Acetic Anhydride Market

Acetic Anhydride Market Size:

The global acetic anhydride market size reached US$ 3.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4.8 Billion by 2032, exhibiting a growth rate (CAGR) of 2.6% during 2024-2032. The market is experiencing stable growth driven by the increasing focus on synthesizing numerous drugs and pharmaceutical intermediates, rising demand for numerous processed food products among people with busy lifestyles due to rapid urbanization, and the burgeoning chemical sector.

Acetic Anhydride Market Analysis:

• Major Market Drivers: The market is witnessing steady growth due to the increasing adoption of premium quality textiles, coupled with advancements in chemical manufacturing processes.
• Key Market Trends: The market is showcasing rapid growth on account of the increasing consumption of food products and the thriving chemical sector.
• Geographical Trends: North America leads the market, driven by the presence of major pharmaceutical companies. However, China is emerging as a fast-growing market due to the rising demand for various chemicals.
• Competitive Landscape: Some of the major market players in the acetic anhydride industry include Celanese, BP Chemicals, Eastman Chemical Company, BASF, Jubilant Life Sciences, DuPont, SABIC, PetroChina Ltd., Sasol Limited, Daicel, Sipchem, Rhodia., among many others.
• Challenges and Opportunities: While the market faces challenges, such as environmental regulations, it also encounters opportunities on account of rising focus on developing bio-based acetic anhydride.
   

Acetic Anhydride Market Trends:

Rising Focus on Synthesizing Numerous Drugs and Pharmaceutical Intermediates

The growing adoption of acetic anhydride due to the increasing focus on synthesizing numerous drugs and pharmaceutical intermediates is positively influencing the market. Statista claims that pharmaceutical revenues worldwide totaled US$ 1.48 trillion in 2022. Acetic anhydride is a crucial raw material for aspirin, acetaminophen, and other pharmaceuticals manufacturing. Acetic anhydride-based aspirin assists in treating mild to moderate pain, inflammation, or arthritis. It aids in lowering the risk of heart attack, stroke, or blood clots among individuals. The rising number of heart diseases among individuals is catalyzing the demand for acetic anhydride in pharmaceutical medications. Furthermore, the increasing consumption of aspirins among the geriatric population, as they are more prone to various inflammatory diseases, is supporting the market growth. According to the United Nations (UN), the global population aged 65 and above is projected to rise from 10% in 2022 to 16% in 2050.

Increasing Demand for Food Products

The growing demand for acetic anhydrite in the food and beverage (F&B) sector is offering a positive market outlook. The rising adoption of processed and ready-to-eat (RTE) food products among people with busy lifestyles due to rapid urbanization is contributing to the market growth. Statistics Times claims that 4.46 billion people live in urban areas and 3.42 billion live in rural areas across the globe in 2021. It also states that the worldwide urban population is projected to grow to 6.68 billion by 2050. Furthermore, acetic anhydride is used to produce modified starches that assist in improving stability against heat and mild acids and are suitable for thickening food products. Acetic anhydrite serves as a fermentation agent and is used in combination with other compounds, such as sodium bicarbonate, for the manufacture of products that require baking. It acts as a flavoring agent in a wide range of food products, including sauces, dressings, pickles, and marinades. It helps maintain the desired acidity or alkalinity in various food formulations and ensures product stability, texture, and taste consistency. It also benefits in extending the shelf-life of various food products. Apart from this, the escalating demand for numerous food products on account of the increasing population across the globe is propelling the acetic anhydride market growth. As per World Bank, the global population recorded 7.95 billion in 2022, which was 7.89 billion in 2021.

Thriving Chemical Sector

According to Statista, the total revenue of the global chemical industry amounted to over US$ 5.72 trillion in 2022. It also states that the chemical consumption worldwide reached 5.77 trillion euros in the same year. The thriving chemical industry across the globe is catalyzing the acetic anhydride market demand for various purposes. Acetic anhydride is used in the industrial synthesis of acetate monomers, esters, and salts. It is a reactive compound that reacts rapidly with water and alcohol to produce esters or acetates. It reacts with atmospheric oxygen over time to produce carbon dioxide (CO₂) and acetic acid. It is also used as a catalyst in making geraniol, citral, and citric acid and this process starts by combining anhydride with calcium carbide, which produces calcium oxide.

Acetic Anhydride Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on end-use.

Breakup by End-Use:

• Cellulose Acetate
• Pharmaceuticals
• Tetraacetylethylenediamine
• Others
   

Cellulose acetate accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the end-use. This includes cellulose acetate, pharmaceuticals, tetraacetylethylenediamine, and others. According to the report, cellulose acetate represented the largest segment.

