H1 2023: Based on region, Asia Pacific was the largest consumer of n-Propyl Acetate during H1 2023. In the Asian market, prices for n-propyl acetate exhibited mixed pattern in the Chinese market. The construction sector in the Chinese market was bullish till mid-February 2023 owing to strong cost pressure and abundant offtakes from the downstream coatings & adhesive industry. However, since feedstock prices for propanol and acetic acid fell precipitously after mid-February 2023, n-Propyl Acetate prices fell in the Chinese market. There was modest cost pressure while offtakes from the downstream sector were sluggish. N-propyl acetate prices continued to exhibit a bearish market trend in China till June 2023. This resulted from a decrease in the price of acetic acid feedstock and a sufficient inventory which forced sellers to give discounts in order to boost market activity. In addition, because of slow market activity and weak downstream industry demand, n-Propyl Acetate plants were running at low operating rate in China. On the other hand, in the US, prices for n-Propyl Acetate rose in the first two months of 2023 as a result of improved demand dynamics and steady solid cost pressure. n-Propyl Acetate prices fell by the end of February 2023. The fundamentals of demand for various chemicals, notably the acetate chain was weakened as a result of the banking crisis in the USA, resulted hike of prices. However, n-Propyl Acetate prices gained momentum in March 2023 and showed steady increase throughout H1 2023.
H1 2022: Based on region, Asia Pacific acquired the position of the largest consumer of n-Propyl Acetate during H1 2022. Although, the n-Propyl Acetate prices kept fluctuating in Asia Pacific throughout H1 2022. n-Propyl Acetate prices fell in Asia Pacific in January 2022 due to low demand by the consumer industries. China's n-propyl acetate costs overall remained low from January 2022 – March 2022 due to fall in consumption from downstream industries and adequate supplies. In China, due to a lack of demand, oversupply and plunged trading activities, n-Propyl Acetate prices decrease in April 2022 in the Chinese market. Although India also faced a fluctuating market segment of n-Propyl Acetate. The price of n-Propyl Acetate was low until May 2022 and started to rise again in June 2022. Fundamentals of supply and demand frequently changed in India, which led to this inconsistency of the prices. Also, fluctuations in trading frequencies from China also affected the market value of acetic acid, which eventually affected the price of n-Propyl Acetate. In Europe, the market value of n-propyl acetate rose continuously during H1 2022 due to supply constraints and energy crisis in the region. The supply of raw material (acetic acid) in the market was limited as large manufacturers like Lyondell declared force majeure, causing the price of acetic acid to soar across Europe.
H2 2022: In H2 2022, n-Propyl acetate faced a sluggish market in the Asia Pacific region. It was based on the reasons like low raw material costs and weak demand momentum in the region. Raw material prices for n-propanol and acetic acid in the Chinese market along with a fall in the demand of n-Propyl Acetate eased upstream processing costs in the nation. In addition, steady demand from the end-user industries like the paints & coatings industry had resulted in a stagnancy of the demand. However, a resurgence of covid cases had disrupted the momentum of demand as several major cities of the various Asian nations had announced lockdowns. n-propyl Acetate prices fell steadily from October to mid-December 2022, due to weak demand momentum stemming from the sluggish construction sector across Asia Pacific region. n-Propyl acetate prices recorded a slight increase towards the end of December 2022 despite weak demand from the downstream sectors. The Asian players reported stable inventory levels during H2 2022. In the first three months of H2 2022, some European countries struggled high inflation rates the price of natural gas has reached a record high in terms of price. Due to high energy costs, there was an increase in the n-Propyl Acetate production costs. The price of acetic acid was high during this time period. However, demand from downstream industries was low. Although, n-Propyl acetate prices in Europe gradually declined in the last three months of 2022 due to weak demand dynamics from downstream sectors such as Paints & Coatings which are further used in the construction sector due to lack of activity during off-season.
