The emergence of new applications of acetic anhydride is one of the major trends being witnessed in the global acetic anhydride market. Acetylated wood, produced with the help of a chemical reaction between acetic anhydride and wood, has enhanced the performance of wood. It has benefited the environment as its production process consumes less energy and water. The chemical process of acetylation is where the hydroxyl group in the wood cell-wall polymer reacts with acetic anhydride to produce acetylated wood. The produced acetylated wood through this process is highly durable.
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In this report, Technavio analysts highlight the growth of the pharmaceutical industry as a key factor contributing to the growth of the global acetic anhydride market:
Global acetic anhydride market: Growth of the pharmaceutical industry
One of the major factors driving the growth of the global acetic anhydride market is the increasing use of acetic anhydride as a chemical intermediate for the healthcare and pharmaceutical industries. Acetic anhydride is used in the manufacturing of aspirin, where salicylic acid reacts with acetic anhydride to produce aspirin. In 2015, aspirin was the most common and heavily used drug globally.
According to a senior analyst at Technavio for specialty chemicals, “Acetic anhydride is the major raw material used in the production of aspirin. This resulted in the increase in demand for acetic anhydride owing to the growing demand for aspirin worldwide. Increasing demand for pharmaceutical drugs is one of the major factors driving the growth of the global acetic anhydride market.”
Global acetic anhydride market - Cellulose acetate segment leads the market
This market research report segments the global acetic anhydride market into the following end-users (cellulose acetate, pharmaceutical, and TAED) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major end-users, the cellulose acetate segment held the largest market share in 2017, contributing to over 58% of the market. The market share occupied by this segment is expected to increase by almost 1% by 2022. However, this end-user segment will dominate the global market throughout the forecast period.
APAC was the leading region for the global acetic anhydride market in 2017. It accounted for a market share of approximately 45%. It was followed by the Americas and EMEA. APAC is expected to project the fastest growth during the period 2018-2022.
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