Esters are compounds derived from organic or inorganic acids by replacing the last hydroxyl group by an alkyl group. Esters can be subdivided into two groups: ethyl esters and acetate esters. Ethyl esters are made up of short chain alcohol group and longer chain fatty acids, while acetate esters consist of short chain acetic acid group and longer chain alcohol group. Acetate esters act as powerful solvents across a wide range of resins. They are compatible with most common organic solvents. These solvents have slow, controlled evaporation rate, low surface tension, low water solubility, and higher gloss.
Led by the increase in automotive sales in developing economies, acetate esters are employed extensively in top coat marines. This is anticipated to drive the acetate esters market in the near future. Furthermore, rise in demand for high gloss surface coatings in various applications is estimated to boost the demand for acetate esters during the forecast period.
Companies operating in the global acetate esters market strive to explore new and better ways to manufacture acetate esters. Development of new processes to produce acetate esters is estimated to propel the market in the near future. However, volatility in prices of raw materials is projected to hamper the acetate esters market during the forecast period.
In terms of product, the global acetate esters market can be segmented into butyl acetate, methyl acetate, cellulose acetate, vinyl acetate, and others. The vinyl acetate segment is likely to expand at a rapid pace in the next few years due to the rise in demand for high gloss surface coatings in the automotive industry in developing economies across the globe.
Based on application, the global acetate esters market can be divided into topcoat & primer, maintenance & marine, high solids, wood lacquer, and polymerization. The topcoat & primer segment is expected to expand at a significant pace during the forecast period due to the consistent usage of acetate esters in various paints and coatings across the globe.
In terms of region, the global acetate esters market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Europe and North America are anticipated to constitute major share of the global market during the forecast period. The acetate esters market in Asia Pacific is estimated to expand at a rapid pace due to the rise in per capita income in developing economies such as China and India. Increase in per capita income is boosting the spending power of consumers in the region. This, in turn, is estimated to propel the demand for high quality products in Asia Pacific. Additionally, growth in usage of acetate esters in making highways is fueling the acetate esters market in the region. Middle East & Africa is expected to be a lucrative region of the global acetate esters market during the forecast period, led by the increase in demand for acetate esters in high load bearing roads in the region.
Prominent players operating in the global acetate esters market include INEOS Holdings Limited, Hallstar Company, Eastman Chemical Company, and Solventis Ltd. These players engage in research & development activities, strategic alliances, and mergers & acquisitions to gain market share.
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