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The acetic anhydride market stood at $3,476.1 million in 2019, and the market size is expected to demonstrate a CAGR of 2.3% during the forecast period (2020–2030). Some of the key growth factors for the acetic anhydride industry include the rapid expansion of the pharmaceutical sector in the Asia-Pacific (APAC) region and rise in the number of geriatric patients.
The global market is likely to be negatively impacted due to the coronavirus pandemic, showcasing a significant rise in the price of acetic acid, which is a key raw material for the production of the compound. The market has witnessed supply chain disruptions due to the shutdown of Chinese factories and increasing interest of manufacturers in sourcing raw materials from countries other than China. Such factors are creating a turmoil in the supply chain of the chemical compound.
The synthesizers category accounted for the largest size in the acetic anhydride industry in 2019, based on application. This is majorly attributed to the high-volume consumption of the chemicals for the production of cellulose acetate. The demand for cellulose acetate is witnessing a surge, on account of the increase in its usage in end-use industries including automotive and plastics. In order to meet the ever-increasing cellulose acetate demand from these sectors, the consumption of the chemical compound, as a synthesizer for cellulose acetate, is projected to increase, thereby promoting the growth of the acetic anhydride market.
The tobacco category is expected to account for the largest market size in 2030, on the basis of end-use industry, on account of generating the highest demand. Cigarette filters are made from cellulose acetate, which helps in the prevention of the passage of excess nicotine and tar inside the consumer. In order to meet the rising demand for cellulose acetate, for cigarette production at a global level, the consumption of the compound has increased. In addition, with the increasing cigarette consumption worldwide, the acetic anhydride market is projected to grow during the forecast period.
The APAC region held the largest share in the acetic anhydride market in 2019, and the trend is likely to continue during the forecast period. This can majorly be attributed to the high-volume production of cellulose acetate, which requires the compound as a synthesizer. Cellulose acetate witnesses a high demand, owing to its usage in the manufacturing of cigarette tows, plastic products, and textile fibers.
Moreover, the pharmaceutical sector in the region is expected to showcase fast-paced growth, on account of the increasing investments, which, in turn, are augmenting the industrial demand for the chemical compound, as a synthesizer for medicated drugs, such as aspirin.
With the growth of the end-use industries in the developing countries of the region, including China, India, and several Southeast Asian countries, the consumption of the compound is projected to increase in the coming years, thereby propelling the acetic anhydride market in the region.
The consumption of the chemical has increased significantly in Middle Eastern countries, majorly on account of the high demand for it in several industrial applications. These include the usage of the compound as a food additive, along with its requirement as a synthesizer for cellulose acetate, for the production of cigarette filters. In addition, the market demand is expected to increase from the textiles industry, owing to the usage of the chemical in automotive upholstery, as well as home-furniture upholstery.
Moreover, the acetic anhydride market in the region is expected to grow on account of the increasing investments in the chemical manufacturing sector of Saudi Arabia, owing to the high growth potential of the chemical sector in the country.
In the recent past, the healthcare sector in the developing countries of the APAC region, including China, India, Thailand, and Indonesia, has witnessed a rapid surge, on account of the increasing research and development (R&D) investments, along with the geographical expansion of large medical drug manufacturers in the APAC region. This is attributable to the high growth potential of the medical sector in these markets, along with the availability of low-cost labor and raw materials.
This, in turn, is creating a significant demand for the compound, owing to the requirement for the compound as a synthesizer in aspirin, acetaminophen, and several other medicated drugs. With the increasing number of drug manufacturing plants in the region, the consumption of the compound is projected to increase, thereby providing a boost to the global acetic anhydride market.
The chemical compound is vastly used in the production of medicated drugs, owing to its requirement as a synthesizer in such consumables. In the recent past, the number of geriatric patients has witnessed a rapid surge, owing to which the consumption of aspirin and other medicated drugs is witnessing. In addition, the rise in ageing population, is further propelling the consumption of body pain killers, due to which the consumption of the compound is witnessing a rise. In order to meet the demand for generic drugs, such as paracetamol, sulfa drugs, cortisone, acetaminophen, triacetin, and aspirin, the consumption of the chemical compound is projected to increase, thereby promoting the growth of the global acetic anhydride market.
|Base Year (2019) Market Size||$3,476.1 million|
|Forecast Period (2020-2030) CAGR||2.3%|
|Report Coverage||Market Dynamics, Pricing Analysis, End-Use Industry Purchase Patterns, Procurement Cost In India, Analysis on Conversion Yield From Acetic Acid to Acetic Anhydride, Alternative Sources of Acetic Acid for India, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Company Share Analysis, Regulatory Policy Analysis, Companies’ Strategic Developments, Competitive Benchmarking, Company Profiling|
|Market Size by Segments||Application, End-Use Industry, Geography|
|Market Size of Geographies||U.S., Canada, Germany, U.K., France, Italy, Spain, Netherlands, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, South Africa|
|Market Players||Eastman Chemical Company, Celanese Corporation, Jubilant Life Sciences Ltd., Jiangsu Danhua Group Co. Ltd., Saudi International Petrochemical Company, BP p.l.c, China National Petroleum Corporation, Taj Pharmaceuticals Limited, RLG Group, Daicel Corporation, Lonza Group Ltd., Merck KGaA, Thermo Fisher Scientific Inc., Vizag Chemical International, Tokyo Chemical Industry Co. Ltd., Honeywell International Inc.|
|Secondary Sources and References (Partial List)||American Cancer Society, China Chemical & Fiber Economic Information Network, Code of Federal Regulations, Defense Technical Information Center, Europe PubMed Central, European Federation of Pharmaceutical Industries and Associations, Indian Chemical Council|
The acetic anhydride market is consolidated in nature, with the presence of numerous major players, such as Eastman Chemical Company, Celanese Corporation, Jubilant Life Sciences Ltd., Jiangsu Danhua Group Co. Ltd., and Saudi International Petrochemical Company.
In recent years, the players have entered into agreements, in order to capture a larger share of the industry, collectively. For instance:
The acetic anhydride market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Application
Based on End-Use Industry