The global acetyls market is to be valued at USD 27,657.60 million in 2023 and is predicted to secure a slow-paced CAGR of 5.3% during the forecast period. The market is expected to grow to USD 46,355.30 million by 2033. A historical CAGR of 4.3% has been recorded in the past few years.
Acetyls are highly used for the production of polymers. They also have various applications in several industries, whether as components of dialysis substrates-acetyls, perfect solvents, or chemical intermediates.
It has been identified that the acetic acid market is primarily being bolstered by its application as an acetylating agent in chemical reactions. Future Market Insights have recognized that the acetic anhydride market is growing hand in hand with its usage in the formulation of acetyls. Acetyls are extensively used in different industry verticals because they exhibit the exceptional ability to modify histones and proteins.
The acetyls industry is likely to witness significant growth during the forecast period.
| Attribute | Acetyls Industry (From 2018 to 2022) |
|---|---|
| Market HCAGR (From 2018 to 2022) | 4.3% |
| Market Size - 2018 | USD 22,386.10 million |
| Market Size - 2022 | USD 26,470.64 million |
| Attribute | Acetyls Industry (From 2023 to 2033) |
|---|---|
| Market CAGR (From 2023 to 2033) | 5.3% |
| Market Size - 2023 | USD 27,657.60 million |
| Market Size - 2033 | USD 46,355.30 million |
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The acetyls market witnessed significant growth from 2018 to 2022, increasing demand across various pharmaceuticals, chemicals, and textiles. The market experienced steady expansion during this period, driven by a growing population, urbanization, and industrialization.
From 2023 to 2033, the acetyls business witnessed even more substantial growth. This can be attributed to emerging economies, technological advancements, and increased investments in research and development. The demand for acetyls is anticipated to surge due to the rising use of acetic acid, vinyl acetate, and other derivatives in various applications, including adhesives, coatings, and solvents.
The future period is expected to present lucrative opportunities for the acetyls industry, marking a significant expansion compared to the previous years.
The acetyls market is expected to grow due to its rising application in varied end-use industries. Some aspects are also identified to curb the growth during the upcoming years. Let’s take a stride at the key dynamics that may contribute to the propelling and inhibition of the market to some extent from 2023 to 2033.
Principal Consultant
Extensive Usage in Neurological Drugs
Acetyls are gaining traction due to their increased application in manufacturing neurological drugs. This is because:
Potential Anti-radiation Properties
It is identified that there are several types of research under process to confirm acetyl drugs as anti-radiation drugs.
Rising Application in Food and Beverage Industry
The rising population has increased the demand for food and beverages, which in turn is leveraging the need for polyester containers and bottles.
This factor is widely contributing to the market expansion of acetyls, as it is a prime element used in the manufacturing of polyester.
Growth of the Pharmaceutical Industry
Acetyl is required in a wide range of applications in the pharmaceutical industry. This includes the manufacture of:
The growth of the pharmaceutical industry is expected to be a key driver for augmenting demand for acetyl in the forecast period.
Growth of the Pharmaceutical Industry
There is a high prevalence of diseases amongst the increasing geriatric population. The changing lifestyles of the people are some factors propelling the growth of the acetyls market.
Price Variations Likely to Hinder Growth
There is a high prevalence of diseases amongst the increasing geriatric population. The changing lifestyles of the people are some factors propelling the growth of the acetyls industry.
Lowering demand for solvent-based Adhesives
Acetyls in the manufacturing process of solvent-based adhesives are anticipated to have a decreasing demand from end users in the current market and are likely to inhibit the market growth of acetyls.
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| Attribute | Details |
|---|---|
| United States Market Share - 2023 | 24.10% |
| Australia Market Share - 2023 | 1.7% |
As per the findings of Future Market Insights, the North American region is projected to hold the leading share of the acetyls industry and dominate the forum during the forecast period. North America is accountable for a 24.2% market share of the global acetyls market. The acetyls market size in this region is being bolstered by the following:
| Attribute | Details |
|---|---|
| Japan Market Share - 2023 | 3.1% |
| China Market CAGR (From 2023 to 2033) | 5.30% |
| India Market CAGR (From 2023 to 2033) | 5.90% |
The Asia Pacific acetyls market is a thriving sector in the region's chemical industry. Acetyls are organic compounds widely used in various applications, including coatings, plastics, textiles, and pharmaceuticals. With the rapid industrialization and economic growth in countries like China, India, and Southeast Asian nations, the demand for acetyls has witnessed significant change.