Cellulose acetate is a biomass material produced by chemically modifying hydroxyl groups with acetic acids in cellulose materials derived from nonedible parts of plants, such as wood fibers and cotton. It has antimicrobial activity against bacterial species, such as Staphylococcus aureus and Escherichia coli. It has enhanced solubility in water and biodegradability, reducing their impact on natural environments. It is a highly versatile material that can be easily molded, extruded, or cast into numerous shapes and forms. It offers low electrical conductivity and insulating properties and high resistance to ultraviolet (UV) rays. It is used to manufacture eyeglass frames on account of their lightweight and durable properties. The research report of IMARC group states that the global eyewear market size reached US$ 159.6 Billion in 2023. Apart from this, cellulose acetate is widely employed in the textile sector to produce clothing, upholstery, and linings due to its softness and ability to hold vibrant colors. People are increasingly preferring premium-quality clothing solutions that offer enhanced comfort and softness. According to Statista, natural fibers, such as cotton or wool, reached a production volume of 25.2 million metric tons, whereas chemical fibers accounted for 87.6 million metric tons in 2022.

Breakup by Region:

• China
• North America
• Western Europe
• North East Asia
• South East Asia
• Middle East & Africa
• Eastern Europe
   

North America leads the market, accounting for the largest acetic anhydride market share

The report has also provided a comprehensive analysis of all the major regional markets, which include China, North America, Western Europe, North East Asia, South East Asia, Middle East & Africa, and Eastern Europe. According to the report, North America represents the largest regional market for acetic anhydride.

North America has a huge presence of major pharmaceutical companies. Acetic anhydride is widely used in the pharmaceutical sector of the region for drug synthesis. The rising awareness among individuals about the importance of medications in treating various diseases is propelling the demand for acetic anhydride in the pharmaceutical sector. People are willing to spend on medicines to maintain their active lifestyle and prevent diseases. As per Statista, the total amount of money spent on medicines reached about US$ 574 billion in 2022 in the United States. Besides this, the derivative of acetic anhydride, such as cellulose acetate, is a common material used in cigarette filters. Centers for Disease Control and Prevention states that nearly 12 of every 100 U.S. adults aged 18 years or older (11.5%) smoked cigarettes in 2021. This means an estimated 28.3 million adults in the US smoke cigarettes in the same year. This benefit in increasing the acetic anhydride market 2021.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the acetic anhydride industry include Celanese, BP Chemicals, Eastman Chemical Company, BASF, Jubilant Life Sciences, DuPont, SABIC, PetroChina Ltd., Sasol Limited, Daicel, Sipchem, and Rhodia.
• Key players in the market are focusing on expanding their production facilities for catering to the growing demand for various sectors. For instance, Celanese completed the construction of a new 1.3m tons per year acetic acid plant in Clear Lake, Texas on 9 May 2023. The company expects to complete commissioning and startup processes in the third quarter. The new plant will increase the company’s ability to take advantage of low natural gas costs in the United States and benefit in enhancing the acetic anhydride market price. Besides this, various companies are engaging in mergers and acquisitions (M&A) to increase the production of acetic anhydride. On 1 December 2023, INEOS completed the acquisition of the Eastman Texas City Site to drive the global ambitions for the acetyls business. The deal includes the 600kt acetic acid plant and all associated third-party activities on the site.

Acetic Anhydride Market Recent Developments:

• 28 April 2022, Jubilant Ingrevia announced the commissioning of its new Green Ethanol based food-grade acetic acid plant at its manufacturing facility in Gajraula, Uttar Pradesh. The plant is designed to meet the highest standards of product certifications, such as FSSAI, ISO 22000, Kosher, Halal, FCC Codex, etc. It will cater to the growing demand in the food preservative segment across the globe. The plant has a rated capacity of 25,000 tons per annum that benefits in increasing acetic anhydride market revenue.
• 15 February 2024, Celanese Corporation, a global specialty materials and chemical company, announced that it has been approved by the U.S. Department of Energy (DOE)'s Office of Fossil Energy and Carbon Management as a Utilization Procurement Grants (UPGrants) vendor. Celanese is now the only producer offering low carbon acetic acid under the ECO-CC product name, which positions the company to help municipalities meet the rising demand for more sustainable and circular solutions.
• 1 January 2021, INEOS completed the acquisition of BP’s global aromatics and acetyls business. The acquisition consists of 15 sites across the world, including 5 in the Americas, 2 in Europe, and 8 in Asia, and 10 leading joint ventures. INEOS acetyls produce acetic acid and a range of derivatives from its 9 sites, supplying a wide range of downstream industries, such as food and beverage (F&B), pharmaceuticals, paints, adhesives, and packaging.

Acetic Anhydride Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the acetic anhydride market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global acetic anhydride market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the acetic anhydride industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.