Acetic Anhydride Market Analysis, Opportunities, Trends, Developments, and Forecast to 2030

The expansion of the pharmaceutical industry, especially in the developing nations of Asia-Pacific (APAC) such as India, Indonesia, Thailand, and China, owing to the surging investments being made in research and development (R&D) activities and the expansion of several large drug producing companies in the regional countries, is propelling the demand for acetic anhydride. Moreover, the healthcare sector is booming in this region, on account of the availability of affordable raw materials and labor and high government expenditure, which is also fueling the demand for acetic anhydride.

This is credited to the fact that the compound is extensively used as a synthesizer in acetaminophen, aspirin, and various other medicated drugs. Besides these factors, the mushrooming population of geriatric people is also positively impacting the worldwide sales of acetic anhydride. As per the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050.

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As geriatric people heavily consume aspirin and various other medicated drugs, their growing population is causing a sharp surge in the requirement for the compound. Moreover, older people need body pain killers and generic drugs, such as sulfa drugs, acetaminophen, cortisone, triacetin, and paracetamol, in which acetic anhydride is used heavily, for managing and treating various health conditions. Because of these factors, the revenue of the global acetic anhydride market is expected to surge from $3,476.1 million in 2019 to $4,950.4 million by 2030.

Furthermore, the market will demonstrate a CAGR of 2.3% from 2020 to 2030 (forecast period). Depending on application, the market is divided into reagents, coating materials, plasticizers, and synthesizers. Out of these, the synthesizers category is predicted to register the fastest growth in the market over the next few years. This is ascribed to the extensive usage of acetic anhydride as a synthesizer in the production of cellulose acetate, which is itself experiencing a massive rise in demand from various end-use industries.

When end-use industry is taken into consideration, the acetic anhydride market is categorized into agriculture, pharmaceuticals, textiles, tobacco, food & beverages, and plastics. Amongst these, the tobacco category is predicted to dominate the market in the years to come, owing to the burgeoning requirement for cellulose acetate in cigarette filter production, due to its ability to prevent the passage of excess tar and nicotine inside the body of the smoker.

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Globally, the acetic anhydride market will register huge expansion in the Asia-Pacific (APAC) region throughout the forecast period, as per the estimates of P&S Intelligence, a market research firm based in India. This is attributed to the growing use of the compound in the production of tobacco filters, textile fibers, food additives, and plastic products. Additionally, the expansion of these end-use industries, on account of the soaring investments being made by various organizations, is further boosting the demand for the compound in the region.

Thus, the demand for acetic anhydride will explode in the forthcoming years, primarily because of the growing usage of the compound in pharmaceuticals, which are themselves experiencing a sharp surge in demand, on account of the increasing prevalence of chronic diseases and mushrooming population of geriatric people all over the world.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.