Market Overview
Acetyls can be defined as functional group organic compounds, carrying the chemical formula CH3CO and are a part of the acyl group. They are often known as acetyl moiety and is present in acetylcholine, acetic acid, acetaminophen, acetyl-CoA, and acetylsalicylic acid. The global acetyls market, as per a report by Market Research Future (MRFR) is touted to register a healthy CAGR during the forecast period (2020-2027).
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Acetyls are extensively used in enhanced drug delivery, and this is considered a key driving factor of the acetyls market worldwide. The acetylated compounds offer the ability to cross the selectively permeable blood-brain barrier, which results in the drug to reach the brain at a much faster pace. This further augments the effectiveness of the drug. Acetyls are also considered an important raw material, which is used in the production of medicines like paracetamol, aspirin, sulfa drugs, and others. These factors are considered to contribute to the market growth across the globe.
Changing lifestyle, especially among the youth population and increasing geriatric population has resulted in an increased number of health problems like cough and cold, fever, nausea, and body ache. These factors have resulted in an increased demand for acetyls in the pharmaceuticals sector. Acetic acid is extensively used in the F&B industry as a flavoring agent, flavor enhancer, color diluent, an acidifier, pickling agent, curing agent, pH control agent, preservative, and solvent. It is also used as a food ingredient in mustard, marinades, vinaigrettes and salad dressings, catsup, canned fruits, and mayonnaise. With the rising disposable income of the global population, the demand for packed food has increased, thereby resulting in an increased demand for acetyls globally. Acetylated products are also used in the extraction of oil & gas, which is considered another key factor encouraging the market growth in the coming years.
Global Acetyls Market: Segmental Analysis
The Acetyls Market Share has been segmented on the basis of product type and application.
By product type, the acetyls market is segmented into acetic anhydride, acetic acid, ethylene acetate, vinyl acetate, and others. Of these, the acetic acid dominated the market in 2017 due to its huge utilization in the F&B sector as a flavoring agent, flavor enhancer, color diluent, an acidifier, pickling agent, curing agent, solvent, pH control agent, and preservative. It is also ideal for steam that contacts food and is used as a boiler water additive and is considered an effective means of sanitizing and cleaning food preparation utensils and equipment. Such factors are likely to trigger product demand in the segment.
The application segment comprises pharmaceuticals, food & beverages, paints, oil & gas, waxes, inks, & coatings, furniture, and others. Of these, the food & beverages segment is likely to register significant growth, mainly due to the increasing working population, coupled with the surge in disposable income of the consumers, which has resulted in a rising demand for ready-to-eat food items. Meanwhile, the pharmaceutical application is likely to gain prominence due to the surging demand for generic drugs, owing to the ever-increasing geriatric population, along with the sedentary lifestyle of the youth.
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Regional Frontiers
The acetyls have been studied under North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.
Geographically, the Asia Pacific region dominated the acetyl market in 2017. The region is predicted to retain its pole position in the years to come, mainly due to the surging demand for the product from the pharmaceuticals and F&B industries. The ever-increasing geriatric population and the affordability of generic drugs are further estimated to trigger the demand from the acetyls industry. Paints and coatings industries are experiencing huge demand, especially in countries like Thailand, India, China, and Malaysia. The recent boom in these industries has further fueled the market demand in the APAC. Moreover, the soaring demand for paints and coatings in end use industries like the electronics, automotive, construction, aerospace, and shipbuilding are encouraging the market growth in the region. In this region, China is considered a major consumer and producer of acetyls, which contributes to the market growth.
The presence of university collaborations and opportunities in scientific research of acetyls in the regions of Europe and North America has a positive impact on the growth of the regional markets. Also, these regions are likely to register significant growth due to increased demand for acetyls from the F&B, paints & coatings, and pharmaceuticals industries.
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Competitive Dashboard
The top players operating in the acetyls market include Celanese Corporation (US), BP p.l.c. (Europe), Eastman Chemical Company (US), Daicel Corporation (Japan), LyondellBasell Industries Holdings B.V. (Netherlands), HELM AG (Germany), DowDuPont (US), Wacker Chemie AG (Germany), Laxmi Organic Industries Ltd. (India), Kanoria Chemicals & Industries Ltd. (India), and Sipchem (Saudi Arabia).
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