Europe Will Grow the Fastest in the Acetyls Industry

The size of the acetyls market was $26,574. million in 2021, and will reach $43,337 million by 2030, advancing at a rate of 6 % in the near future. This has a lot to do with the increasing use of such chemicals in paints & coatings, construction, F&B industries and; growing requirement for drugs and the high R&D outlay, and advantageous government regulations for the pharma industry.

Acetic acid was the most demanded, and this will continue in the future as well. This is because of its extensive use in the creation of plastics along with cosmetic products and as a solvent in inorganic and organic compounds.

Vinyl acetate monomer had a significant share in the past. This can be credited to the increasing requirement for adhesives and emulsions in the construction and packaging sectors. 

APAC was the regional dominator in the past, and will continue in the future as well. This can be credited to the enormous population and rapid urbanization and industrialization. Furthermore, the snowballing purchasing power and increasing living standards have allowed people to spend more on vehicles, furniture, housing, processed food and beverages and electronic gadgets.

Europe will also have substantial growth in the future because of the high requirement for paints and coatings in the automotive industry, budding F&B sector, because of the increasing population; and thriving chemical sector. Furthermore, the demand for these sorts of chemicals from the textile and construction sectors is on the rise.

It is because of the use acetyls in various industries, that the demand for the same is increasing day-by-day all across the globe.

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What Is Application of Acetic Anhydride in Tobacco Industry?

The global population is on path to reaching 9.7 billion in 2050 from 7.7 billion in 2019, as per the United Nations (UN). Among the hordes of types of products this population boom is leading to the rising demand for are medical drugs. This is because the number of people alive is directly linked to the prevalence of diseases and other problems that call for medical treatment. This is driving the growth of the worldwide pharmaceutical industry, with companies investing both to increase their manufacturing output and look for more-effective and cheaper drugs.

P&S Intelligence says that the rising pharmaceutical production will be a key factor that will propel the acetic anhydride market from $3,476.1 million in 2019 to $4,950.4 million in 2030, at a 2.3% CAGR between 2020 and 2030. This is because the compound, represented chemically as C4H6O3, is used for the production of acetaminophen (paracetamol) and aspirin. These are two of the most-common drugs used to manage fever, reduce pain, and suppress inflammation. With the increasing number of people suffering from these conditions for short or long periods, the demand for these two drugs is rising, thereby driving the consumption of acetic anhydride in the pharmaceutical industry.

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As a result of the growing pharmaceutical and construction sectors, the largest acetic anhydride market in 2019 was Asia-Pacific. Moreover, the World Health Organization says, “Over 80% of the world's 1.3 billion tobacco users live in low- and middle-income countries.”, a lot of which are in APAC. This has been fueling the consumption of acetic anhydride for the production of cellulose acetate, which is important in the tobacco sector. The fastest market growth will be seen in the Middle East and Africa due to the expansion in end-use industries.

Hence, as the booming population pushes up the demand for medical drugs, cigarettes, and houses, the consumption of acetic anhydride will rise.

Read more: https://www.psmarketresearch.com/market-analysis/acetic-anhydride-market

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