The global acetyls market is projected to generate $43,337.36 million revenue by 2030, advancing at a CAGR of 5.58% during 2021–2030. This can be ascribed to the increasing usage of acetyls in various industrial applications, such as oil & gas, pharmaceuticals, construction, and furniture; growing pharmaceutical industry, due to the high R&D expenditure; burgeoning population, enhancing lifestyles, and rising disposable income.
Based on product type, the market is categorized into acetic acid, vinyl acetate monomer, ethyl acetate, acetic anhydride, formaldehyde, and others. Among these, acetic acid accounted for the largest revenue share, and it is further expected to continue its dominance during the forecast period. This can be attributed to the rising capital expenditure for enhancing the production of this chemical and establishing new facilities. Additionally, it is widely used in the manufacturing of plastics and a variety of chemicals used in the construction, textile, rubber, and coatings industries.
Furthermore, ethyl acetate held a significant revenue share in 2021. This was due to the increasing usage of synthetic solvents for flavoring food products, growing purchase of consumer goods, including adhesives, nail polish removers, and printing inks; and surging rate of infrastructure development across the globe.
Based on application, the market can be divided into food & beverages, pharmaceutical, oil & gas, paints, inks, waxes, & coatings; furniture, and others, among which the food & beverages division held a significant market share in 2021. This can be ascribed to the high demand for processed food and beverages owing to the rising population and the increasing demand for plastics due to the rising consumption of food packaging. Additionally, such chemicals are used to extend the shelf life of food products, which propels the market expansion.
Geographically, APAC accounted for the largest revenue share in 2021, and it is further expected to dominate the market during the forecast period. This can be ascribed to the rising demand for acetyls from the regional paints & coatings industry, increasing adhesive usage in the furniture and construction sectors, and growing packaging and textile industries.
Europe will witness significant growth in the market during 2021–2030 due to the booming chemical industry, developing healthcare sector, rising geriatric population, and surging processed food & beverage consumption.
Furthermore, North America accounted for a significant revenue share in 2021, attributed to the rising demand for acetyls from the oil & gas industry, high investment by governments and various industry giants to increase the production capacity of these chemicals, and growing food & beverages and pharmaceutical industries.
Some of the major players in the acetyls market are Eastman Chemical Company, The Dow Chemical Company, Jubilant Ingrevia Limited, LyondellBasell Industries Holdings B.V., HELM AG, Wacker Chemie AG, Celanese Corporation, and Daicel Corporation.