New York, NY -- (SBWIRE) -- 08/13/2020 -- As per a report by P&S Intelligence, the global acetic anhydride market is expected to attain a revenue of $4,950.4 million by 2030, ad is predicted to progress at a 2.3% CAGR during the time period 2020–2030. The market is being driven by the swift expansion of the pharmaceutical industry in Asia-Pacific (APAC) and rising investments by drug manufacturers for developing new application of acetic anhydride. The compound is increasingly utilized as a synthesizer for producing aspirin and acetaminophen.
On the basis of application, the acetic anhydride market is divided into reagents, synthesizers, coating materials, plasticizers, and others. Out of these, the synthesizers division is predicted to advance at the fastest CAGR in the years to come, which can be ascribed to the large consumption of acetic anhydride as a synthesizer for producing cellulose acetate. As the demand for cellulose acetate from end-use industries is rising, the demand for acetic anhydride is increasing as well.
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When geography is considered, the APAC region is predicted to dominate the acetic anhydride market in the near future, because of the surging consumption of this compound for the production of tobacco filters, textile fibers, food additives, plastic products, and several other products. Since the investments in the domain is increasing by these end user industries, the demand for acetic anhydride in APAC is predicted to be high.
In terms of end-use industry, the acetic anhydride market is categorized into plastics, tobacco, food & beverages, pharmaceuticals, textiles, agriculture, and others. Out of these, the tobacco industry is predicted to account for the largest share of the market in the near future, which is because of the increasing requirement for cellulose acetate in the production of cigarette filters. Acetic anhydride is utilized in the manufacturing of cellulose acetate, which is why its demand is rising.
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The companies operating in the domain are engaging in strategic partnerships and agreements for enhancing their market offerings and for expanding their share in the market. For example, BP p.l.c. and Zhejiang Petroleum and Chemical Corporation (ZPCC) signed a memorandum of understanding in October 2019. The memorandum aims on a joint venture for a plant of acetic acid in Eastern China, with capacity of 1 million tons pa.
Some other major companies operating in the acetic anhydride market include Eastman Chemical Company, Celanese Corporation, Jiangsu Danhua Group Co. Ltd., Saudi International Petrochemical Company, Jubilant Life Sciences Ltd., Lonza Group Ltd., China National Petroleum Corporation, BP p.l.c, RLG Group, Merck KGaA, Daicel Corporation, Thermo Fisher Scientific Inc., Taj Pharmaceuticals Limited, and Vizag Chemical International.