The region's large population and rising disposable income levels have also contributed to the increased consumption of acetyls in end-use sectors such as automotive, construction, and consumer goods. Technological advancements and the presence of key market players have boosted the Asia Pacific acetyls industry, making it a key player in the global industry.
| Attribute | Details |
|---|---|
| Germany Market Share - 2023 | 14.40% |
| United Kingdom Market CAGR (From 2023 to 2033) | 3.60% |
The European region is anticipated to have good gains during the forecast period and is likely to hold the second-leading share in the global acetyls market after North America. Europe is currently holding 21.9% of the total market share for acetyls. The acetyls market size is expanding in the European region due to factors like:
The growth in the chemical industry and rising demand from the end-use sectors, such as the construction and textile industries, are boosting the consumption of acetyls in various applications.
Rising disposable income is influencing the populace for more construction activities, and the growth of the textile industry is largely contributing to the market growth of acetyls.
The high requirement has caused European producers to increase the prices to 63 Euros per ton. The dominant process, which has accounted for up to 65% of the world capacity of oxidation of acetaldehyde by German producer Wacker, is the key product application in this region.
| Category | Product Type |
|---|---|
| Leading Segment | Acetic Acid |
| Market Share | 23.90% |
Acetic acid leads the demand in the acetyls industry due to its versatile and widespread applications in various industries. As a key component, acetic acid is extensively utilized in producing other acetyls like vinyl acetate, acetic anhydride, and ethylene acetate. It is a crucial precursor for many chemicals and a vital raw material for manufacturing plastics, textiles, and pharmaceuticals.
Acetic acid finds extensive use as a solvent and preservative, enhancing its demand in the chemical industry. Its importance in the food industry as a flavoring agent and food preservative further contributes to its dominant position in the acetyls market.
| Category | End-use Industry |
|---|---|
| Leading Segment | Pharmaceuticals |
| Market Share | 34.80% |
Pharmaceuticals lead the demand in the acetyls industry due to several factors. Acetyls, such as acetic acid and acetic anhydride, are important raw materials in producing pharmaceutical compounds. These compounds are used in various drug formulations and manufacturing processes.
Acetyls serve as solvents, reactants, and intermediates in synthesizing active pharmaceutical ingredients (APIs), pharmaceutical excipients, and drug delivery systems. Acetyls play a vital role in the production of cellulose acetate, which is used in manufacturing drug capsules, coatings, and films. The pharmaceutical industry's stringent quality and regulatory requirements contribute to the high demand for acetyls in this sector.
How are the New Entrants Adding Value to the Acetyls Business?
The start-up companies are intensifying their focus on frequent innovations and indulging themselves in mergers and acquisitions to develop more properties for further application in the multiple industry verticals and benefit the end users.
Key Take of Prominent Market Players in the Acetyls Market
Leading acetyl players operating in the acetyls are involved in new product launches, joint ventures, and partnerships to gain a competitive advantage. The biggies are investing a lot in research and development to bring new products into the global acetyls industry.
The research and development activities are also helping businesses to establish their expertise in the domain, allowing the acetyl players to have a competitive edge over their rivals in the global acetyls market.
Novel Breakthroughs and Advancements
| Company | INEOS |
|---|---|
| Strategy | INEOS Enhances Position with BP Acquisition |
| Details | In January 2021, INEOS acquired BP’s global Aromatics & Acetyls business consisting of 15 sites, 5 in America, 2 in Europe, and 8 in Asia, along with ten leading joint ventures. This development may support the company in extending its position in global petrochemicals and provide scope for integration and expansion with the existing business. |
| Company | Lotte |
|---|---|
| Strategy | Lotte and United Kingdom Energy Group Boost Acetic Acid Production in South Korea |
| Details | In March 2020, South Korea’s Lotte and United Kingdom energy and chemicals group had a joint venture to expand the capacity of acetic acid production at the South Korean plant. The investment costs around USD 175 million. This venture may allow companies to meet Korea’s growing demand. |
North America is likely to lead the acetyls industry.
The market size is estimated to cross USD 46,355.30 million by 2033.
The acetyls industry is likely to record a value of USD 27,657.60 million in 2023.
The acetyls industry is likely to secure a CAGR of 5.3% through 2033.
The key players in the global Acetyls Market are B.V., BP plc, Eastman Chemical Company, Celanese Corporation, and Wacker Chemie AG.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Acetic Acid 5.2. Acetic Anhydride 5.3. Vinyl Acetate 5.4. Formaldehyde 5.5. Ethylene Acetate 5.6. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use Industry 6.1. Food & Beverages 6.2. Oil & Gas 6.3. Pharmaceutical 6.4. Paints, Inks & Waxes & Coatings 6.5. Furniture 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. B.V. 17.2. BP plc 17.3. Eastman Chemical Company 17.4. Celanese Corporation 17.5. Wacker Chemie AG 17.6. Daicel Corporation 17.7. The Dow Chemical Company 17.8. LyondellBasell Industries Holdings B.V. 17.9. Kanoria Chemicals & Industries Ltd. 17.10. Laxmi Organic Industries Ltd. 17.11. Sipchem 18. Assumptions & Acronyms Used 19. Research Methodology
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Acetyls Market
