Triethyl Citrate Market is forecast to reach $500 million by 2025, after growing at a CAGR of 5.3% during 2020-2025. Triethyl Citrate is an ester of citric acid produced via fermentation of Citric acid and Ethanol. Triethyl citrate is used as a plasticizer in plastic industry. Increasing demand for triethyl citrate for enhancing the properties of polymers is driving the growth of the market. Triethyl citrates are also used as an additive and flavoring agent in food industry. Surging demand of paint and coatings from automotive and construction sector also boosts the growth of triethyl citrate as it is widely used as solvent in paint and coatings.
Triethyl Citrate Market Segment Analysis - By Grade
Pharmaceutical grade is the fastest growing segment in the triethyl citrate market with a CAGR of 7% during the forecast period. Triethyl citrate is used in pharmaceutical industries for coating medical tablets. Pharmaceutical coating helps in increasing the shelf life of the tablets as the coating can protect tablets from light, moisture, and oxidation. In addition, coating of tablet improves the ease of swallowing by making the tablets smoother and also increases the strength of the tablet. Increasing health concerns and government’s spending on healthcare has embolden the pharmaceutical sector owing the need for triethyl citrate. According to the World Health Organization (WHO), health sector continues to expand faster than the economy and in between 2000-2017, global health spending in real terms grew by 3.9% a year while the economy grew 3.0% a year.
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Triethyl Citrate Market Segment Analysis - By Application
Based on the application, the food additive and flavoring agent segment holds the largest share of more than 35% in the triethyl citrate market in 2019. Triethyl citrate is commonly added as a whipping agent to stabilize foam in dried, frozen or refrigerated egg white products. Triethyl citrate is also used as sequestrant or chelating agents in foods that are sensitive to oxidation, such as fats and oils. Surging use of triethyl citrate as a flavor-preserving agent and stabilizer in processed food is driving the growth of the market. According to the Food and Agriculture organization (FAO) world food demand may increase by 70 per cent by 2050. Thus, increase in global food demand also augment the growth of triethyl citrate market.
Triethyl Citrate Market Segment Analysis - By End-Use Industry
Polymer segment holds the largest share of more than 30% in the triethyl citrate market in 2019. Triethyl citrate is used as plasticizers to reduce hardness of polymers (rubber and plastic) and can be further used to regulate viscosity. Cost effectiveness and the ability of plastics to transform into various shapes is augmenting the use of plastic in construction and automotive sectors. Surging use of plastics in packaging industry for the protection of equipment from scratches and dust is also boosting the demand for triethyl citrate for imparting flexibility to plastic polymers. According to European Plasticizers Association, globally 7.5 million tons of plasticizers are consumed every year, of which European consumption accounts for over 1.35 million tons. Increasing use of plastics as a substitute for metals in industrial application is aiding the growth of the market.
Triethyl Citrate Market Segment Analysis - Geography
Asia-Pacific is projected to witness the highest CAGR of 8% in the global triethyl citrate market during the forecast period. Rapid industrialization and urbanization are driving the growth of the triethyl citrate market in developing nations. Population growth coupled with the rise in food demand is escalating the use of triethyl citrate as a food additive and flavoring agent. According to the Indian governmental report, food Processing Industry in India contributed approx. $3.92 Bn to India’s exports in the year 2017-18 and total consumption of the food and beverage segment domestically is expected to reach $1.142 Tn by 2025, substantially fueling the demand for triethyl citrate. Flourishing plastic industries in China is also raised the use of triethyl citrate as a plasticizer. According to the Trade map, China’s export of plastic increased by 5% and accounted for $84.39 million in 2019.
Triethyl Citrate Market Drivers
Increasing demand from automotive and construction sector
Triethyl citrate is used as a plasticizer in adhesives, sealants, polyvinyl chloride polymer, and as a solvent or diluent in paint and inks. Increasing construction activities across the globe boost the demand of polyvinyl chloride (PVC) for piping and siding, wire and cable insulation, windshield system, etc. According to the International Energy Agency (IEA), the global floor area in buildings expected to double to more than 415 billion square meters by 2050. The stipulation of PVC in building and construction accelerates the use of triethyl citrate. Moreover, surging demand for light-weight vehicles, raised the popularity of polyethylene over metal in the automobile sector which further boost the growth of the triethyl citrate market.
