The global isopropyl acetate market is slated to expand at a steady CAGR of around 5% through 2031, backed by high demand from personal care and printing industries. Growing consumer demand for personal care products and improving hygiene standards have infused prominence to isopropyl acetate. Burgeoning demand is also being witnessed for isopropyl acetates to be used in printing inks and pharmaceutical applications across the globe. Increasing application along with innovation and advancements in providing exemplary applications has cultivated market penetration globally for isopropyl acetate.
In a recently published report by Fact.MR, insights regarding key factors fueling market growth have been offered for the next ten years. The report tracks trends in 20+ high-growth countries, with the regions of Asia, North America, and Europe leading the way. The impact of the COVID-19 pandemic has also been detailed in the report, with exhaustive insights into what the years ahead will offer.
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Over the past half-decade, isopropyl acetate has portrayed absolute growth at a CAGR of 3.6%. This growth has been on the back of exploration of pharmaceutical applications, complemented by broad application offerings, including automotive, architectural coating, wood coatings, printing inks, packaging component & inks, personal care ingredients, pharmaceuticals, cleaning fluids, perfumes & fragrances, and other remarkable applications.
The COVID-19 outbreak partially contracted demand for isopropyl acetate in the second and third quarters of FY2020. Lockdowns across the globe and force majeure of production across key end-use industries such as inks and coatings, paper and textiles, printing inks, and chemicals led to a domino effect on demand for isopropyl acetate market across regions. However, in the fourth quarter of 2020, overall demand witnessed a hike of 4%.
Gathering all the findings for the market over the forecast period, demand is projected to grow in a steady pace in the short-term (2020-2025), while in the medium-term, it is expected to record moderate growth. Overall, the market is projected to expand at a CAGR around 5% through 2031.
Demand for isopropyl acetate is poised to grow steadily during the forecast period with increased adoption of personal care products and printings inks that depend on isopropyl acetate as a prominent component. Isopropyl acetate bundled use cases have opened the door for wide application offerings, including automotive, architectural coating, wood coatings, printing inks, packaging component & inks, personal care ingredients, pharmaceuticals, cleaning fluids, perfumes & fragrances, and other remarkable applications.
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Pharmaceutical application of isopropyl acetate is the bedrock of this market. Pharma grade isopropyl acetate contains high-purity acetate solutions – nearly 99.9% purity. Pharmaceutical companies have joined hands in 2020 to fight together against the COVID-19 pandemic. Widespread application of isopropyl acetate has been seen in the production of hand sanitizers. Companies set up strong production bases to supply hand sanitizers to pharma companies to protect consumers from the novel coronavirus.
With continuous research in pharma application of isopropyl acetate, the market remained open for in-depth penetration of isopropyl use cases and is continuously showcasing strong results. Following the coronavirus pandemic as a base for isopropyl acetate, the pharma industry is likely to remain a major consumer over the coming years.
In the past, isopropyl acetate manufacturers have been dominated by sparse suppliers for their raw material. This has prominently exposed them to the procurement risks associated in the market, which was an eye opener in 2020 when global trade was muffled. Key raw materials are isopropyl alcohol and acetic acid, which sustained fluctuation in pricing during the historic time frame. This further resulted in increased pricing of isopropyl acetate by key manufacturers to hold their market presence.
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Isopropyl acetate offerings are based on its requirement from end-use industries, and similarly goes into application where it fits the best. Personal care products and printing inks are key areas for isopropyl acetate. With escalating demand across the globe for personal care products, the growth potential of the isopropyl acetate market will be high in the long-term with the consumer base scattered across the globe.
Isopropyl acetate is widely used in cosmetics and personal care products such as aftershave lotions, bath products, eye and other makeup products, as well as nail, hair, and skin care products. Consumers are stimulating the growth graph for isopropyl acetate are looking for increased end-product diversification based on improvised chemical composition.
For More Insight- https://www.einpresswire.com/article/557048317/piezoelectric-electroceramics-demand-outlook-is-expected-to-remain-rlevated-topping-a-cagr-of-3-until-2031
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