Acetic Anhydride Market: Current Analysis and Forecast (2022-2028)
Emphasis on Application (Cigarette Filters, Coating Materials, Dyes, Flavors and Fragrance, Pesticides & Synthesizer, and Others); End-User (Pharmaceuticals, Textiles, Agrochemicals, Food & Beverages, and Others); and Region/Country
The global acetic anhydride market is expected to grow at a significant rate of around 6% during the forecast period. Acetic anhydride is an organic compound that is composed of carbons, hydrogens, and oxygens. Acetic anhydride is commonly used as a reagent in the synthesis of various organic compounds. It is also used as an ingredient in many pharmaceutical products that consumers use, like acetylsalicylic acid (aspirin), acetylcholine hydrochloride, sulfonamides, cortisone, acetanilide, theophylline, sulfa drugs, certain vitamins, hormones, and many other pharmaceuticals. Moreover, a major benefit of using acetic anhydride is its acetylation ability of cellulose properties which is needed to produce acetate fibers, plastics, coatings, and films. It is especially valuable for the direct esterification of alcohol where acetic acid cannot be used. The growing demand for these products will propel the growth of the acetic anhydride market. For instance, according to the American Journal of Health-System Pharmacy, overall prescription drug spending rose by 4-6% in 2019 in the U.S.
BASF SE, Jiangsu Danhua Group Co. Ltd., Jubilant Life Sciences, SABIC, Celanese Corporation, Sasol Limited, Eastman Chemical Company, PetroChina Ltd., DuPont, and Merck KGaA are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst application, pesticides & synthesizer category to witness robust CAGR during the forecast period”
Based on application, the market is segmented into cigarette filters, coating materials, dyes, flavors and fragrance, pesticides & synthesizer, and others. The pesticides & synthesizer category is to witness the fastest growth during the forecast period owing to the extensive use of chemicals in large quantities for the production of cellulose acetate. Due to its increasing use in end-use industries like automotive and plastics, the demand for cellulose acetate is on the rise.
Acetic anhydride is also utilized in dyes, fragrances & flavors, and the textile industry. Also, acetic anhydride is predominantly used in artificial sweeteners, pharmaceuticals, resins, polymers, coatings, modified starches, and the pesticides market. These factors have positively anticipated propelling the growth of the global acetic anhydride market.
“Amongst end-user, the pharmaceuticals to hold a significant share in the market in 2020”
On the basis of end-user, the market is categorized into pharmaceuticals, textiles, agrochemicals, food & beverages, and others. Among these, pharmaceuticals to hold a significant share of the market in 2020. This is mainly due to its extensively used in the production of numerous drugs such as aspirin and paracetamol. As these drugs are some of the most popular drugs, the growing health issues such as aches, vomiting, fever, etc. are increasing their use, which energizes the growth of the acetic anhydride industry. For Instance, according to the National Institute of Health, in 2022, the government of the US spent USD 689 million in 2020 and USD 725 million in 2021 for research on chronic pain. Since, paracetamol is largely used as a pain killer, increasing research on chronic pain is expected to boost the growth of the market.
“APAC to hold a significant share in the market”
For a better understanding of the market adoption of the acetic anhydride market, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the rising demand for acetic anhydride as a raw material in the region augmenting the market growth. Additionally, India and China’s expanding textile, agrochemical, and food and beverage industries are expected to significantly expand the region’s market during the forecast period. It is anticipated that the demand for acetic anhydride will rise as a result of the improved pharmaceutical industry and increased demand for medicines in developing nations. For instance, as per the India Brand Equity Foundation (IBEF), the Indian pharmaceutical sector supplies over 50% of the global demand for various vaccines, 40% of the generic demand in the US, and 25% of all medicine in the UK. The domestic pharmaceutical industry includes a network of 3,000 drug companies and ~10,500 manufacturing units. In addition, there are a lot of people with diabetes, cardiovascular disease, and other conditions that are caused by the aging population.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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Table of Contents
Research Methodology for the Acetic Anhydride Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global acetic anhydride market were the three major steps undertaken to create and analyze the adoption of the acetic anhydride market in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global acetic anhydride market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the acetic anhydride market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the acetic anhydride market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as application and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Acetic Anhydride Market. Further, we conducted factor analysis using dependent and independent variables such as various application and end-user of the acetic anhydride market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the acetic anhydride market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global acetic anhydride market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the acetic anhydride market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global acetic anhydride market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global acetic anhydride market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of acetic anhydride market in the global acetic anhydride market.
The main objective of the Global Acetic Anhydride Market Study
The current & future market trends of the global acetic anhydride market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the acetic anhydride market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of application and end-user.
- Define and analysis of the regulatory framework for the acetic anhydride market.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the acetic anhydride market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the acetic anhydride market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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