Competitive Analysis
Some of the prominent players operating in the global acetyls market are BP p.l.c. (Europe), Celanese Corporation (US), Daicel Corporation (Japan), Eastman Chemical Company (US), HELM AG (Germany), LyondellBasell Industries Holdings B.V. (Netherlands), Wacker Chemie AG (Germany), DowDuPont (US), Kanoria Chemicals & Industries Ltd. (India), Laxmi Organic Industries Ltd. (India), and Sipchem (Saudi Arabia).
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Market Overview
The global acetyls market is expected to witness a significant growth during the forecast period owing to the wide scope of application. The market is primarily driven by the use of acetylated products in pharmaceuticals for producing medicines such as paracetamol and aspirin. Additionally, the use of these products in food & beverage industry as a flavoring agent and preservative is another factor driving the demand for acetyls.
Market Segmentation
The global acetyls market has been segmented by product type, application, and region.
By product type, the market is segmented into acetic acid, acetic anhydride, vinyl acetate, ethylene acetate, and others. Among these, acetic acid dominated the market in 2017 owing to its extensive use in food & beverage application as flavor enhancer, flavoring agent, an acidifier, color diluent, curing agent, pickling agent, pH control agent, solvent, and preservative. Furthermore, it is used as a boiler water additive, suitable for steam that contacts food. It is also an effective means of cleaning and sanitizing food preparation equipment and utensils.
Based on application, the market has been segmented into food & beverages, pharmaceuticals, oil & gas, paints, inks, & coatings, waxes, furniture, and others. The rise in working population and the high disposable income of the consumers has resulted in an increased demand for ready-to-eat food, which is expected to drive the market growth. Moreover, the rising demand for generic drugs on the backdrop of increasing geriatric population and sedentary lifestyle of younger generation propels the demand for acetyls in pharmaceuticals application.
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Regional Analysis
Regionally, the global market has been segmented into five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific accounted for the largest market share in 2017 owing to the high demand for acetyls in food & beverage, pharmaceuticals, and paints & coatings industries. Major contributing countries to this market include China, India, Thailand, and Malaysia. The high disposable per capita income and the rise in working population is a major driver of the market growth in the region.
The high demand for acetyls in paints & coatings, food & beverage, and pharmaceuticals industries is expected to drive the market in the European and North American region.
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