The Ammonium Acetate Market size is estimated to reach US$11.8 billion by 2027, after growing at a CAGR of 3.3% during the forecast period 2022-2027. The growth of the Ammonium Acetate Market would be driven by the rising development in the pharmaceutical sector, rapid innovation of novel drugs and medical technologies. Ammonium acetate is an ammonium salt, which is obtained from the reaction between ammonia and acetic acid. This inorganic salt is increasingly utilized in the medical sector for applications in drugs such as insulin and others.
In July 2021, the United States FDA announced the approval for interchangeable insulin products for pediatric and adult age group patients. According to the India Brand Equity Foundation (IBEF), the Indian pharmaceutical sector is expected to reach US$120-130 billion by 2030. With the rising expenditure on drugs and medications, growing healthcare infrastructure and advancements in medical technologies across the world, the Ammonium Acetate industry is observed to achieve robust growth.
Ammonium Acetate Market: The Medical & Pharmaceutical Industry Dominates the Market
Based on the end-use industry, the Ammonium Acetate market can be segmented into Food & Beverages, Medical & Pharmaceuticals, Cosmetics & Personal Care, Agriculture, Chemicals, Textiles and Others. The medical and pharmaceutical sector is evaluated to be the leading segment in the ammonium acetate industry. During the forecast period 2022-2027, the medical & pharmaceutical industry is projected to grow at a CAGR of 3.9%. This can be attributed to growth factors such as high spending on drugs, flourishing healthcare infrastructure and a rise in emergency and chronic health incidents.
According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the total pharmaceutical market value for EU member nations at ex-factory prices increased from US$147,686 in 2019 to US$253,027 in 2020. Thus, the Ammonium Acetate industry would grow significantly as a result of emerging medical & healthcare technologies and productivity.
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Ammonium Acetate Market: North America Holds the Largest Share in the Market
Based on geography, the Ammonium Acetate market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC's analysis, North America has emerged as the most profitable region. In 2021, the North American region held a 38% share of the total revenues earned by the market, globally. The North American region is estimated to grow rapidly due to the established base for the medical & healthcare sector, surging growth of the food & beverage sector and rising income levels.
According to the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), the estimated growth of the pharmaceutical sector for 2022 was 5.4% in North America. According to the Government of Canada, Canadian drug sales increased from US$28.3 billion in 2018 to US$29.9 billion in the year 2020.
With robust growth scope for Ammonium Acetate and utilization in the medical sector across North American countries, including Canada and USA, the Ammonium Acetate industry would continue to grow in North America over the forecast period.
Ammonium Acetate Industry Outlook
Key companies holding major shares in the Ammonium Acetate market are Wuxi Yangshan Biochemical Co., Ltd, Victor Chemical, Hongyang Chemical, Yafeng Chemical, Shijiazhuang Runhong Technology Co., Ltd, Niacet, Tianmen Chutian Fine Chemical Co., Ltd, Jiangsu Jiatai Chemical Co., Ltd, Jarchem and Shandong Zhonghe Hengyuan Chemical Co., Ltd.
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