Triacetin market products, applications & regional Performance 2024
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Pharmaceutical and food sector are the major drivers to the global triacetin market. The United States Food and Drug Administration (FDA) has permitted the use of triacetin in the food industry as food additive. Flavoring several food products is done as the product’s property is that it acts like a solvent. It also acts as an excipient in medicinal products, where it is used as a plasticizer and humectant.
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Triacetin is produced in a batch-wise contained reaction of glycerol, acetic anhydride and acetic acid. The demand for the product is likely to be affected due to the raw material price variation / unstable costs. These raw materials include Ethly Acetate, Glycerol, Amyl Acetate, Acetic Acid Glacial and Dehydrolyzing Agent.
In the Middle East and Latin America, market dynamics are fortunate and favorable for triacetin’s market growth. Europe and North America have numerous large scale food and pharmaceutical manufacturers. Demand for capsules and tablets has been significantly increasing around the globe since the last few decades. This is likely to drive the usage of the product in a positive way during the forecast period. These factors mentioned are expected to affect the universal triacetin market positively. Thus, the progressively developing economies of Europe and North America are also projected to deliver stimulus to the global triacetin market.
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Asia Pacific is a probable growing area for triacetin market in the coming few years. Brazil, India and China are the developing countries with rising population, disposable income and purchasing power which will increase the use of Triacetin. To increase the triacetin market share, producers and manufacturers focus on the developing economies rather than the developed ones. The manufacturing of triacetin is largely spread in the countries such as Germany, Japan, China and the United States.
The triacetin market has turned out to be very competitive internationally. Some of the significant companies that are functioning in this market globally are mainly Eastman Chemical Company, Croda International Plc, Daicel Corporation, BASF SE, Lanxess, Jiangsu Lemon, Wuxi Kailai Biotechnology, Jiangsu Ruijia Chemistry, Yixing Kaixin Chemical, Jiangsu Licheng Chemica and others. Though there are large companies operating in the market of triacetin, their product offerings are different and vary from others. Some companies such as Daicel sell their products under fragrance and flavors applications while other companies such as BASE SE sell under brand name. There are numerous small players as well, operating in the triacetin market of Asia Pacific.
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