Acetic Anhydride Market to Generate $4,950.4 Million Revenue by 2030
AceticAnhydrideMarketSegmentationAnalysis Till 2030, the synthesizers category, on the basis of application, would continue holding the largest share in the industry. This is attributed to the growing demand for cellulose acetate, which contains acetic anhydride as a synthesizer. Compared to acetic acid, acetic anhydride offers a higher yield and stronger reaction, which is why end users are preferring the latter, as a synthesizer, over the former. From painkillers, the use of cellulose acetate has expanded to fabrics and numerous other applications, which is driving the consumption of acetic anhydride, as a synthesizer for cellulose acetate. Request for sample pages of this report: anhydridehttps://www.psmarketresearch.com/market-analysis/acetic--market/report-sample
Presently, Asia-Pacific (APAC) is the largest contributor to the acetic anhydride market, as a result of the heavy usage of cellulose acetate for the production of textile fibers, cigarette tows (filters), and plastic products. With the rising demand for cellulose acetate, the consumption of acetic anhydride is rising as a synthesizer. In the coming years though, the fastest industry growth would be witnessed in the Middle East and African (MEA) region, where the demand for the compound is rising for the production of apparel, furniture upholstery, tobacco filters, and automotive upholstery and processing of frozen food products.
Market Players Expanding their Production Capacity to Edge Out Competitors
As per the projections published in the United Nations (UN)’s World Population Prospects 2017 report, compared to 962 million in 2017, the population of people in the age group of 60 and above will be 2.1 billion by 2050. With age, people suffer from immunological and physical weakness, which increases the risk of almost all types of diseases. This is one of the primary reasons which would drive the globalaceticanhydride market to $4,950.4 million by 2030, from $3,476.1 million in 2019, at a 2.3% CAGR between 2020 and 2030. This is because the increasing geriatric population is resulting in the growing demand for medical drugs. In common analgesic drugs, such as acetaminophen and aspirin, acetic anhydride is used as a synthesizer; thus, with the rising demand for pharmaceuticals, the consumption of the compound is also increasing.
The use of acetic anhydride is predicted to increase at the highest CAGR, of 2.5%, in the agricultural sector. This would be on account of the rising requirement for the compound in synthetic herbicides, along with its ability to prevent the growth of unwanted weeds. With the increasing awareness amongst farmers across developing nations, such as Brazil, India, and Indonesia, about the benefit of the compound in farming, its consumption is predicted to increase rapidly in this industry, in the coming years.
To gain an edge in the market, the key manufacturers of acetic anhydride and its raw materials are initiating an expansion in their production capacity, so they can supply higher volumes of the compound than before and augment their profits.
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AceticAnhydrideMarketSizeBreakdownbySegment By Application • Synthesizers • Reagents • Plasticizers • Coating Materials • Others (This category includes bleaching agents and disinfectants) By End Use Industry • Pharmaceuticals • Agriculture • Textiles • Food & Beverages • Tobacco • Plastics • Others (This category includes laundry & detergents) By Region • North America Acetic Anhydride Market o By application o By end use industry o By country – U.S. and Canada
a similar path, in January 2019, Lotte Corporation and BP p.l.c. announced plans to invest $175 million for raising the production capacity of the Ulsan, South Korea manufacturing plant, owned by their joint venture Lotte BP Chemical Company. With the completion of the plant, scheduled for 2020 end, the output of acetic acid would rise by 100,000 tons per annum (tpa), while the current 200,000 tpa production capacity of vinyl acetate monomer (VAM) would double. Effectively, the total production capacity of the expanded plant would reach 1 million tpa, by 2020 end.
For instance, in August 2019, Jubilant Life Sciences Ltd. revealed its intentions to raise its acetic anhydride output, with the capacity expansion project slated to complete by the second quarter of FY 2020. Once commissioned, the expanded facility is expected to add $42.6 million (INR 300 crore) to the company’s annual Treadingrevenue.
BP p.l.c., Celanese Corporation, China National Petroleum Corporation, Eastman Chemical Company, Jubilant Life Sciences Ltd., Saudi International Petrochemical Company, Daicel Corporation, Jiangsu Danhua Group Co. Ltd., RLG Group, and Taj Pharmaceuticals Limited are some of the most significant global acetic anhydride market players.
• Europe Acetic Anhydride Market o By application o By end use industry o By country Germany, U.K., France, Italy, Spain, Netherlands, and Rest of Europe • Asia Pacific Acetic Anhydride Market o By application o By end use industry o By country China, India, Japan, South Korea, and Rest of APAC • Latin America Acetic Anhydride Market o By application o By end use industry o By country Brazil, Mexico, and Rest of LATAM • Middle East and Africa Acetic Anhydride Market o By application o By end use industry o By country Saudi Arabia, South Africa, and Rest of MEA © P&S Intelligence. All rights reserved 3
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