Isopropyl Acetate Market Introduction
- Isopropyl acetate is an ester (organic compound), which is product of esterification of acetic acid and isopropanol. Isopropyl acetate is a urethane grade, fast evaporating, and mild odor solvent, which is miscible with most common organic solvents and has properties intermediate between ethyl and butyl acetates.
- Isopropyl acetate is a clear, colorless liquid with a characteristic fruity odor. It is an active solvent for many types of synthetic resins such as cellulose acetate butyrate, nitrocellulose, vinyl copolymers, polyesters, polyamides, acrylics, and alkyds.
- In terms of application, the global isopropyl acetate market can be segmented into cleaning fluids, coatings, printing inks, cosmetic & personal care, perfumes & fragrances, pharmaceutical, pesticides & insecticides, and others. The coatings segment is expected to expand at a significant pace during the forecast period owing to rise in usage of isopropyl acetate as a raw material in certain paints and coatings.
Key Drivers of Isopropyl Acetate Market?
- Increase in usage of isopropyl acetate in coatings application is expected to boost the market during the forecast period. Isopropyl acetate possesses various properties such as good solvent activity, desirable evaporation rate, and pleasant odor. These properties enable it to be used in a wide range of coating applications. This is estimated to drive the market during the forecast period.
- Increase in use of isopropyl acetate as solvent in the production of polymers, resins, oils, and cellulose is projected to boost the consumption of isopropyl acetate. Isopropyl acetate has strong solvency traits for polymers, resins, oils & fats cellulose and can be readily thinned with aliphatic hydrocarbons. It is primarily used as solvent in the paints & coatings industry for wood varnishes, architectural coatings, printing inks, and adhesives. It can replace n-butyl acetate if a coating needs to dry quicker. Additionally, isopropyl acetate is widely used as solvent in aerosol sprays, thinners, sealants, cleaners, fragrance, cosmetics, and personal care products.
Restraints of Isopropyl Acetate Market
- Side effects associated with isopropyl acetate are restraining the isopropyl acetate market. The odor of isopropyl acetate can be unpleasant and may cause symptoms of central nervous system depression such as nausea, dizziness, and headache at higher concentrations. These side effects increase regulatory restrictions on applications of isopropyl acetate, thereby restraining the market.
- Dearth of universal directives pertaining to applications of isopropyl acetate is likely to hamper the market in the near future. Every country has different directives and legislations pertaining to the use of isopropyl acetate. Companies find it difficult to comply with these country-wise directives and legislations. This can discourage investment in the isopropylacetate market, thereby hampering the market.
- Lack of awareness and low rate of adoption of isopropyl acetate in several developed and underdeveloped countries are projected to hamper the market during the forecast period
COVID-19 Impact on Isopropyl Acetate Market
- The COVID-19 outbreak is hampering the demand for isopropyl acetate in several applications. Numerous governments across the globe enforced lockdowns as a measure to curb the spread of the coronavirus. This resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which are adversely affecting the demand for isopropyl acetate.
- Key players operating in the isopropyl acetate market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these manufacturers have spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Several of these players have halted their production output since the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of isopropyl a??t?t?. Thus, the global isopropyl acetate market is projected to contract in 2020.
Asia Pacific to Hold Major Share of Global Isopropyl Acetate Market?
- In terms of region, the global isopropyl acetate market can be split into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America
- In terms of consumption, Asia Pacific is projected to hold significant share of the global isopropyl acetate market during the forecast period. Rapid expansion of paints & coatings, pharmaceutical, and cosmetics & personal care industries in China, Japan, and South Korea is likely to boost the consumption of isopropyl acetate in these countries during the forecast period.
- The market in North America is also expected to expand at a fast pace during the forecast period owing to an increase in consumption of isopropyl acetate in the paints & coating industry for automotive applications in the U.S. and Canada
- Europe is expected to hold key share of the global isopropyl acetate market during the forecast period owing to rise in usage of isopropyl acetate in pharmaceutical applications
Prominent Players in Global Isopropyl Acetate Market
Major players operating in the global isopropyl acetate market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. Key players operating in the market include:
- The Dow Chemical Company
- Eastman Chemical Company
- Sigma Aldrich
- Monument Chemical
- Sisco Research Laboratories Pvt. Ltd
- INEOS Oxide
- Pidilite Industries Ltd.
- Kane International Corporation
- SONTARA ORGANO INDUSTRIES
- Zhejiang Jianye Chemical Co., Ltd.
Research Scope; Global Isopropyl Acetate Market
Global Isopropyl Acetate Market, by Application
- Cleaning Fluids
- Printing Inks
- Cosmetic & Personal Care
- Perfumes & Fragrances
- Pesticides & Insecticides
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