The global isopropyl acetate (IPAc) market is estimated to be valued at US$ 407.7 million in 2023 and it is expected to grow at a CAGR of 5.2% to reach US$ 676.9 million by the end of 2033. Isopropyl acetate is a colorless, flammable liquid with a fruity odor. It is primarily used as a solvent for a variety of applications, such as coatings, inks, and adhesives. Isopropyl acetate is also used as a flavoring agent in the food industry.
The demand for isopropyl acetate is influenced by various factors such as economic growth, industrialization, and environmental regulations. The Asia-Pacific region is the largest consumer of isopropyl acetate due to the high demand for coatings and inks in the region. Europe and North America are also significant markets for isopropyl acetate, primarily driven by the growing demand for environmentally friendly solvents.
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The isopropyl acetate market is expected to grow in the coming years due to the increasing demand for environmentally friendly solvents and the growing use of isopropyl acetate in the pharmaceutical industry. However, the market is also subject to fluctuations in the price of raw materials, which can affect the profitability of manufacturers
Key Takeaways from Market Study
- The global isopropyl acetate market is projected to grow at 5.2% CAGR and reach US$ 676.9 million by 2033
- The market witnessed a 4.0% CAGR between 2018 to 2022
- US is anticipated to grow at a CAGR of 5.2% between 2023–2033
- North America is likely to represent 24.3% of the isopropyl acetate market share
- East Asia to remain the largest market in the isopropyl acetate market
- China’s isopropyl acetate market is set to grow at a CAGR of 5.4%
Segmentation of Isopropyl Acetate Industry Research
- By Grade :
- >98%
- <98%
- By Function :
- Additive
- Intermediate
- Plasticizers
- Stabilizers
- Others
- By Application :
- Printing Inks
- Automotive
- OEM Coatings
- Refinishes
- Plastics
- Architectural Coatings
- Wood Coatings
- Printing Inks
- Packaging Components & Inks
- Personal care ingredients
- Pharmaceuticals
- Cleaning Fluids
- Perfumes & Fragrances
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Market Titans Key Strategies
A few number of firms dominate the isopropyl acetate industry on a worldwide scale. These players use the market to the fullest extent and keep filling demand gaps throughout the world. The small number of global businesses pay great attention to consumer behaviour, market trends, changes in the price of raw materials, and strategic locations for setting up manufacturing bases.
To continue the market’s expansion, businesses have set up their manufacturing facilities in strategic areas throughout the world and closely adhere to the competitive environment. To build trust among the consumer base, players use marketing methods and other activities.
Key Companies Profiled
- SEQENS SPS
- DOW
- EASTMAN Chemical Company
- INEOS
- Monument Chemical
- Pidilite Industries Ltd.
- Sankyo Chemical Co. LTD.
Regional Analysis
Asia-Pacific region is the largest market for isopropyl acetate, accounting for a significant share of the global market. The growth in the region is primarily driven by the increasing demand for coatings, inks, and adhesives in countries such as China, India, and Japan. The rising demand for isopropyl acetate in the food and pharmaceutical industries is also contributing to the growth of the market in the region.
Europe and North America are also significant markets for isopropyl acetate. In these regions, the demand for isopropyl acetate is primarily driven by the growing demand for environmentally friendly solvents. The stringent environmental regulations in these regions are also driving the demand for isopropyl acetate as a replacement for traditional solvents.
Latin America and the Middle East and Africa (MEA) are also emerging markets for isopropyl acetate. The growth in these regions is primarily driven by the increasing demand for coatings and inks in the construction and automotive industries. The rising demand for isopropyl acetate in the food industry is also contributing to the growth of the market in these regions.