The global acetic anhydride market is predicted to generate $4,950.4 million by 2030. The fast growth of the pharmaceutical industry in the APAC region and the rise in the number of elderly patients are two important driving aspects of the acetic anhydride market. Due to its necessity as a synthesizer in such products, the chemical compound is extensively utilized in the manufacturing of pharmaceuticals. The number of elderly patients has rapidly increased in recent years, which has led to a rise in aspirin and other prescription medication use.
Based on application, the synthesizer category holds a majority share of the acetic anhydride market. This is mostly due to the chemicals used to produce cellulose acetate being consumed in large quantities. Due to a growth in its application in end-use industries such as the automotive and plastics industries, cellulose acetate demand is on the rise.
Moreover, the tobacco category is predicted to have the largest size of the acetic anhydride market by 2030 since it generates the highest demand. Cigarette filters are created of cellulose acetate, which aids in preventing the entry of too much nicotine and tar into the user. The use of the substance has grown in response to the expanding global requirement for cellulose acetate for the manufacture of cigarettes.
The APAC leads the global acetic anhydride market, and this trend will continue in the coming years. This is mainly due to the requirement of the substance as a synthesizer in the high-volume manufacturing of cellulose acetate. Due to its use in the production of plastic goods, textile fibers, and cigarette filters, cellulose acetate is in high demand.
Furthermore, the region's pharmaceutical industry is expected to see rapid expansion as a result of rising investments, which in turn are boosting the industrial need for the chemical composition as a synthesizer for prescription medications like aspirin. The consumption of the substance is expected to surge in the future years due to the expansion of end-use industries in the region's emerging nations, including China, India, and numerous Southeast Asian nations. This will drive the acetic anhydride market expansion.
Due mostly to the substantial growth in demand for the chemical across a variety of industrial uses, consumption of the substance has significantly increased in Middle Eastern nations. Among these are its use as a food additive and its need as a cellulose acetate synthesizer in the manufacture of cigarette filters. Additionally, the textiles sector will expand its demand due to the chemical's use in automobile and residential furniture upholstery.
Hence, the market is showing indication of its bright future, due to the presence of various key players and growth in an elderly population.