Acetic anhydride is reactive, combustible and toxic in nature with a colourless appearance and a strong vinegar-like odour. It is mainly used as an acetylation agent and is utilized in the preparation of a number of commercially important chemical materials. Some of the major derivatives of acetic anhydride include cellulose acetate, Tetraacetylethylenediamine (TAED), aspirin (acetylsalicylic acid), etc. Acetic anhydride is also used in the manufacturing of modified starches, pesticides, artificial sweeteners, etc. and as a wood preservative. A new research report by IMARC Group, titled “Acetic Anhydride Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the market was worth US$ 5.4 Billion in 2018. The report further anticipates the market to reach a value of US$ 7.7 Billion by 2024, at a projected CAGR of nearly 6% over the forecast period.
Global Acetic Anhydride Market Drivers/Constraints:
- The demand for acetic anhydride is largely driven by huge demand from the cigarette tow market, which requires cellulose acetate flakes. The increasing number of smokers, particularly in the emerging economies, have facilitated the market growth.
- Cellulose acetate also finds extensive applications in the textiles and clothing industry due to its comfortable, breathable, and absorbent nature.
- Emerging economies provide immense opportunities for the acetic anhydride market to expand on account of the increasing demand generated by the pharmaceutical industry where it is used for the production of aspirin.
- The stringent regulations due to the harmful environmental effects of acetic anhydride, coupled with strict monitoring of acetic anhydride trading for its use in the production of heroine, are major factors hindering the market growth.
Based on end-use, the market is segregated into cellulose acetate, pharmaceuticals and Tetraacetylethylenediamine (TAED). Amongst these, the cellulose acetate industry represents the largest consumer of acetic anhydride as it is further used to produce cigarette filters, textiles, wound dressings, hygiene products, tool handles, etc.
On a geographical front, North America represents the leading market, accounting for the majority of the total global consumption. Other major regions include China, Western Europe, North-east Asia, South-east Asia, Middle East and Africa and Eastern Europe.
The market is highly concentrated with the presence of a small number of global players. There is an intense competition in the market which makes it difficult for new players to survive in the market. Some of the leading players operating in the market are:
- BP Chemicals
- Eastman Chemical Company
- Jubilant Life Sciences
- PetroChina Ltd.
- Sasol Limited
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