The global acetic anhydride market was valued at $3,476.1 million in 2019, and the market size is expected to grow at a CAGR of 2.3% during 2020–2030, ultimately reaching $4,950.4 million.
Based on application, the largest size in the acetic anhydride market in 2019 was attributed to the synthesizers category. This is credited to the high-volume consumption of the chemical to produce cellulose acetate. The demand for cellulose acetate is increasing due to its usage in the automotive and plastics sectors. To meet the surging requirement for cellulose acetate from these sectors, the consumption of the chemical compound in the production of cellulose acetate is predicted to rise.
The APAC region generated the highest revenue in the market in 2019, and this trend will continue during the upcoming years as well. This can be majorly credited to the rising production of cellulose acetate, which requires the compound as a synthesizer. There is rapid growth in the demand for cellulose acetate because of its use in plastic manufacturing. Tows, cigarettes, and textile fibers are widely used throughout the world. Around the world, China is the largest consumer and producer of cigarettes.
To receive free sample pages of this report@ https://www.psmarketresearch.com/market-analysis/acetic-anhydride-market/report-sample
There has been significant growth in the number of geriatric patients worldwide, and it is propelling the advance of the industry. The WHO states that by 2030, 1 in 6 people will be aged 60 years or above. The rise in the aging population is propelling the consumption of painkillers, because of which the demand for the compound is observing a rise. To meet the demand for generic drugs, including aspirin, the consumption of the compound will increase, thus encouraging the growth of the acetic anhydride market globally.