New York, May 17, 2023 (GLOBE NEWSWIRE) -- Global Ethyl 3 Ethoxypropionate Market is expected to witness significant growth at a remarkable CAGR of 6.7% during the forecast period of 2023-2030. The growth is attributed to the increasing demand for ethyl 3 ethoxypropionate as an initiator for PVC (Polyvinyl Chloride) which is widely used in various end-use industries such as automotive, building and construction, transportation, and others.
According to a recent report by Consegic Business Intelligence, the ethyl 3 ethoxypropionate market is poised for strong expansion and is expected to reach USD 4,184.65 Million by 2030. The market, which was valued at USD 2,508.86 Million in 2022, is predicted to grow at a compound annual growth rate of 6.7% during the period 2023-2030.
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Global Ethyl 3 Ethoxypropionate Market Size, Share & Trends Analysis, By Purity (Less than 99% and More than 99%), Application (Ink Cleaners, Cleaning Agents, General Industrial Coatings, Refinish Painted Film Additives, Initiator for PVC, Photoresist Coatings, Wood Coatings, Appliance Topcoats, Polymerization Solvents, and Others), End Use (Automotive, Paints & coatings, Packaging, Marine, and Others ), By Region, Forecast Period 2023 – 2030.
Consegic Business Intelligence Pvt. Ltd. provided an inclusive research report on the ethyl 3 ethoxypropionate market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. The report analyzes significant segments such as purity, application, and, region, to identify emerging trends and potential opportunities. By leveraging this information, market players have the opportunity to improve their competitive edge against other manufacturers by engaging in strategic collaborations, mergers, and acquisitions, and introducing innovative products to strengthen their market position.
Ethyl 3 ethoxypropionate is a slow-evaporating ether-ester that has a chemical formula C7H14O3. The molecular structure of the compound has a propionyl in the center of the group which offers the material a blend of qualities such as low surface tension, moderate order, and high electrical resistance. Ethyl 3 ethoxypropionate also known as EEP and has excellent solvent activity along with high blush resistance.
Additionally, the widespread use of ethyl 3 ethoxypropionate in the production of polymers is driving market growth. EEP is used as a solvent initiator in the production of polymers that are widely used by various end use industries such as automotive, packaging, and adhesives. Moreover, the use of EEP in the production of industrial coatings is also contributing to the growth of the market. For instance, Eastman Chemical Company offers EEP solvent that is broadly applied in architectural coatings, wood coatings, marine coatings, and others. Therefore, the abovementioned factors are driving the ethyl 3 ethoxypropionate market growth.
Furthermore, rising demand for sustainable and low-VOC products owing to the increasing awareness among consumers regarding the environment is expected to pose a significant opportunity to the market. Ethyl 3 ethoxypropionate is readily biodegradable, and non-HAP (Hazardous Air Pollutants) which is anticipated to urge manufacturers to use Ethyl 3 ethoxypropionate based coating in sectors including automobiles, architectural solvents, and furniture, as a result, boosting the growth of the market.
Global Ethyl 3 Ethoxypropionate: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 4,184.65 million |
| CAGR (2023-2030) | 6.7% |
| By Purity | Less than 99% and More than 99% |
| By Application | Ink Cleaners, Cleaning Agents, General Industrial Coatings, Refinish Painted Film Additives, Initiator for PVC, Photoresist Coatings, Wood Coatings, Appliance Topcoats, Polymerization Solvents, and Others |
| By End-use | Automotive, Paints & coatings, Packaging , Marine, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Merck KGaA, Eastman Chemical Company, TCI Chemicals Pvt. Ltd., SANKYO CHEMICAL CO.,LTD., Honeywell International Inc, The Dow Chemical Company, abcr GmbH, Thermo Fisher Scientific, VWR International, LLC., Jinan Qinmu Fine Chemical Co., Ltd. |
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Key Market Takeaways
- The global ethyl 3 ethoxypropionate market size is estimated to exceed USD 4184.65 million by 2030 with a CAGR of 6.7% during the forecast period (2023-2030).
- Based on purity, the less than 99% segment accounted for the highest share contribution to the ethyl 3 ethoxypropionate market statistics in 2022.
- On the basis of application, the general industrial coating segment is expected to contribute significant shares to the growth of ethyl 3 ethoxypropionate market statistics during the forecast period.
- By end use, the automotive segment is anticipated to contribute the largest shares to the market growth in 2022.
- Asia Pacific will create favorable circumstances for market growth in terms of value and volume due to the rising automotive industry in the region.
Global Ethyl 3 Ethoxypropionate Market Segmentation Details:
Based on Purity, in 2022, the less than 99% segment accounted for the highest market share of USD 76.29 million in the overall ethyl 3 ethoxypropionate market. The rising demand of high-purity solvent from various industries such as architecture, automotive, and wood industry that has high solvency power and excellent stability is boosting the market growth. In addition, the growing concern towards the environment also boosted the demand for more than 99% ethyl 3 ethoxypropionate in terms of purity as these compounds are considered to be non-hazardous air pollutants.
