Acetic Anhydride Market is valued at USD 6.65 Billion in 2021 and expected to reach USD 10.24 Billion by 2028 with a CAGR of 6.37% over the forecast period.
Global Acetic Anhydride Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing demand for acetic anhydride in the pharmaceutical sector, rising demand for cellulose acetate in the packaging industry, and growing demand for resins in paints and coatings across various end-use industries are some of the major factors driving the growth of the Global Acetic Anhydride Market.
Acetic anhydride is a chemical compound. It is the simplest detachable anhydride of carboxylic acid and is widely used as a reagent in organic synthesis. It is a colorless liquid that smells strongly of acetic acid, which is formed by its reaction to moisture in the air. Acetic anhydride is mainly used in cellulose acetates. Cellulose acetate derivatives include cellulose acetate propionate (CAP), cellulose diacetate and cellulose tri-acetate, acetaminophen, and cellulose acetate butyrate (CAB). Cellulose acetate flakes are used to make cigarette filters, plastic, and filament yarns. Acetic anhydride finds application in a variety of applications such as agrochemicals, aromatics, soft drinks, and pharmaceutical others.
The Covid-19 pandemic has shown a negative impact on the growth of the global acetic anhydride market. The Covid-19 has had a serious impact on the paint and coating industry. The paint and coating industry has seen an unprecedented decline in demand during pandemic. However, heightening production of drugs and the ensuing development of the pharmaceutical sector, driven by the Covid-19 related deals, may help the acidic anhydride industry recuperation in the upcoming years.
The global acetic anhydride market is segmented based on the product, end-user, and region & country level. Based on product, the global acetic anhydride market is segmented into plasticizers, coating material, synthesizers, explosives, and others. By end-user, the global acetic anhydride market is segmented into textile, tobacco, laundry & cleaning, pharmaceutical, agrochemical, and others.
The regions covered in the global acetic anhydride market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global acetic anhydride is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some major key players for the global acetic anhydride market report cover prominent players like Saudi International Petrochemical Company, Celanese Corporation, Daicel Corporation, Sahara International Petrochemical Company, Jubilant Life Sciences Ltd., Eastman Chemical Company, PetroChina Company Limited, and others.
|2018 - 2021
|2022 - 2028
|Market Size in 2021:
|USD 6.65 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 10.24 Billion
|Tables, Charts & Figures:
|Acetic Anhydride Companies
|Saudi International Petrochemical Company, Celanese Corporation, Daicel Corporation, Sahara International Petrochemical Company, Jubilant Life Sciences Ltd., Eastman Chemical Company, PetroChina Company Limited, and others.
|By Product, By End-User
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
Selenium Expanded Its Exclusive Acetyls R&D Technology Agreement with Swrdici
On April 30th, 2018; Selenium Corporation entered into an agreement with Southwest Research and Design Institute of Chemical Industry (SWRDICI), a subsidiary of ChemChina, one of the world's largest chemical companies, to enhance their joint research and development in acetyl technology. The agreement requires the exclusive cooperation between SWRDICI and Celanese to jointly develop technological advances in the production of acetic acid and other acetyls products.
Increasing Demand for Acetic Anhydride in the Pharmaceutical Sector, Rising Demand for Cellulose Acetate in the Packaging Industry, and Growing Demand for Resins in Paints and Coatings Across Various End-Use Industries are Some of the Major Factors Driving the Market Growth
One of the major factors driving the growth of the global acetic anhydride market is the increasing demand for acetic anhydride in the pharmaceutical sector. Since these drugs are some of the most popular drugs, their use is increasing due to the increase in health-related problems like pain, vomiting, and fever. It is widely used in the manufacture of various drugs such as paracetamol and aspirin. Additionally, it is also deployed as a raw material in the manufacture of drugs such as cortisone, acetaminophen, theophylline, and others. The growing demand for hormonal drugs for the treatment of various chronic diseases such as cancer as well as for the treatment of hormonal disorders such as allergic rhinitis, prostate disorder hypothyroidism, and infertility is further boosting the market growth. For instance; according to World Health Organization's international agency for research on cancer; on November 17th, 2020; Digital Atlas launched for visual examination of the uterus with acetic acid for screening, triage, and evaluation for treatment.
In addition, the rising demand for cellulose acetate in the packaging industry is also supplementing the growth of the acetic anhydride market. The broad utilization of cellulose acetate, a subsidiary of acidic anhydride, in the flourishing packaging industry is empowering the market development. The biodegradable properties of cellulose acetate are expanding its utilization as a substitute for petroleum-based items in the packaging business, which is fundamentally adding to the market development. Also, the rising number of regulations and standards for packaging in the food and drink industry to forestall food contamination and guarantee ideal quality are surging the pattern of antimicrobial packaging to avoid microbial development. This is subsequently heightening the demand for cellulose acetate to form a rigid film inferable from its adaptable and stable properties, thusly augumenting the development of the acidic anhydride industry.
Moreover, the growing demand for resins in paints and coatings across various end-user industries such as automotive, aerospace, construction, marine, industrial, and more is also fostering the market growth. The demand for paint and coating resins like saturated polyester, acrylic acid, vinyl acetate, and more has increased in these end-use industries because of the various benefits it provides, such as improved longevity, strength, dirt resistance, abrasion resistance features, and more. The rapid growth of the automotive and aerospace industries has increased the demand for resins in paints and coatings; this drives the growth of the market. Furthermore, the booming architecture industry is also expected to run a large number of resins in the paints and coatings industry in the forecast period.
However, the high cost associated with acetic anhydride may hinder the growth of the global acetic anhydride market. Despite that, increasing demand for acetic anhydride in the pharmaceutical sector may create more opportunities for the further growth of the market.
North America Holds a Major Share in the Global Acetic Anhydride Market
Geographically, North America is expected to capture a major share in the global acetic anhydride market within the forecast period due to the increasing demand for cellulose acetate, rising demand from the pharmaceutical industry and strict environmental regulations in this region. Increasing demand for cellulose acetate is driving the growth of the market. Cellulose acetate is one of the most important cellulose derivatives and is commercially produced using the acetic acid process, which uses acetic anhydride and concentrated acetic acid over stoichiometrically to obtain cellulose triacetate. Therefore, increasing demand for cellulose acetate has expected to drive the market in North America region. In addition, the rising demand from the pharmaceutical industry is also boosting the market growth. Acetic anhydride is an important raw material for the production of drugs, such as acetylsalicylic acid (aspirin), specific vitamins and hormones, acetyl-P-aminophenol, cortisone, acetylcholine, theophylline, and paracetamol. This has led to an increase in demand for drugs such as aspirin and paracetamol. The increasing use of these generic drugs has resulted in significant gains in the acetic anhydride market. Moreover, strict environmental regulations are boosting the growth of the market.
The Asia Pacific is the fastest-growing region in the global acetic anhydride market due to an increasing number of health issues, and growing demand from various end-user industries in this region. For example, in October 2019, BP p.l.c. and China's Zhejiang Petroleum and Chemical Corporation (ZPCC) marked a notice of grasping (MOU) to investigate the production of a new similarly claimed joint endeavor, to construct and work a 1,000,000 ton-per-annum (tpa) acidic corrosive plant in eastern China. The proposed office in Zhoushan, Zhejiang Province would send BP's CATIVA XL innovation to create acidic corrosive. It is additionally utilized for the development of acid terephthalic acid (PTA).
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