Global Hexyl Acetate Market | Latest Trends and Forecast Analysis up to 2024
Hexyl acetate, an organic ester compound, belongs to the class of chemical quantities known as carboxylic acid esters. It is a colorless sweet-smelling liquid. Hexyl acetate is primarily used as a solvent for polymers, fats, resins, and oils. It is also employed as a fragrance and flavoring agent in foodstuffs and alcoholic drinks because of its fruity fragrance. It is naturally present in fruits such as plums and apples. Hexyl acetate is employed extensively in food & beverages and cosmetics industries. Food companies add natural and artificial flavors to process foods. Demand for food flavoring agents and flavor enhancer products is high. Hexyl acetate is a natural flavoring agent; therefore, it is considered safe for human consumption and does not pose a threat to the environment.
Changes in lifestyle, due to urbanization, have increased awareness about health besides boosting consumer aspirations for exquisite taste in food and beverages. This is the primary driver of the hexyl acetate market. The market is also expected to benefit from high demand for natural additives in the cosmetic industry. Apart from food & beverages applications, flavors are also used in cosmetics and pharmaceutical industries. The high demand for scents and perfumes and rise in consumer preference for ready-to-eat meals are also anticipated to drive the hexyl acetate market in the near future. Increase in trend of consumption of fast food among the youth and rise in awareness about health are estimated to propel the demand for natural flavoring agents. This, in turn, is projected to drive the hexyl acetate market.
Based on product synthesis process, the hexyl acetate market can be bifurcated into lipase catalyzed ester synthesis and catalyzed reactive distillation synthesis. The former is the dominant of the two and is generally used by manufacturers for industrial production of hexyl acetate. Catalyzed reactive distillation synthesis is uneconomical and time consuming; hence, it is not used by manufacturers for industrial production. The lipase catalyzed ester synthesis segment is expected to continue to dominate the production process during the forecast period.
In terms of end-use industry, the hexyl acetate market can be segmented into food & beverages, cosmetics, and pharmaceutical industries. The food & beverages segment held the significant share of the hexyl acetate market in 2015. This trend is anticipated to continue during the forecast period. This is due to the extensive application of hexyl acetate in foodstuffs; and beverages such as beer, wine, and other alcoholic beverages. Increase in demand for alcoholic beverages around the globe is the primary factor boosting the food & beverages segment. The food & beverages segment is projected to expand at a rapid pace during the forecast period. Cosmetics and pharmaceutical follow the food & beverages segment in terms of market share of the hexyl acetate market. These end-use industries are likely to expand at a steady pace during the forecast period.
In terms of region, the hexyl acetate market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the hexyl acetate market in 2015 due to the high demand for processed food and alcoholic beverages in the region. This trend is expected to continue during the forecast period. The market in North America was followed by that in Europe and Asia Pacific, respectively, in 2015. The market in Asia Pacific is projected to expand rapidly in the near future. Growth in the market in the region is anticipated to be sustained by healthy economic growth, changing lifestyle, and large base of young affluent population in the region. The hexyl acetate market in Middle East & Africa and Latin America is also estimated to expand at a steady pace during the forecast period due to changing lifestyle of consumers and expansion in economies.
Key players operating in the hexyl acetate market includes Advanced Biotech Inc., Alfrebro LLC, Apiscent Labs LLC, Augustus Oils Ltd, Beijing Lys Chemicals Co, LTD., Bontoux S.A, Elan Inc., Frutarom Ltd, and Lluch Essence S.L.