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The global acetic anhydride market was valued at $3,476.1 million in 2019, and the market size is expected to grow at a CAGR of 2.3% during 2020–2030, ultimately reaching $4,950.4 million. Some of the most-important growth factors include the rapid expansion of the pharmaceutical sector in the APAC region and a rise in the number of geriatric patients. Acetic anhydride is used to produce aspirin, which is used to treat fever and the condition of mild muscle pain, which is quite common in elderly people.
Based on application, the largest size in the acetic anhydride market in 2019 was attributed to the synthesizers category. This is credited to the high-volume consumption of the chemical to produce cellulose acetate. The demand for cellulose acetate is increasing due to its usage in the automotive and plastics sectors. To meet the surging requirement for cellulose acetate from these sectors, the consumption of the chemical compound in the production of cellulose acetate is predicted to rise.
Owing to the highest demand, the tobacco industry is expected to account for the largest market size in 2030, based on end user. Cellulose acetate is used for making cigarette filters to reduce the transfer of tar and nicotine inside the consumer. The production of the compound has increased to cope with the increasing demand for cigarettes. This is one of the principal reasons for the projected growth of the acetic anhydride market in the coming years.
The APAC region generated the highest revenue in the market in 2019, and this trend will continue during the upcoming years as well. This can be majorly credited to the rising production of cellulose acetate, which requires the compound as a synthesizer. There is rapid growth in the demand for cellulose acetate because of its use in plastic manufacturing. Tows, cigarettes, and textile fibers are widely used throughout the world. Around the world, China is the largest consumer and producer of cigarettes.
The acetic anhydride market revenue is increasing due to the growth of the healthcare sector in the countries of the APAC region, such as China, India, and Thailand, because of the increasing R&D investments, along with the geographical growth of large medical drug manufacturers. This has a lot to do with the high growth potential of the medical sector in these markets, together with the obtainability of low-cost labor and raw materials. This is creating a momentous demand for the compound because of its requirement as a synthesizer in acetaminophen, aspirin, and other medicines.
There has been significant growth in the number of geriatric patients worldwide, and it is propelling the advance of the industry. The WHO states that by 2030, 1 in 6 people will be aged 60 years or above. The rise in the aging population is propelling the consumption of painkillers, because of which the demand for the compound is observing a rise. To meet the demand for generic drugs, including aspirin, the consumption of the compound will increase, thus encouraging the growth of the acetic anhydride market globally.
Hence, the market is expected to grow with the increasing consumption of cigarettes and a rise in the elderly population.
