Published by Uma Rajagopal
Posted on February 16, 2022
Acetic anhydride is a primary raw material required for the production of pharma drugs and medicines. A global increase in general health issues following the onslaught of the COVID-19 pandemic has increased the demand for these medications. Rise in usage of generic drugs like paracetamol has caused a significantly positive impact across the global acetic anhydride market. Similarly, hormonal drugs are being increasingly used to treat chronic illnesses. A growing number of people contracting cancer, and developing conditions like hyperthyroidism, prostate disorders, and infertility is giving an impetus to market growth.
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Being a resourceful organic intermediate, acetic anhydride is used for various end uses by multiple industries. One of the popular end uses of this product is in the packaging industry. The reason behind this is the biodegradable properties of acetic anhydride. Therefore, a surging trend of leading a sustainable lifestyle among present generations is expected to promote global growth of the market.
Growing Demand for General and Hormonal Drugs from the Pharmaceutical Industry Becomes Harbinger of Prosperity for the Global Acetic Anhydride Market
People have become increasingly susceptible to contracting general cough, cold, fever, and developing common body ache. This is causing an increase in the consumption of paracetamol. Since acetic anhydride constitutes as one of the key raw materials for its production, the global market for this chemical compound is prophesied to reap benefits from the drug’s growing demand.
On the other hand, acetic anhydride is also primarily used in the production of cellulose. As an increasing number of people become sensitive to climate change, demand for natural fibres is sanctioning an escalated produce of cellulose fibre. This is posing as another key driver for the expected surge in the market for acetic anhydride.
Countries of the Asia Pacific Region Impose Dominance Upon Global Market for Acetic Anhydride
Acetic anhydride is majorly used in industries like pharmaceutical, textile, and packaging. A major share of these industries is held by countries like India and China owing to rapid industrialization. The increasing demand for acetic anhydride by these production units is consequently augmenting its market growth in the region. The textile industry has always found favourable shares in the Indian subcontinent. With a heightened inclination towards sustainable and natural fibres globally, India’s production of cellulose fibre is expected to experience a surge. Furthermore, access to healthcare is increasing in various developing countries of the region due to gratifying initiatives and government policies. This is pushing the demand for generic drugs towards an upward arc. All of these reasons combined have earned Asia Pacific dominance in the acetic anhydride market.
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Mergers, Acquisitions, and Capacity Expansions Become Competitors’ Sought-After Strategies to Maintain Grasp over Acetic Anhydride Production
In April 2018, Celanese Corporation announced its agreement with ChemChina, to extend their joint R&D on the acetyls technology. The agreement is for the continued exclusive collaboration between them to jointly develop advanced technologies for the production of acetic acid and other acetyl products. Other key players in the market include BP Chemicals, Eastman Chemical Company, Jubilant Life Sciences Ltd., Daicel Corporation, Jiangsu Danhua Group Co. Ltd, PetroChina Company Limited, and Saudi International Petrochemical Company (Sipchem).
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