The global n-Propyl Acetate market has expanded to reach approximately 280 thousand tonnes in 2022 and is expected to grow at a steady CAGR of 4.10% during the forecast period until 2030.
N-propyl acetate is a colourless, volatile liquid which has a characteristic odor that resembles acetone. It is miscible with numerous popular solvents including, alcohols, ketones, aldehydes, ethers, glycols and glycol ethers, but it is only sparingly soluble in water. Major grades of n-propyl acetate include reagent and technical grade, agricultural and pharmaceutical grade, and optical grade. Owing to its properties like high volatility and mild odor, it finds application in various areas including paints and coatings, printing inks, cosmetics and personal care, food and beverages, pharmaceuticals and others.
The main use for n-propyl acetate among all applications are in paints, coatings, and printing inks. The demand for n-propyl acetate is anticipated to increase during the projected period as a result of rising demand for paints and coatings across a variety of industries including automotive and building. The fact that n-propyl acetate's solvation properties are equivalent to those of ethyl acetate is another significant factor. As a result, it dissolves a variety of synthetic and natural resins, including cellulose nitrate, acrylates, alkyd resins, rosin, plasticizers, waxes, oils, and fats, making it a highly effective solvent for wood lacquers and other industrial finishes. The global n-Propyl Acetate market is anticipated to reach 390 thousand tonnes by 2030.
Based on region, Asia Pacific region dominates the n-Propyl Acetate market. The rapid speed in construction industry which is the major consumer of paints and coatings has resulted in several companies to set up their manufacturing plants in the region thereby increasing the overall capacity in the region. Furthermore, China is leading the charts globally in terms of producing n-Propyl Acetate owing to the presence of abundant raw materials and optimum technology.
Based on the end-use, the global n-Propyl Acetate market is segregated into Paints & Coatings, Personal Care & Cosmetics, Printing Ink and Others. Among these industries, Paints & Coatings is the leading segment and held a market share of roughly 55% in 2022. Because it has the potential to thin a variety of other organic compounds, n-propyl acetate is prominently utilized as a solvent in the production of paints and coatings.
Major players in the production of Global n-Propyl Acetate are BASF SE, Oxea, Dow Chemical Company, Eastman Chemical Company, Solvay S.A., Showa Denko K.K., Sankyo Chem, Sasol, Chang Chun Group, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2030
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Objective of the Study:
• To assess the demand-supply scenario of n-Propyl Acetate which covers production, demand and supply of N-Propyl Acetate market in the globe.
• To analyse and forecast the market size of n-Propyl Acetate
• To classify and forecast Global n-Propyl Acetate market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of n-Propyl Acetate market in the globe.
To extract data for Global n-Propyl Acetate market, primary research surveys were conducted with n-Propyl 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 n-Propyl Acetate market over the coming years.
ChemAnalyst calculated n-Propyl Acetate demand in the globe by analyzing the historical data and demand forecast which was carried out considering the historical supply and demand of n-Propyl Acetate across the globe. 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:
• n-Propyl Acetate manufacturers and other stakeholders
• Organizations, forums and alliances related to n-Propyl 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 n-Propyl 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 n-Propyl 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
280 thousand tonnes
Market size Volume by 2030
390 thousand tonnes
Growth Rate
CAGR of 4.10% from 2023 to 2030
Base year for estimation
2022
Historic Data
2015 – 2021
Forecast period
2023 – 2030
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2030
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, 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, Personal Care & Cosmetics, Printing Ink 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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Member - Board of Directors
Osaka Gas Co. Ltd
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What is the expected global market size of n-Propyl Acetate in terms of volume for 2030?
Ans:
The global market size of n-Propyl Acetate is expected to grow to reach approximately 280 thousand tonnes by 2030.
Q2.
Which region is dominating the Global N-Propyl Acetate market?
Ans:
The Asia Pacific region is dominating the n-Propyl Acetate market.
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