Factors, such as the rising number of geriatric patients and the booming pharmaceutical sector, especially in the Asia-Pacific region, are expected to fuel the acetic anhydride market at a CAGR of 2.3% during the forecast period (2020–2030). According to P&S Intelligence, the market was valued at $3,476.1 million in 2019, and it will generate $4,950.4 million revenue by 2030. At present, the market is consolidated in nature due to the presence of eminent players, such as Jubilant Life Sciences Ltd., Eastman Chemical Company, Saudi International Petrochemical Company, Jiangsu Danhua Group Co. Ltd., and Celanese Corporation.
The demand for acetic anhydride is primarily driven by the flourishing pharmaceutical industry in developing countries of the APAC region, such as India, Indonesia, Thailand, and China. The growth in the pharmaceutical industry in such countries can be ascribed to the mounting investments being made in research and development (R&D) activities in the healthcare sector and the increasing presence of global medical drug manufacturers in the region. Acetic anhydride is primarily used as a synthesizer in the production of aspirin, acetaminophen, and other pain killers.
Additionally, the soaring population of geriatric patients will also facilitate the acetic anhydride market growth in the forecast years, owing to the surging consumption of medicated drugs by this population base. The compound is used as a synthesizer in generic drugs, such as sulfa drugs, paracetamol, acetaminophen, cortisone, aspirin, and triacetin. As ageing weakens immunity and often cause pain in the bones and muscles, elderly people are in constant need of such generic drugs to treat their pain or fever.
The application segment of the acetic anhydride market is classified into coating materials, plasticizers, reagents, synthesizers, and others, such as bleaching agents and disinfectants. Among these, the synthesizers category generated the highest revenue in 2019 due to the mounting demand for cellulose acetate, which requires acetic anhydride during its production. As a huge quantity of cellulose acetate is used in the automotive and plastics industries, burgeoning demand for vehicles and plastic products will contribute to the growth of this category, globally.
Whereas, the Middle East & African acetic anhydride market is expected to witness the fastest growth during the forecast period, due to the increasing use of the compound as a food additive and as a synthesizer for cellulose acetate. Moreover, the flourishing textile industry will also propel the demand for the compound, on account of the largescale consumption of the chemical in home-furniture upholstery and automotive upholster, in the region. Besides, the mounting investments being made in the manufacturing sector of Saudi Arabia will also boost the market growth in MEA.
Therefore, the rising population of geriatric patients and the growing pharmaceutical industry will supplement the market growth, worldwide.