Acetic Anhydride Market to Reach $673M by 2030 Fueled by Growing Demand for Cellulose Acetate – IndexBox
NEW YORK, Jan. 12, 2023 (GLOBE NEWSWIRE) — Here are some of the most interesting takeaways from a recent report by IndexBox on the global acetic anhydride market.
Acetic Anhydride Market Outlook
The global acetic anhydride market size was valued at USD 527 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 3.1% over the next eight years to USD 673 million by 2030.
Acetic anhydride is an organic compound with the formula CH3CO2O. It is the simplest isolable anhydride of carboxylic acid and is widely used as a reagent in organic synthesis. Acetic anhydride, like most acids, is a strong irritant.
Acetic anhydride is used as a raw material in the manufacture of cellulose acetate, which is used in the production of cigarette filters, photographic film, and synthetic fibers. It’s also used in the production of synthetic fabrics such as viscose rayon. Other applications include the manufacture of acetic acid esters for flavoring and fragrances and vinyl acetate monomer for adhesives and paints. It is also used as a reagent in many organic syntheses processes such as pharmaceuticals, dyes, resins, and more.
The following factors are contributing to the growth of the global acetic anhydride market:
• Increasing demand from end-use industries
• Rising disposable incomes
• Growing population
However, the following factors are restraining the growth of the global acetic anhydride market:
• Stringent environmental regulations
• High cost of raw materials
The global acetic anhydride market has been growing steadily over the last few years due to increased demand from industries such as food processing, construction, automotive, and personal care products.
Acetic Anhydride Market Trends
The demand for acetic anhydride is driven by the growing end-use industries such as cellulose acetate, vinyl acetate monomer (VAM), and acetate esters. Among these, the cellulose acetate application segment is projected to grow at the highest CAGR during the forecast period. This is attributed to the increasing use of cellulose acetate in cigarette filters, photographic film, and adhesive tapes. Additionally, VAM is used as a raw material in paints & coatings, adhesives & sealants, and construction applications.
PVC is also one of the largest consumers of acetic anhydride, and the demand for PVC is increasing due to its properties such as durability, flexibility, and resistance to chemicals. Moreover, Asia-Pacific is the largest market for PVC, and this is expected to drive the demand for acetic anhydride in the region.
The demand for cellulose acetate is expected to grow at a significant rate owing to its use in filters for cigarettes, airbags, and upholstery fabrics. Pharmaceuticals is another major application area where acetic anhydride is used as a raw material for manufacturing aspirin and paracetamol.
The Asia Pacific region is estimated to be the largest market for acetic anhydride and is projected to grow at the highest CAGR during the forecast period. The high growth in this region can be attributed to rapid industrialization and urbanization in countries such as China, India, and South Korea coupled with growing end-use industries in the region.
Acetic Anhydride Market Restrictions
Despite the growth of the global acetic anhydride market, there are several challenges that need to be addressed. Firstly, raw material costs have been on the rise in recent years, which has put pressure on margins. The raw materials used to produce acetic anhydride are typically acetic acid and anhydrous calcium chloride. The cost of these raw materials has a direct impact on the cost of acetic anhydride.
Acetic acid and anhydrous calcium are the major raw materials used in the production of acetic anhydride. The price of them has been on the rise in recent years, due to increased demand from China. This has led to higher costs for producers of acetic anhydride.
Secondly, concerns over environmental regulations and their potential impact on production costs remain a key concern for industry participants.
As the global acetic anhydride market continues to grow, so too do the restrictions placed on it. With more and more countries imposing stricter regulations on the use of this chemical, companies are finding it increasingly difficult to operate.
The most notable restrictions come from the European Union, which has placed a complete ban on the use of acetic anhydride in food production. This is due to the fact that acetic anhydride is considered a possible carcinogen. Other countries, such as China and India, have also placed strict limitations on its use.
With these restrictions in place, companies are being forced to look for alternative methods of production. This is likely to have a significant impact on the global acetic anhydride market over the coming years.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
Celanese Corporation (US), Eastman Chemical Company (US), Saudi Basic Industries Corporation (Saudi Arabia), LyondellBasell Industries Holdings BV (Netherlands)
Sources
World – Acetic Anhydride – Market Analysis, Forecast, Size, Trends and Insights
EU – Acetic Anhydride – Market Analysis, Forecast, Size, Trends and Insights
Asia – Acetic Anhydride – Market Analysis, Forecast, Size, Trends and Insights
U.S. – Acetic Anhydride – Market Analysis, Forecast, Size, Trends and Insights
CONTACT: Contact Information Mekhrona Dzhuraeva Editor [email protected]
