Butyl Acetate with a production capacity of nearly 30%.
Based on the end-user industry, the global Butyl Acetate market is segmented into Paints & Coatings, Pharmaceuticals, Personal Care, Leather Industry, and Others. Paints & Coatings is dominating the Butyl Acetate market with a consumption of 64% in 2022. Furthermore, the pharmaceutical industry is yet another impressive application. Butyl acetate is mainly employed as a solvent or extraction agent in the pharmaceutical sector.
Major players in the production of Global Butyl Acetate are Baichuan Chemical Industrial Co., Ltd., Jiangmen Handsome Chemical Development, OQ Chemicals, Yip’s Chemical Holdings Limited, Saudi International Petrochemical Company (Sipchem), Yankuang Goutai, Celanese Corporation, BASF SE, INEOS Group Limited, Yangtze River Acetyls Co. Ltd. (YARACO), Dow Chemical Company, Eastmen Chemical, Shiny Chemical Industrial CO.,Ltd., Shandong Jinyimeng Group Co. Ltd., and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Butyl Acetate which covers production, demand and supply of Butyl Acetate market in the globe.
• To analyse and forecast the market size of Butyl Acetate
• To classify and forecast Global Butyl Acetate market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Butyl Acetate market in the globe.
To extract data for Global Butyl Acetate market, primary research surveys were conducted with Butyl Acetate manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Butyl Acetate market over the coming years.
ChemAnalyst calculated Butyl Acetate demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Butyl Acetate. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Butyl Acetate manufacturers and other stakeholders
• Organizations, forums and alliances related to Butyl Acetate distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Butyl Acetate manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Butyl Acetate market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
1900 thousand tonnes
Market size Volume by 2032
2800 thousand tonnes
Growth Rate
CAGR of 3.71% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity By Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Foreign Trade, Company Share, Manufacturing Process, Policy and Regulatory Landscape.
Segments covered
By End-Use: (Paints & Coatings, Pharmaceuticals, Personal Care, Leather Industry, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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What was global market size of Butyl Acetate in terms of volume in 2022?
Ans:
The global market size of Butyl Acetate has reached approximately 1900 thousand tonnes in 2022.
Q2.
Which industry is leading as a consumer of Butyl Acetate?
Ans:
Paints & Coatings industry is the leading consumer of Butyl Acetate, which consumed roughly 64% of the global Butyl Acetate market in 2022.
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