Growing fashion industry and use of triethyl citrate in cosmetics
The rise in disposable income of the middle class and growing aspirations of people to live a good life and look good has fueled the demand for cosmetic products. Triethyl citrate is a common ingredient in many cosmetics and beauty products. Triethyl citrate is used as solvent, diluent and fixative by perfumers. It is readily biodegradable and considered to have low toxicity prior to degradation. According to the Indian Brand Equity Foundation (IBEF), India's beauty, cosmetic and grooming market was valued at $ 6.5 billion in 2016 and estimated to reach $ 20 billion by 2025. Triethyl citrate easily mixes with water and many organic compounds, and makes an effective solvent for use in lacquers, varnish, and deodorants.
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Triethyl Citrate Market Challenges
Government restrictions on plastics
Increasing environmental concerns and non-degradability of plastic has impacted the growth of triethyl citrate market. Government of many countries took major step for minimizing the use of plastic bags. For instance, California has introduced regulation known as SB270 in July 2015 for prohibiting use of plastic bags at groceries, pharmacies and other stores. Additionally, In India, the Tamil Nadu state government banned the use, sales, manufacture, storage and supply of plastics in 2018. Moreover, in February 2019, in European Parliament members were voted as 571-53 in favor of the single-use plastics ban like plastic cutlery, cotton buds, straws and stirrers. In Africa, in May 2019, United Nations Environmental Programme (UNEP), Tanzania banned the importation, production, sale, and use of plastic bags. With this ban Tanzania become the 34th African country to ban plastic.
Emergence of COVID-19
COVID-19 has badly impacted the triethyl citrate market. World Trade Organization forecasted that the global trade will fall by between 13% and 32% in 2020 as the COVID 19 pandemic disrupts normal economic activity and life around the world. Disruption of supply chain and lack of manpower has led manufacturing companies to stop their production which further results in their downfall. Decrease in purchasing capital also lowered construction activities and automobile sales, which in turn reduces the demand for polymers and restrain the growth of triethyl citrate market.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the triethyl citrate market report. In 2019, the market of triethyl citrate has been consolidated by the top five players accounting for xx% of the share. Major players in the triethyl citrate market are Hangzhou Trylead Chemical Technology, Debye Scientific Co., Ltd, A&J Pharmtech Co., LTD, RennoTech Co., Ltd, Finetech Industry Limited, Sigma-Aldrich, Tokyo Chemical Industry Co., Ltd., MORIMURA BROS. Inc., Viachem Ltd. among others.
Acquisitions/Technology Launches
In June 2018, EyePoint Pharmaceuticals has acquired Icon Bioscience, Inc. and its FDA approved product, DEXYCU. EyePoint has expanded the DEXYCU global IP portfolio with two additional patents, including potential claims relating to a method of treating inflammation of an eye following cataract surgery by delivering extremely small amounts of dexamethasone in acetyl triethyl citrate.
Key Takeaways
Increase in adoption of triethyl citrate for application in newer industrial vertical, and emerging economies such as China, India and others, will create new opportunities for the triethyl citrate market share.
Increasing demand for lubricants and polymer modifiers across European Region also contribute to the market growth
Growing popularity of environment friendly, non-toxic plasticizer that can replace the highly persistent plasticizers such as phthalates is driving the growth of the triethyl citrate market.
The outbreak of coronavirus has hampered the growth of triethyl citrate market due to the shuttering of manufacturing units and travel ban across the globe
Related Reports :
A. Citric Acid Market
https://www.industryarc.com/Report/7368/Citric-Acid-Market-Research-Report.html
B. Ethanol Market
https://www.industryarc.com/Research/Ethanol-Market-Research-510902
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