In the latest report by IMARC Group, titled 'Acetic Anhydride Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024', it has been revealed that the global acetic anhydride market size was US$ 5.4 Billion in 2018, growing at a CAGR of 6.7% during 2011-2018. According to the report, China is the leader of the market followed by North America (USA+Canada), Western Europe, North East Asia, South East Asia, Middle East & Africa and Eastern Europe. The report estimates, the market to reach US$ 7.7 Billion by 2024, expanding at a CAGR of nearly 6% during 2019-2024.
Acetic anhydride is a colourless and transparent liquid chemical compound, with the chemical formula (CH3CO)zO. It is characterized by a vinegar-like odour and is used for acetylation of alcohols or amines. A highly reactive, combustible and toxic liquid, it is considered an important reagent in the organic synthesis of a number of commercially available chemicals. Additionally, it is utilized as an esterification agent in the preparation of modified food starch and for acetylation of monoglycerides. It is also widely used in the manufacturing of cellulose acetate, Tetraacetylethylenediamine (TAED), aspirin (acetylsalicylic acid), modified starches, pesticides, artificial sweeteners, perfumes and wood preservatives.
Global Acetic Anhydride Market Trends
Extensive application of acetic anhydride in the tobacco and pharmaceutical industries is the key factor driving the market. In the tobacco industry, cellulose acetate, a resultant product of the combination of cellulose and acetic anhydride, finds application in the production of cigarette filter tow. Filtered cigarettes reduce the amount of smoke, tar and other fine particles inhaled while smoking. Owing to the increasing awareness regarding the ill effects of smoking, these cigarettes have emerged as a preferable recourse. On the other hand, the pharmaceutical industry employs acetic anhydride in the production of common medicines including aspirin, paracetamol and vitamins. Escalating incidences of diseases across the globe along with a significant rise in the geriatric population have been contributing significantly to the thriving pharmaceutical industry. Furthermore, TAED is widely employed in the laundry and cleaning industry as a bleach activator, which is providing a thrust to the market growth.
(With inputs from IMARC Group)