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Market size of acetic anhydride:

The global acetic anhydride market size reached USD 3.8 billion in 2023. Going forward, IMARC Group projects the market to reach USD 4.8 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.6% between 2024 and 2032. The market is witnessing steady growth due to an increasing focus on the synthesis of many pharmaceutical drugs and pharmaceutical intermediates, rapid urbanization leading to an increased demand for many processed foods among people leading busy lifestyles, and a booming chemical sector.

Acetic Anhydride Market Analysis:

• Key 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 growing rapidly due to increasing food consumption and a thriving chemical sector.
• Regional Trends: North America leads the market due to the presence of major pharmaceutical companies. However, China is emerging as a fast-growing market due to the increasing demand for various chemical drugs.
• Competitive Landscape: Major market participants 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., and many others.
• Challenges and Opportunities: While the market faces challenges such as environmental regulations, it also offers opportunities due to the growing focus on the development of bio-based acetic anhydride.
   

Acetic Anhydride Market Trends:

Attention is being focused on the synthesis of numerous pharmaceuticals and pharmaceutical intermediates

The growing focus on the synthesis of numerous pharmaceutical drugs and pharmaceutical intermediates has led to an increasing adoption of acetic anhydride, positively impacting the market. According to Statista, global pharmaceutical sales will be worth US$ 1.48 trillion in 2022. Acetic anhydride is an essential raw material in the manufacture of aspirin, acetaminophen, and other pharmaceutical drugs. Acetic anhydride-based aspirin helps treat mild to moderate pain, inflammation, and arthritis. It also helps lower the risk of heart attack, stroke, and blood clots. The rise in cardiac diseases among individuals is catalyzing the demand for acetic anhydride in pharmaceuticals. Moreover, the increasing consumption of aspirin among the geriatric population, who are prone to various inflammatory diseases, is also supporting the market growth. According to the United Nations (UN), the world population aged 65 and above is expected to increase from 10% in 2022 to 16% in 2050.

Increasing demand for food

The growing demand for acetic anhydride in the food and beverage (F&B) sector brightens the market outlook. Rapid urbanization has led to an increase in the adoption of processed and ready-to-eat (RTE) foods among people leading busy lifestyles, which is contributing to the market growth. Statistics Times claims that 4.46 billion people will live in urban areas and 3.42 billion in rural areas worldwide in 2021. The global urban population is also projected to increase to 6.68 billion by 2050. Furthermore, acetic anhydride is used in the manufacture of modified starches that improve stability against heat and weak acids and are suitable for thickening foods. Acetic anhydride acts as a leavening agent and is used in combination with other compounds such as sodium bicarbonate to manufacture products that require baking. It plays a flavoring role in a wide range of foods, including sauces, dressings, pickles, and marinades. It helps maintain the desired acidity and alkalinity in various food formulations, ensuring product stability, texture, and taste consistency. It also helps in extending the shelf life of various food products. Apart from this, the growing population across the globe is increasing the demand for numerous food products, thus boosting the growth of the acetic anhydride market.According to the World Bank, the world population was 7.89 billion in 2021, but is expected to reach 7.95 billion in 2022.

Chemical sector thrives

According to Statista, the total revenue of the global chemical industry in 2022 will exceed US$5.72 trillion. It also said that the global chemical consumption reached €5.77 trillion in the same year. The thriving chemical industry around the world catalyzes the demand for acetic anhydride market for various purposes. Acetic anhydride is used in the industrial synthesis of acetic acid monomers, esters, and salts. Acetic anhydride is a reactive compound that reacts rapidly with water and alcohols to produce esters and acetates. Over time, it reacts with atmospheric oxygen to produce carbon dioxide (CO2) and acetic acid. It is also used as a catalyst in the production of geraniol, citral, and citric acid, the process of which begins by combining the anhydride with calcium carbide to produce calcium oxide.

Acetic Anhydride Market Segmentation:

IMARC Group provides analysis of key trends across market segments, along with global, regional and country-level forecasts from 2024 to 2032. The report segments the market based on end use.

Breakdown by end use:

• Cellulose Acetate
• Pharmaceuticals
• Tetraacetylethylenediamine
• others

Cellulose acetate dominates the market share

The report offers a detailed segmentation and analysis of the market based on end-use, which includes cellulose acetate, pharmaceuticals, tetraacetylethylenediamine, and others. According to the report, cellulose acetate accounts for the largest segment.

