According to ChemAnalyst report, the top Asian producers of Butyl Acetate were Baichuan Chemical Industrial Co., Ltd, Jiangmen Handsome Chemical Development, Celanese Singapore Pte Ltd. Geographically, Asia Pacific region held major shares of the Butyl Acetate market in terms of volume across the globe. However, during the first half of 2023, Butyl Acetate prices showed multiple variations in the Asia Pacific region. Prices for butyl acetate in Asian nations increased from January to the middle of February 2023 as manufacturing expenses increased as a result of high feedstock butanol prices. As the construction sector was in full swing, usage in downstream paints & coatings and adhesive usage also rose Butyl acetate's price, on the other hand, started to trend downward in the middle of February 2023.
The Asia Pacific Butyl Acetate market size was roughly 1480 thousand tonnes in 2022 and is expected to grow at a CAGR of 5.33% during the forecast period until 2032.
Many different industries use butyl acetate extensively, including paints and coatings, adhesives, medicines, and textiles. A sizable portion of the butyl acetate market is accounted for by the paints and coatings sector. It is a favoured choice as a solvent in varnishes, paints, and lacquers due to its outstanding solvency and capacity to dissolve a variety of resins and polymers. The demand for butyl acetate in the paints and coatings industry is anticipated to continue growing due to the rising demand for decorative coatings and the expansion of the building sector in various economies. Another significant user of butyl acetate is the pharmaceutical industry. When creating pharmaceutical products including capsules, tablets where it serves as a solvent.
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The butyl acetate market is being driven by the rise in water-based paint and coating use in the Asia Pacific region. Throughout the course of the research period, it is also projected that growing demand for butyl acetate from the adhesives and cosmetics industries will fuel market growth. The development of cutting-edge products, such as tert-butyl acetate as a substitute for volatile organic compounds is also projected to open up new opportunities for the market expansion of butyl acetate in the Asian countries. The demand for butyl acetate in the pharmaceutical industry is driven by rising healthcare costs and a rise in the popularity of generic medications. The Butyl Acetate Market is expected to grow at a significant rate over the forecast period and reach a volume of 2370 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 total Butyl Acetate market. Geographically, APAC Butyl Acetate market is divided into China, Japan, Singapore, Malaysia, and Rest of APAC. The demand for paints, coatings, and adhesives is being fueled by the growing population, rising disposable income, and expanding construction and automotive industries, which is driving the demand for butyl acetate as a solvent. Additionally, the greatest market share was held by the butyl acetate market in China, while the fastest-growing market in the Asia-Pacific region was that of India.
Based on the end-user industry, the Asia Pacific Butyl Acetate market is segmented into Paints & Coatings, Pharmaceuticals, Personal Care, Leather Industry, and Others. Paints & Coatings is the leading segment of the Butyl Acetate market with a consumption of 64% in 2022. Another interesting application is seen in the pharmaceutical sector. In the pharmaceutical industry, butyl acetate is mostly used as a solvent or extraction agent.
Major players in the production of Asia Pacific Butyl Acetate are Baichuan Chemical Industrial Co., Ltd, Jiangmen Handsome Chemical Development, Celanese Singapore Pte Ltd., Yankuang Goutai, Shandong Jinyimeng Group Co. Ltd., Weifang Yixing Chemical Sci&Tech Co.,Ltd, Yangtze River Acetyls Co. Ltd. (YARACO), Shiny Chemical Industrial CO.,Ltd., Chang Chun Petrochemical Co., Ltd., and Others.
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To extract data for Asia Pacific 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 Asia Pacific 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.
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