The Acetyls Market size is projected to grow at a CAGR of 5.5% during the forecast period 2022-2027 and reach US$38.6 billion by 2027. The growth of the Acetyls Market is primarily
dependent on the growth of the pharmaceutical and coating industries. Acetyls
such as acetic acid, acetic anhydride, vinyl acetate monomer (VAM), ethylene
acetate and more are primarily used in the pharmaceutical industry for enhanced
drug delivery during the production of pharmaceutical drugs. The surging
developments associated with the pharmaceutical and coating sectors across the
world have led to considerable growth in the acetyls market.
Acetyls Market: Key Segment is the Pharmaceutical
On the basis of the end-use industry, the Acetyls Market can be segmented into automotive, pharmaceutical, paints & coating, oil & gas and others. The pharmaceutical industry is evaluated to hold a significant share in the acetyls market in 2021. During the forecast period 2021-2027, the pharmaceutical segment is expected to grow with a CAGR of 5.8%. This can be attributed to various reasons such as the surging pharmaceutical products across the world. For instance, recent insights from the Brazilian Chemical Industry Association state that the production of the pharmaceutical industry in Brazil was valued at US$16.1 billion in 2021, an increase of 2.6% from US$15.7 billion in 2020. Moreover, according to the International Trade Administration, the total consumption of pharmaceutical products in Mexico reached US$ 11.1 billion in 2020, representing an increase of 2.8% from US$ 10.8 billion in 2019.
Acetyls Market: Leading Region is the Asia-Pacific
On the basis of geography, the Acetyls Market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held over 45% share of the total revenue earned by the market globally. Asia-Pacific countries including China, India and Vietnam are comparatively ahead in terms of the growth of the pharmaceutical sector. According to the India Brand Equity Foundation (IBEF), the domestic pharmaceutical industry in India includes around 3,000 drug companies and approx. 10,500 manufacturing units. Moreover, according to Vietnam’s Ministry of Health, the pharmaceutical industry is expected to grow at a rate of 10% per year from 2017 to 2028, owing to an increase in pharmaceutical production and sales in the country. The Acetyls Market will also witness significant growth in the North American region. The U.S, and Canada are emerging as competitive countries in the acetyls market.
Acetyls Market: Competitive Landscape
Key companies holding major shares in the Acetyls Market are BP PLC and Celanese Corporation. Daicel Corporation, Dow Inc., Eastman Chemical Company, Helm AG, LyondellBasell Industries Holdings B.V., Quzhou Weirong Pharmaceutical & Chemical Co., Ltd, S.R.Drugs and Intermediates Pvt. Ltd. and Wacker Chemie AG.
The key strategies adopted by the company include launches and acquisitions among others. In June 2022, Ineos announced its plans to develop an acetic acid plant and its associated derivatives on the U.S Gulf coast, owing to the increasing consumer demand for acetyl products. The development of the new plant is scheduled for completion by 2023. Moreover, in March 2021, Laxmi Organic Industries, a manufacturer of acetyl intermediates and specialty intermediates acquired Acetyls Holding along with its subsidiary Yellowstone Chemicals. The company aims at expanding its existing product portfolio through this acquisition while strengthening its position in the market.
About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.