Based on application, the general industrial coatings segment is expected to register the fastest growing CAGR over the forecast period. The rising demand for coating solvents by numerous industries for decoration, as well as protection purposes, is anticipated to boost the demand for ethyl 3 ethoxypropionate. For instance, specialized coatings are deployed in industrial settings to protect different surfaces from oxidation, corrosion, and numerous other hazards. These protective coatings are important as the typical industrial workplace is surrounded by caustic material that is likely to cause damage. Therefore, the abovementioned factors contributed to the growth of the general industrial coatings segment.
Based on End Use, the paints & coatings segment accounted for the highest market share of the ethyl 3 ethoxypropionate market in 2022. EEP provides excellent solvent release from coating films and gives exceptional leveling and flow with a wide variety of coatings. For instance, as per the report published by Statista, the global paints and coatings industry is projected to be approximately USD 160 billion. Hence, the increasing consumption of industrial coatings in sectors such as electronic chemicals, wood industry, protective coatings, architectural coating, and others surged the demand for paints & coatings in the ethyl 3 ethoxypropionate market.
Based on Region, in 2022, North America is expected to register the fastest CAGR of 7.7% and is projected to reach USD 1,176.72 million by 2030 market growth due to the presence of the well-established automotive and construction industry. The region is also a hub to some of the world's largest chemical manufacturing companies located in countries such as the United States and Mexico that have a strong influence in the market. Additionally, stringent regulation regarding VOC emissions is also anticipated to drive market growth.
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Competitive Landscape
As per the research, Eastman Chemical Company, TCI Chemicals Pvt. Ltd., Honeywell International Inc, and The Dow Chemical Company are major market players that comprise the latest market circumstances. These companies are continuously leveraging new products that are eco-friendly, sustainable, and cost-effective as compared to traditional coatings. Further, the ethyl 3 ethoxypropionate market is expected to grow steadily due to rising demand from industrial coatings, especially in the Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend towards increasing adoption of ethyl 3 ethoxypropionate to ensure cost-effectiveness is also estimated to drive demand for ethyl 3 ethoxypropionate which is anticipated to increase the competition in the market.
Recent Developments
- In February 2023, Eastman Chemical Company acquired Ai-Red Technology Co., Ltd which is a manufacturer and supplier of paint protection and window film for architectural and automotive markets in Asia Pacific
- In August 2022, Merck KGaA acquired the chemical business of Mecaro Co. Ltd. The acquisition is part of the growth program of the electronic business owned by Mecaro Co. Ltd which is named Level Up and includes investment of approximately USD 32.87.
List of Major Global Ethyl 3 Ethoxypropionate Market:
- Merck KGaA
- Eastman Chemical Company
- TCI Chemicals Pvt. Ltd.
- SANKYO CHEMICAL CO.,LTD.
- Honeywell International Inc
- The Dow Chemical Company
- abcr GmbH
- Thermo Fisher Scientific
- VWR International, LLC.
- Jinan Qinmu Fine Chemical Co., Ltd.
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Global Ethyl 3 EthoxypropionateMarket Segmentation:
- By Purity
- Less than 99%
- More than 99%
- By Application
- Ink Cleaners
- Cleaning Agents
- General Industrial Coatings
- Refinish Painted Film Additives
- Initiator for PVC
- Photoresist Coatings
- Wood Coatings
- Appliance Topcoats
- Polymerization Solvents
- Others
- By End Use
- Automotive
- Paints & coatings
- Packaging
- Marine
- Others
Frequently Asked Questions in the Ethyl 3 Ethoxypropionate Market Report
- What was the market size of the ethyl 3 ethoxypropionate in 2022?
- In 2022, the market size of ethyl 3 ethoxypropionate was USD 2,508.86 million.
- What will be the potential market valuation for the Ethyl 3 Ethoxypropionate industry by 2030?
- In 2030, the market size of ethyl 3 ethoxypropionate is projected to reach USD 4,184.65 million.
- What are the key restraining factor of the ethyl 3 ethoxypropionate market?
- Presence of alternatives such as propylene glycol ether and diethylene glycol monobutyl could hinder the market growth.
- What are the market opportunities that may impact future development?
- Rising Applications of ethyl 3 ethoxypropionate in nonfood use pesticide products and growing concern regarding VOC emission on the environment is anticipated to boost the market growth over the forecast period.
- Based on current market trends and future predictions, which geographical region will have the fastest impact on the ethyl 3 ethoxypropionate market's growth in the coming years?
- Asia Pacific is expected to register the fastest-growing CAGR in the ethyl 3 ethoxypropionate market over the forecast period
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