Acetic Anhydride Market Size is Expected to Demonstrate a 2.3% CAGR in Coming Years: P&S Intelligence

The COVID-19 pandemic has been affecting the acetic anhydride industry negatively, in a number of ways. For instance, due to the restricted supply of the chemical compound, its prices have gone up. The weak supply has been primarily owing to the slowdown in the manufacturing and processing of the chemical in China and the U.S., as the governments in many parts of these nations have imposed temporary lockdowns, in order to stop the spread of the virus. However, from the second and third quarter of 2020 onward, the lockdown is expected to be lifted and manufacturing activities are predicted to gradually pick up, which would, to some extent, stabilize the demand and supply chain of the compound.

NEW YORK, June 15, 2020 (GLOBE NEWSWIRE) -- As per the projections published in the United Nations (UN)’s World Population Prospects 2017 report, compared to 962 million in 2017, the population of people in the age group of 60 and above will be 2.1 billion by 2050. With age, people suffer from immunological and physical weakness, which increases the risk of almost all types of diseases.

This is one of the primary reasons which would drive the global acetic anhydride market to $4,950.4 million by 2030, from $3,476.1 million in 2019, at a 2.3% CAGR between 2020 and 2030. This is because the increasing geriatric population is resulting in the growing demand for medical drugs. In common analgesic drugs, such as acetaminophen and aspirin, acetic anhydride is used as a synthesizer; thus, with the rising demand for pharmaceuticals, the consumption of the compound is also increasing.

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Acetic Anhydride Market Segmentation Analysis

Till 2030, the synthesizers category, on the basis of application, would continue holding the largest share in the industry. This is attributed to the growing demand for cellulose acetate, which contains acetic anhydride as a synthesizer. Compared to acetic acid, acetic anhydride offers a higher yield and stronger reaction, which is why end users are preferring the latter, as a synthesizer, over the former. From painkillers, the use of cellulose acetate has expanded to fabrics and numerous other applications, which is driving the consumption of acetic anhydride, as a synthesizer for cellulose acetate.

The use of acetic anhydride is predicted to increase at the highest CAGR, of 2.5%, in the agricultural sector. This would be on account of the rising requirement for the compound in synthetic herbicides, along with its ability to prevent the growth of unwanted weeds. With the increasing awareness amongst farmers across developing nations, such as Brazil, India, and Indonesia, about the benefit of the compound in farming, its consumption is predicted to increase rapidly in this industry, in the coming years.

Presently, Asia-Pacific (APAC) is the largest contributor to the acetic anhydride market, as a result of the heavy usage of cellulose acetate for the production of textile fibers, cigarette tows (filters), and plastic products. With the rising demand for cellulose acetate, the consumption of acetic anhydride is rising as a synthesizer. In the coming years though, the fastest industry growth would be witnessed in the Middle East and African (MEA) region, where the demand for the compound is rising for the production of apparel, furniture upholstery, tobacco filters, and automotive upholstery and processing of frozen food products.

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Market Players Expanding their Production Capacity to Edge Out Competitors

To gain an edge in the market, the key manufacturers of acetic anhydride and its raw materials are initiating an expansion in their production capacity, so they can supply higher volumes of the compound than before and augment their profits.

For instance, in August 2019, Jubilant Life Sciences Ltd. revealed its intentions to raise its acetic anhydride output, with the capacity expansion project slated to complete by the second quarter of FY 2020. Once commissioned, the expanded facility is expected to add $42.6 million (INR 300 crore) to the company’s annual revenue.

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Treading a similar path, in January 2019, Lotte Corporation and BP p.l.c. announced plans to invest $175 million for raising the production capacity of the Ulsan, South Korea manufacturing plant, owned by their joint venture Lotte BP Chemical Company. With the completion of the plant, scheduled for 2020 end, the output of acetic acid would rise by 100,000 tons per annum (tpa), while the current 200,000 tpa production capacity of vinyl acetate monomer (VAM) would double. Effectively, the total production capacity of the expanded plant would reach 1 million tpa, by 2020 end.

BP p.l.c., Celanese Corporation, China National Petroleum Corporation, Eastman Chemical Company, Jubilant Life Sciences Ltd., Saudi International Petrochemical Company, Daicel Corporation, Jiangsu Danhua Group Co. Ltd., RLG Group, and Taj Pharmaceuticals Limited are some of the most significant global acetic anhydride market players.

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