The acetyls market is anticipated to grow modestly, with a CAGR of 5.3%, to reach US$ 27,657.60 million in 2023. The market is expected to reach US$ 46,355.30 million by 2033.
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.
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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.
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.
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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Prominent Acetyls Industry Players
- B.V.
- BP plc
- Eastman Chemical Company
- Celanese Corporation
- Wacker Chemie AG
- Daicel Corporation
- The Dow Chemical Company
Key Segments
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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