Tag: global industry analysis

Exploring the Growing Acetic Anhydride Market and its Wide Range of Applications

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.

Acetic Anhydride Market

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.

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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.

Emerging Trends and Applications in the Benzalkonium Chloride Market

Due to the increasing prevalence of acute and chronic diseases, growing geriatric population, and rising disposable income in emerging economies, the worldwide healthcare industry is expanding rapidly. This is expected to be the key factor to take the global benzalkonium chloride market to $1,301.1 million by 2030 from $525.0 million in 2019, at a 9.6% CAGR between 2020 and 2030.

This is because the compound is widely used as an antiseptic, antimicrobial preservative, solubilizing agent, disinfectant, and wetting agent in contact lens solutions. In addition, the benzalkonium chloride market is growing on account of the usage of this compound as an antimicrobial preservative in aqueous multidose nose, eye, and ear products.

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Benzalkonium Chloride Market Segmentation Analysis

In the coming years, the highest value CAGR in the benzalkonium chloride market, of 10.0%, on the basis of application, will be witnessed by the disinfectants category. There are stringent regulations requiring hospitals and diagnostic, research, biotechnology and pharmaceutical laboratories to be disinfected on a regular basis. Another factor driving the demand for disinfectants and, in turn, benzalkonium chloride, is the increasing incidence of hospital-acquired infections (HAI).

Till now, the North American benzalkonium chloride market has generated the highest revenue for companies offering this compound. With the growth in oil and gas exploration and production activities in Canada and the U.S., the usage of the compound as an inhibiter of the corrosion caused on underwater steel equipment by sulphate-reducing bacteria is rising. Another application of the compound in this sector is controlling the release of hydrogen sulphide gas, which results in oil souring.