Return to: Business NewsGlobal Acetic Anhydride Market Set to be Worth Over $4,000.0 million by 2030One of the major factors responsible for the mushrooming demand for acetic anhydride is the booming healthcare sector, especially in the emerging economies of Asia-Pacific (APAC) such as India, China, Indonesia, and Thailand. Many major medical drug manufacturing companies have set up their production facilities and offices in the region in the last few years and this, when coupled with the soaring number of research and development (R&D) activities and investments, has caused huge expansion of the healthcare sector in the region. Apart from the above-mentioned factors, the other important factors responsible for the surge of the healthcare sector in the APAC region are the comparatively easier availability of raw materials and low-cost workers in this region as compared to the other regions in the world. The flourishing healthcare sector is, in turn, generating huge demand for acetic anhydride, owing to the utilization of the compound as a synthesizer in acetaminophen, aspirin, and various other kinds of medicated drugs. Owing to the above-mentioned reasons, the revenue of the global acetic anhydride market is predicted to rise from $3,476.1 million to $4,950.4 million from 2019 to 2030. Furthermore, the market is predicted to grow at a CAGR of 2.3% during 2020—2030 (forecast period). Acetic anhydride is extensively used in reagents, coating materials, plasticizers, and synthesizers. Amongst these, the highest usage of acetic anhydride was observed in synthesizers in 2019, because of its utilization as a synthesizer in the production of cellulose acetate, which is highly required in various industries such as plastics and automotive. Besides being used in various applications, acetic anhydride is also highly sought after for use in multiple industries such as pharmaceuticals, food and beverages, textiles, plastics, agriculture, and tobacco. Out of these, the tobacco industry is predicted to create the highest demand for the compound in the forthcoming years. The main reason behind the increasing requirement of acetic anhydride in the tobacco industry is the rising need for cellulose acetate as this chemical is required in the production of filters, which are used in cigarettes. During the forecast period, the Asia-Pacific (APAC) region is predicted to observe the highest utilization of acetic anhydride. This is mainly attributed to the rising usage of this compound in the manufacturing of plastic products. In addition to this, acetic anhydride is highly required in the production processes of tobacco filters, food additives, and textile fibres. Furthermore, the soaring investments being made in the above-mentioned industries will bolster the growth of the acetic anhydride market in the region in the years to come. Hence, it can be safely said that the sales of acetic anhydride will increase exponentially across the world in the upcoming years, primarily because of the thriving healthcare sector in the APAC region and the usage of the chemical compound in multiple industries all over the wo ... News Release: Global Acetic Anhydride Market Set to be Worth Over $4,000.0 million by 2030 Submitted on: September 24, 2020 10:55:17 AM Submitted by: Manish Baghel On behalf of: https://www.psmarketresearch.com/market-analysis/acetic-anhydride-market |