The acetyls market is expected to reach US$ 27,657.60 million in 2023 and record a modest CAGR of 5.3% throughout the forecast period. By 2033, the market is anticipated to increase to US$ 46,355.30 million.
The increasing demand for acetyl in numerous end-use sectors, including pharmaceutical, furniture, and oil & gas, together with strong research & development in these areas, are likely to spur market expansion for acetyls.
Accelerating Production of Paints and Coatings for Market Ascendancy
Acetyls are frequently used as a chelating agent during coatings manufacturing in the paints and coatings industry. These include acetic acid, acetic anhydride, vinyl acetate monomer (VAM), ethylene acetate, and more. Acetyls are used in paints and coatings to speed up drying and prevent corrosion. The output of paints and coatings is expected to rise globally, fueling industry expansion.
Igniting the Growth and Innovation in the Pharmaceutical Industry
Acetyls are largely used to manufacture pharmaceutical medications to improve drug delivery. Antibiotics, vitamins, and other pharmaceutical items are mostly produced using it. In the upcoming years, the market expansion is anticipated to be driven by the rapidly expanding worldwide pharmaceutical industry.
Tackling Raw Material Price Volatility for Sustainable Expansion
Crude oil produces some materials needed to make Acetyl goods. As a result, changes in the price of crude oil could impede market expansion. The unstable and erratic cost of raw materials may constrain market expansion.
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Regional Outlook
With a significant acetyls market share, Asia Pacific dominated the market globally. China is anticipated to be the region’s top acetyl consumer. Some key drivers for the acetyls industry include rising demand from the paints and coatings sector, growing adhesive used in the furniture and construction sectors, and expansion in the textile and packaging sectors. Acetyls are in high demand due to the massive chemical industry in Asia Pacific economies. Such factors are anticipated to boost the market during the projected period.
Key Takeaways
- The United States might increase its acetyls market share by 24.1% between 2023 and 2033.
- Between 2023 and 2033, Germany may hold 14.4% of the acetyls industry.
- Japan’s share of the acetyls industry could reach 3.1% between 2023 and 2033.
- Australia to hold a 1.7% share of the acetyls market from 2023 to 2033.
- During the forecast period, China’s acetyls business to expand at a CAGR of 5.3%.
- From 2023 to 2033, the United Kingdom acetyls industry is likely to register at a 3.6% CAGR.
- Through 2033, the Indian acetyls market to record a CAGR of 5.9%.
- The acetic acid segment of the product type category is predicted to have a market share of 23.9% by 2033.
- The pharmaceuticals segment to hold a market share of 38.4% in the end-user category between 2023 and 2033.
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Competitive Landscape
Due to the various acetyls players fighting for market share, there is fierce rivalry in the Acetyls industry. Product quality, pricing tactics, technology breakthroughs, and client connections are important variables that affect competition. To maintain a competitive edge in this fast-paced industry, businesses must constantly innovate and set themselves apart.
Recent Innovations
- Expansion
Due to the rising consumer demand for acetyl compounds, Ineos said in June 2022 that it intended to develop an acetic acid factory along with its related derivatives on the United States Gulf Coast. By 2023, the new plant’s development is likely to be finished.
- Acquisition
In March 2021, Acetyls Holding and its subsidiary Yellowstone Chemicals were acquired by Laxmi Organic Industries, a specialty and acetyl intermediate producer. Through this acquisition, the company hopes to increase its market position while increasing its current product offering.
- Investment
Ineos Group invested US$ 5 billion to purchase the aromatics and acetyls-related assets of BP Plc in January 2021. The primary goal of this acquisition was to increase and solidify the business’s presence in the global market.
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Top Key players in the Global Market
- B.V.
- BP plc
- Eastman Chemical Company
- Celanese Corporation
- Wacker Chemie AG
- Daicel Corporation
- The Dow Chemical Company
Key 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
- The Middle East and Africa
- Europe
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