Acetic Anhydride Market

The growth scope of the Acetic Anhydride Market will be highly influenced by the enormous utilization in the medical & pharmaceutical sectors, medical technologies, supplements and drug areas. Acetic Anhydride or ethanoic anhydride is also increasingly used in cigarette fillers as it is a vital component in cigarettes and in textile fibers, reagents and dyes. Further, major dominance in the pharmaceutical sector for pharma resins, drugs, medications and others is fuelling growth scope in the acetic anhydride industry. According to the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), the estimated growth of the pharmaceutical sector in North America was 5.4% for the year 2022. With the rising spending on drugs and medications and flourishing healthcare infrastructure across the world, the acetic anhydride industry is anticipated to achieve robust growth prospects. The Acetic Anhydride market size is estimated to reach US$9.6 billion by 2027, after growing at a CAGR of 6.1% during the forecast period 2022-2027.

Based on the end-use industry, the Acetic Anhydride market can be segmented into Medical & Pharmaceutical, Agrochemical, Laundry & Cleaning, Food & Beverage, Textile and Others. The leading segment in the acetic anhydride industry has been evaluated to be medical and pharmaceutical. During the forecast period 2022-2027, the medical & pharmaceutical industry is projected to grow with a CAGR of 6.9%. This can be attributed to growth factors such as high spending on drugs such as aspirin, paracetamol, vitamins and others, flourishing healthcare infrastructure and a rise in emergency and chronic health incidents. For instance, according to the India Brand Equity Foundation (IBEF), the Indian pharmaceutical sector is expected to reach US$ 120-130 billion by 2030. Thus, the Acetic Anhydride industry will grow significantly as a result of the emerging medical & healthcare sector, rising drug spending and emerging cases of chronic health incidents.

Based on geography, the Acetic Anhydride 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 37% 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, growth of the food & beverage sector and rising income levels.

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 acetic anhydride or carboxylic acid anhydride and utilization in the medical sector for various medications and drugs, the acetic anhydride industry will emerge significantly in North America over the forecast period.

In March 2021, Celanese Corporation invested in expanding the vinyl acetate monomer production unit in China. This expansion was aimed to support the acetic anhydride business by catering to demand from global customers.

In August 2019, Jubilant Life Sciences intended to boost its acetic anhydride output through capacity expansion, which was stated to be completed by the second quarter of 2020.

Key companies holding major shares in the Acetic Anhydride market are BASF SE, Eastman Chemical Company, DuPont, Buda Chemikalien, Daicel Corporation, Fischer Chemic, Celanese Corporation, Atanor SCA and Jiangsu Danhua Group Co.