How Is Pharmaceutical Industry Growth Strengthening Acetic Anhydride Market?

Factors, such as the rising number of geriatric patients and the booming pharmaceutical sector, especially in the Asia-Pacific (APAC) region, are expected to fuel the acetic anhydride market at a CAGR of 2.3% during the forecast period (2020–2030). According to P&S Intelligence, the market was valued at $3,476.1 million in 2019, and it will generate $4,950.4 million revenue by 2030. At present, the market is consolidated in nature due to the presence of eminent players, such as Jubilant Life Sciences Ltd., Eastman Chemical Company, Saudi International Petrochemical Company, Jiangsu Danhua Group Co. Ltd., and Celanese Corporation.

The demand for acetic anhydride is primarily driven by the flourishing pharmaceutical industry in developing countries of the APAC region, such as India, Indonesia, Thailand, and China. The growth in the pharmaceutical industry in such countries can be ascribed to the mounting investments being made in research and development (R&D) activities in the healthcare sector and the increasing presence of global medical drug manufacturers in the region. Acetic anhydride is primarily used as a synthesizer in the production of aspirin, acetaminophen, and other pain killers.

The application segment of the acetic anhydride market is classified into coating materials, plasticizers, reagents, synthesizers, and others, such as bleaching agents and disinfectants.  Among these, the synthesizers category generated the highest revenue in 2019 due to the mounting demand for cellulose acetate, which requires acetic anhydride during its production. As a huge quantity of cellulose acetate is used in the automotive and plastics industries, burgeoning demand for vehicles and plastic products will contribute to the growth of this category, globally.

Whereas, the Middle East & African acetic anhydride market is expected to witness the fastest growth during the forecast period, due to the increasing use of the compound as a food additive and as a synthesizer for cellulose acetate. Moreover, the flourishing textile industry will also propel the demand for the compound, on account of the largescale consumption of the chemical in home-furniture upholstery and automotive upholster, in the region. Besides, the mounting investments being made in the manufacturing sector of Saudi Arabia will also boost the market growth in MEA. 

Therefore, the rising population of geriatric patients and the growing pharmaceutical industry will supplement the market growth, worldwide.

Comments

Post a Comment

Popular posts from this blog

Surging E&P in Shale Gas Reserves Propelling Demand for Well Cementing

Image
With the surge in exploration and production (E&P) activities in both unconventional and conventional oil and gas reserves, the demand for well cementing is growing rapidly all over the world. Moreover, because of the recovery of crude oil prices, the oil and gas industry is booming, which is, in turn, propelling the requirement for well cementing. The soaring E&P investments in countries such as China, Russia, Brazil, and the U.S. are fueling the expansion of the well cementing industry. Due to the above-mentioned factors, the demand for well cementing is rising sharply across the world. This is fueling the progress of the global well cementing market. The valuation of the market is predicted to grow from $7,577.6 million in 2018 to $10,065.4 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.7% between 2019 and 2024. Well cementing is used in shale gas, oil, and gas wells.  Out of these, the requirement for well cementing is predicted to grow ra
Read more

How Will Cooling Appliance Demand Propel Insulation Market Growth?

Image
Factors such as the escalating demand for refrigerators and air conditioners, mounting infrastructure expenditure in developing countries, such as Brazil, China, India, and Russia, and increasing government support toward the installation of insulation systems in buildings are expected to drive the insulation market growth between 2018 and 2025. According to P&S Intelligence, the market will generate $101.3 billion revenue by 2025. Nowadays, governments of several countries are offering regulatory support to the installation of insulation products to improve energy efficiency.  The rising demand for air conditioners and refrigerators, on account of the soaring global temperature and the booming world population, is one of the major contributors to the market growth worldwide. The National Aeronautics and Space Administration estimates that the average surface temperature of the Earth has risen by 2.12 oF in 2020 since the late 19th century.  As per NASA, the years 2016 and 2020 ar
Read more

Burgeoning Demand for Packaging Materials Propelling Need for Extrusion Coatings

Image
The food and beverage industry is witnessing significant growth due to the rising population and awareness among people regarding their health. The health concerns of people are growing and they are constantly looking out for food items that are healthy . Moreover, the food and beverage industry is witnessing the development of low-calorie, sugar-free, lactose-free and gluten-free food products to cater to the demands of consumers. This is consequently pushing up the demand for extrusion coating materials as these materials play a crucial role in packaging applications owing to their ability to protect food items from various external environmental factors.  In addition, extrusion coating provides an aesthetic appeal to the foods and beverages, thereby making them more attractive and saleable. In addition to the food and beverage industries, there are many other industries, such as healthcare and personal care, which extensively use extrusion coatings. The increasing income of people a
Read more