Cellulose acetate is a biomass raw material produced by chemically modifying the hydroxyl groups of cellulose raw materials derived from non-edible parts of plants, such as wood fibers and cotton, with acetic acid. It has antibacterial activity against bacterial species such as Staphylococcus aureus and Escherichia coli. It has improved solubility in water and biodegradability, reducing the impact on the natural environment. It is a very versatile material and can be processed into various shapes by molding, extrusion, and casting. It has low electrical conductivity and insulation, and high resistance to ultraviolet (UV) rays. It is used in manufacturing eyeglass frames due to its light weight and durability. According to a research report by IMARC Group, the global eyeglasses market size reached US$ 159.6 billion in 2023. Apart from this, cellulose acetate is widely adopted in the textile sector to produce clothing, upholstery, and linings due to its softness and ability to retain vibrant colors. People are increasingly preferring premium quality clothing with improved comfort and softness. According to Statista, the production of natural fibers such as cotton and wool reached 25.2 million tons, while chemical fibers accounted for 87.6 million tons in 2022.

Breakdown by region:

• China
• North America
• Western Europe
• Northeast Asia
• Southeast Asia
• Middle East and Africa
• Eastern Europe

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

The report also provides a comprehensive analysis of major regional markets, including China, North America, Western Europe, Northeast Asia, Southeast Asia, the Middle East & Africa, and Eastern Europe. According to the report, North America is 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 in the region for drug synthesis. Rising awareness among individuals regarding the importance of medicines in treating various diseases is driving the demand for acetic anhydride in the pharmaceutical sector. People are willing to spend on medicines to maintain an active lifestyle and prevent diseases. According to Statista, the total amount spent on medicines in the United States in 2022 reached approximately US$574 billion. Besides this, derivatives of acetic anhydride such as cellulose acetate are common materials used in cigarette filters. According to the Centers for Disease Control and Prevention, almost 12 in 100 US adults aged 18 and above smoked cigarettes in 2021 (11.5%). This means that an estimated 28.3 million adults smoked cigarettes in the United States in the same year. This benefit is significant in expanding the acetic anhydride market in 2021.

Competitive Landscape:

• This market research report also comprehensively analyzes the competitive landscape of the market. It also provides detailed profiles of all the key companies. 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.
  
  (Please note that this is only a partial list of the key players, the complete list is available in the report.)
   
• Major players in the market are focusing on expanding their production facilities to meet growing demand in various sectors. For example, Celanese completed construction of a new 1.3 million tonnes per year acetic acid plant in Clear Lake, Texas on May 9, 2023. The company plans to complete the commissioning and start-up process during the third quarter. The new plant will enhance the company's ability to take advantage of low natural gas costs in the United States, contributing to higher acetic anhydride market prices. In addition, various companies are engaged in M&A to increase their acetic anhydride production. On December 1, 2023, INEOS completed the acquisition of the Eastman Texas City Site, furthering the global ambitions of its acetyl business. The acquisition includes the 600kt acetic acid plant and all associated third-party operations at the site.

Recent Trends in Acetic Anhydride Market:

• On April 28, 2022, Jubilant Ingrevia announced the commissioning of a green ethanol based food grade acetic acid plant at its manufacturing facility in Gajraura, Uttar Pradesh. The plant is designed to meet the highest standards of product certifications such as FSSAI, ISO 22000, Kosher, Halal and FCC Codex. The plant caters to the growing demand in the food preservatives sector across the globe. The plant has a nominal capacity of 25,000 tonnes per annum and will contribute to increasing revenues in the acetic anhydride market.
• Celanese Corporation, a global specialty materials and chemical company, announced on February 15, 2024 that it has been approved as a Utilization Procurement Grants (UPGrants) vendor by the U.S. Department of Energy (DOE) Office of Fossil Energy and Carbon Management. Celanese is now the only manufacturer offering low-carbon acetic acid under the product name ECO-CC, positioning it to help municipalities meet the growing demand for more sustainable and circular solutions.
• On 1 January 2021, INEOS completed the acquisition of BP's global aromatics and acetyls business. The acquisition consists of 15 sites globally, including five in the Americas, two in Europe and eight in Asia, as well as 10 key joint ventures. INEOS Acetyls produces acetic acid and a range of derivatives across nine sites, supplying a wide range of downstream industries, including food and beverage (F&B), pharmaceuticals, paints, adhesives and packaging.

Key benefits for stakeholders:

• IMARC's industry report provides a comprehensive quantitative analysis of various market segments, past and current market trends, market forecasts, and dynamics of the Acetic Anhydride market from 2018 to 2032.
• This research report provides up-to-date information on market drivers, challenges, and opportunities in the global acetic anhydride market.
• The study maps the major and fastest growing regional markets and further enables stakeholders to identify the major country-level markets within each region.
• Porter's Five Forces analysis helps the stakeholders in assessing the impact of new entrants, rivalry, supplier power, buyer power, and threat of substitutes. It helps the stakeholders in analyzing the level of competition within the Acetic Anhydride industry and its attractiveness.
• The competitive landscape allows stakeholders to understand the competitive environment and provides insights into the current position of the key companies in the market.