The new report by Expert Market Research titled, ‘Global Acetic Anhydride Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global acetic anhydride market, assessing the market based on its segments like application and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 3.05 billion
- Forecast CAGR (2023-2028): 4.9%
- Forecast Market Size (2028): USD 4.06 billion
The healthcare sector in developing countries in the Asia Pacific region, such as China, India, Thailand, and Indonesia, has seen a rapid expansion in recent years, owing to increased research and development (R&D) investments and the geographical expansion of major medical drugs manufacturers in the region. This is due to the medical sector’s high growth potential in these countries, as well as the availability of low-cost labour and raw materials.
As a result of the compound’s requirement as a synthesiser in aspirin, acetaminophen, and a variety of other medicated medications, there is a large demand for it. Over the forecast period, the consumption of the compound is expected to rise because of the increasing number of drug manufacturing plants, thus, providing a boost to the global acetic anhydride market.
Acetic Anhydride Industry Definition and Major Segments
The chemical compound having the formula (CH3CO)2O is acetic anhydride, also known as ethanoic anhydride. It is often abbreviated Ac2O. It is a colourless liquid with a heavy acetic acid odour, which is created when it reacts with moisture in the air.
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Based on application, the industry can be divided into:
- Cellulose Acetate Flakes
- Pharmaceuticals
- TAED
- Others
Regionally, the market is segmented into:
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East and Africa
Acetic Anhydride Market Trends
Recently, some key industrial developments have shown the potential to drive the growth of the market over the forecast period. For instance, BP p.l.c. and China’s Zhejiang Petroleum and Chemical Corporation (ZPCC) signed a memorandum of understanding (MOU) in October 2019 to explore the formation of a new equally owned joint venture to develop and operate a one million tonne-per-annum (tpa) acetic acid plant in eastern China. To manufacture acetic acid, the proposed facility in Zhoushan, Zhejiang Province, will use BP’s CATIVA XL technology.
Key Market Players
The major players in the market are Celanese Corporation, BP Chemicals, Eastman Chemical Company, Jubilant Life Sciences Ltd., Daicel Corporation, PetroChina Company Limited, Saudi International Petrochemical Company (Sipchem), and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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