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Acetic Anhydride Market to Generate Revenue Worth $4,950.4 Million by 2030

Published Date:   June 2020

The rapid growth of the pharmaceuticals sector in the Asia-Pacific (APAC) region is creating a significant demand for acetic anhydride, particularly in the developing countries of the region. Acetic anhydride is vastly used as a synthesizer for the production of acetaminophen, aspirin, and several other drugs that provide relief from pain. With the increasing investments by drug manufacturers for the development of new applications of acetic anhydride, the consumption of the compound is projected to increase. Owing to such factors, the market for acetic anhydride is projected to demonstrate a CAGR of 2.3% during the forecast period, in order to reach $4,950.4 million by 2030, according to the research report published by P&S Intelligence

The coronavirus pandemic has created an adverse impact on the global acetic anhydride market, in the form of a significant rise in raw material prices. In addition, chemical manufacturing facilities across Europe, Asia, and North America shut down during the first quarter of 2020, on government mandates, which created a disruption in the supply chain of acetic anhydride, along with a demand–supply gap in the market.

Synthesizers to Remain Dominant Application of Acetic Anhydride

The acetic anhydride market is categorized into synthesizers, reagents, plasticizers, coating materials, and others, on the basis of application. Among these categories, the application of acetic anhydride as synthesizers is expected to rise the fastest during the forecast period. This can be attributed to the high-volume consumption of acetic anhydride as a synthesizer, for the production of cellulose acetate. With the rising demand for cellulose acetate from end-use industries, the consumption of acetic anhydride is projected to increase.

The acetic anhydride market has been classified into pharmaceuticals, agriculture, textiles, food & beverages, tobacco, plastics, and others, on the basis of end-use industry. The tobacco sector is expected to account for the largest share, on the basis of value, in the coming years. The growth of this category is attributed to the increase in the demand for cellulose acetate for the production of cigarette filters. During the manufacturing of cellulose acetate, acetic anhydride is required in high volumes. In order to cater to the market demand for cellulose acetate from end-use industries, the consumption of acetic anhydride is expected to rise.

Geographically, the acetic anhydride market in APAC is expected to witness the highest demand in the coming years, on account of the increasing consumption of this compound in the production of textile fibers, tobacco filters, plastic products, and food additives, along with several other uses. With the increasing investments in these end-use industries in the APAC region, the market for acetic anhydride holds a strong potential for growth.

Strategic Agreements Are Strongest Measure Adopted by Key Players

Key players involved in the acetic anhydride market are entering into strategic agreements and partnerships, in order to together enhance their market offerings and gain a bigger market share. For instance, in October 2019, Zhejiang Petroleum and Chemical Corporation (ZPCC) and BP p.l.c. signed a memorandum of understanding (MOU), which focuses on a joint venture for an acetic acid plant in eastern China, with a capacity of 1 million tons per annum (tpa).

Browse report overview with detailed TOC on "Acetic Anhydride Market Research Report: By Application (Synthesizers, Reagents, Plasticizers, Coating Materials), End-Use Industry (Pharmaceuticals, Agriculture, Textiles, Food & Beverages, Tobacco, Plastics) - Global Industry Analysis and Demand Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/acetic-anhydride-market

In addition, in April 2018, Southwest Research and Design Institute of Chemical Industry (SWRDICI), a subsidiary of ChemChina, and Celanese Corporation entered into an agreement to together engage in research and development (R&D) for the acetyls technology, along with focus on enhancing the production of acetic acid, along with other acetyls.

Some of the key players operating in the global acetic anhydride market are Celanese Corporation, Eastman Chemical Company, Jiangsu Danhua Group Co. Ltd., Jubilant Life Sciences Ltd., Saudi International Petrochemical Company, Lonza Group Ltd., BP p.l.c, China National Petroleum Corporation, RLG Group, Daicel Corporation, Merck KGaA, Taj Pharmaceuticals Limited, Thermo Fisher Scientific Inc., and Vizag Chemical International.