The acetyls market is expected to reach US$ 26,492.0 million in 2022 and grow at a modest CAGR of 5.1% over the course of the forecast period. By 2032, the market is projected to increase in size and reach US$ 43,565.4 million. In the recent years, a CAGR of 4.3% has been observed historically.
Acetyls or acyls are functional group organic compounds with the chemical formula CH3CO. The acetyl or acyl group contains a methyl group single-bonded to a carbonyl. The carbonyl center of an acyl compound has one non-bonded electron with which chemical bonds with alkyl groups are formed. Ethanoyl is the IUPAC name of acyl. Often known as the acetyl moiety, it is present in acetic acid, acetylcholine, acetyl-CoA, acetylcysteine, acetaminophen and acetylsalicylic acid. Acetylation is the chemical process of introduction of an acetyl group into a molecule. Acyls are used in the modification of histones and proteins.
The acetyl groups of acetic acid, vinyl acetate and acetic anhydride are used as intermediates in a wide range of applications such as solvents to adhesives and water-based paints to cellulose acetate. The other applications of acetyls include pain-relieving pharmaceuticals, modified starches, emulsifiers, liquid crystal polymers and dyestuffs. The global acetyl market is projected to register above average CAGR in terms of value during the forecast period from 2022-2032. The global acetyl market is expected to be dominated by acetic acid product segment.
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Acetyls Market: Region wise Overview
Geographically, global Acetyls market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, Middle East and Africa (MEA).Owing to the presence of large number of chemical industries in APEJ and Western Europe, the regions are expected to collectively hold a large share in the global market in terms of value during the forecast period. Also, the presence of several universities collaborations coupled with opportunities in scientific research of acetyls in the North America and Europe is expected to have positive impact on the regional markets. China is a major producer and consumer of acetic acid, and its production capacity is forecast to increase significantly through 2032. China is also the major exporter of acetic acid worldwide. New capacity installations in the MEA countries is expected to propel acetyl market growth in the region.
Acetyls Market: Key Players
The key players in global acetyls market are BP p.l.c., Celanese Corporation, The Dow Chemical Company, Eastman Chemical Company, Wacker Chemie AG, LyondellBasell Industries Holdings B.V. to name a few.
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Acetyls Market: Segmentation
By Product Type:
- Acetic Acid
- Acetic Anhydride
- Vinyl Acetate
- Formaldehyde
- Ethylene Acetate
- Others
By End-Use Industry:
- Food & Beverages
- Oil & Gas
- Pharmaceutical
- Paints, Inks & Waxes & Coatings
- Furniture
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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