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Propyl Acetate Market to procure substantial profitable returns from fragrance products by 2024

Author : Ronak Bora | Published Date : 2019-04-09 

Propyl Acetate Market Report added by Global Market Insights, Inc. offers industry size, share, growth, trends and forecast analysis up to 2024. The market report also covers top key players, porters five forces analysis and market segmentation in detail. This report examines the global Propyl Acetate Industry and provides information regarding the revenue for the period 2018 to 2024.

The fragrance has become an important segment in the propyl acetate market and is gaining huge importance since the past decade. Use of perfumes and other fragrances is increasing by the day due to corporate lifestyle and round the clockwork structure. Young population around the world are fueling the perfumes and other fragrances demand in order to smell good and feel confident. The global perfumes industry was close to USD 40 billion in 2016 and are likely to grow with close to 5% CAGR in the forecast period. The rise in the use of fragrances will, in turn, boost the global propyl acetate Industry demand in the near future.

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Global Propyl Acetate Market Size is set to witness healthy gains in the coming years owing to its wide application in the cosmetics and fragrance industry. The product is a clear, colorless chemical compound commonly known as propyl ethanoate.

The cosmetics industry is growing at an exponential rate since the past few years owing to its needs in daily lives. The global cosmetics industry was valued close to USD 500 billion in 2016 and will witness further growth by a decent CAGR. Increasing disposable income of people and growing awareness of self-grooming in the developing economies is fueling the cosmetic industry largely. This exponential growth in the cosmetic industry is driving the global propyl acetate market on a large scale.

based on the applications, the global propyl acetate market can be segmented into food additive, fragrance agent, solvent & intermediaries, and cleaning & degreasing agent. Due to its strong fruity odor that reminds of celery, banana, honey, and pear, it is used in various confectionaries for flavor and fragrance. Apart from these, the product is used as a fragrance agent in perfumes and deodorants owing to its strong smell. The chemical is an ester and acts as a solvent and intermediates to synthesize several chemicals.

Considering end-user industries, global propyl acetate market is classified into cosmetics, fragrances, paints & coatings, and printing. The product finds its major use in nail polish in the cosmetic industry. Rising use of nail care products as a fashion statement is likely to push the propyl acetate industry demand to new heights. It is also widely used as a solvent in the paints & coatings industry. The product is a good solvent for this industry as it exhibits excellent ability to thin many other organic compounds. In the printing industry, the product finds its major use in special screening prints and flexography.

 

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At present, Europe and North America hold a major chunk of propyl acetate market. Europe is the home to many big fragrance houses in countries such as France and Italy whereas North America also consists of many large players in the fragrance industry. Asia Pacific and Middle East have significantly fast growing propyl acetate industry and are likely to witness potential growth in the forecast period. Government support and policies in these regions are likely to further enhance the regional propyl acetate industry demand.

Key players operating in the global propyl acetate market include Sigma-Aldrich, Finetech Industry Limited, Angene, Tractus, TCI America, Oakwood Products, Inc., abcr GmbH, Sontara Organo Industries, Organo Chem India, Eastman Chemical Company, Yixing Kaixin Chemical Co., Ltd, Somu Solvents Pvt. Ltd., Surya Life Sciences, and Hazel Mercantile Limited to name some.

 

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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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