Wilmington, Delaware, United States, Transparency Market Research, Inc., Aug. 12, 2024 (GLOBE NEWSWIRE) -- The global acetic anhydride market (아세트산 무수물 시장) stood at US$ 2.4 billion in 2023, and the global market is projected to reach US$ 3.8 billion in 2034. The global acetic anhydride market is anticipated to expand at a CAGR of 4.3% between 2024 and 2034.
One of the primary drivers of the acetic anhydride market is the expansion of the pharmaceutical sector. The continuous demand for a wide range of medicines enhances the need for acetic anhydride, fostering market growth.
Additionally, the rise in demand for specialty chemicals further propels the market. Acetic anhydride is essential in producing various chemical intermediates and specialty chemicals, which are integral to multiple industrial processes, thereby increasing its market demand.
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Despite the positive growth trajectory, the acetic anhydride market faces certain restraints. Environmental and regulatory concerns regarding the production and use of acetic anhydride pose significant challenges.
The chemical's production involves processes that can lead to environmental pollution, and stringent regulations on emissions and waste management can increase production costs and limit market growth. The volatility of raw material prices, such as acetic acid, can impact the cost structure and profitability of acetic anhydride production, posing a constraint to market expansion.
The acetic anhydride market holds promising opportunities, particularly in the development of sustainable and environmentally friendly production methods. Innovations in green chemistry and the use of renewable feedstocks can mitigate environmental impacts and align with regulatory standards, offering a competitive edge to market players.
The rise in application of acetic anhydride in emerging industries, such as the production of advanced materials and bio-based chemicals, provides new growth avenues.
However, the market also faces threats from substitute chemicals that can perform similar functions. For instance, certain acetylation reactions in pharmaceuticals and specialty chemicals can be achieved using other reagents, which may limit the demand for acetic anhydride. Additionally, geopolitical tensions and trade barriers can disrupt the supply chain, affecting the availability of raw materials and impacting market stability.
Key Takeaways of Market Report
- Global acetic anhydride market to generate absolute dollar opportunity worth US$ 3.8 billion until 2034.
- Global acetic anhydride market is valued at US$ 2.4 billion in 2023.
- Asia Pacific is forecasted to hold the largest market share.
Global Acetic Anhydride Market: Growth Drivers
- The increasing demand for specialty chemicals is significantly driving market progress. Acetic anhydride, crucial in producing various chemical intermediates and specialty chemicals, is seeing heightened demand across industries.
- Such a rise is fueled by its extensive applications in pharmaceuticals, agrochemicals, and advanced materials, bolstering the overall market growth and expanding its industrial utility.
- The burgeoning pharmaceutical sector is fueling the development of the acetic anhydride market. With acetic anhydride being a key component in the synthesis of pharmaceutical intermediates and active ingredients, its demand is on the rise.
- The continuous need for a wide range of medicines, including APIs and pharmaceutical compounds like aspirin, drives the production of acetic anhydride, thereby propelling market growth and development in the pharmaceutical industry.
Global Acetic Anhydride Market: Regional Landscape
- In Asia Pacific, the acetic anhydride market is poised for significant growth due to the region's thriving pharmaceutical and chemical industries. Countries like China and India, with their robust manufacturing capabilities and large consumer base, are driving market expansion. Additionally, increasing investments in infrastructure and rapid industrialization contribute to market growth.
- Europe's acetic anhydride market is characterized by stringent environmental regulations and a mature pharmaceutical sector. While the demand for pharmaceuticals and specialty chemicals drives market growth, sustainability initiatives and green chemistry practices are gaining prominence. The region's focus on reducing carbon emissions and promoting eco-friendly manufacturing processes influences market dynamics.
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Global Acetic Anhydride Market: Key Players
- Jubilant Ingrevia Ltd.
- Luna Chemical Industries Pvt. Ltd.
- Daicel Corporation
- PetroChina Company Limited
- Celanese Corporation
- DuPont
- Eastman Chemical Company
- INEOS
Global Acetic Anhydride Market: Key Developments
- In 2023, Daicel Corporation announced the successful development of a novel catalytic process for the production of acetic anhydride. This innovative process offers improved efficiency, reduced energy consumption, and enhanced environmental performance compared to traditional methods, positioning Daicel as a leader in sustainable acetic anhydride production.
- In 2023, PetroChina Company Limited introduced a new state-of-the-art acetic anhydride manufacturing facility. This facility utilizes advanced technologies and optimized processes to increase production capacity and improve product quality, catering to the growing demand for acetic anhydride in various industries, particularly in the rapidly expanding Asian market.
Global Acetic Anhydride Market: Segmentation
By Application
- Cellulose Acetate
- Coating Materials
- Plasticizers
- Dyes & Pigments
- Medicine Manufacturing
- Agrochemicals
- Flavors & Fragrances
- Others
By End Use
- Chemicals
- Pharmaceuticals
- Paints & Inks
- Textiles
- Agriculture
- Food & Beverage
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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