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.
 |
| To learn more about this report: https://bit.ly/3al1LSx |
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
