The acetyls market size is set to cross $34.2 billion by 2022, growing at a CAGR of 2016-2022. The major factors in the growth of market are increasing consumption of adhesives in key industries, increasing demand for acetic acid in manufacturing of purified terephthalic acid (PTA) and ester solvents and increasing demand for acetyls in Asia-Pacific.
Based on type, the acetyls market has been segmented into acetic acid, vinyl acetate monomer (VAM), ethyl acetate, acetic anhydride, and others. Acetic acid was the largest segment based on product in terms of volume in 2015. Based on value, the acetic acid held the largest share in the market with 31.2% in 2015. Also, it is expected to witness the highest growth during the forecast period.
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Acetic anhydride is used in making various narcotic drugs. Also, acetylation converts natural painkiller morphine to intense form of heroin that can be sold in various black markets. So, on February 2004, Regulation (EC) No 273/2004 was passed on behalf of European parliament that requires special permission and license for the manufacturing and selling of acetic anhydride and other acetyls compound related chemicals that can lead to human drug abuse.
With 17.4% (in terms of volume) and 21.7% (in terms of value) in 2015, North America held the second largest share in the acetyls market, after Asia-Pacific. North American market is expected to show sluggish growth during the forecast period, as the market is on the verge of maturity. However, collaboration of several universities for scientific research and product development of acetyls in North America is expected to have positive impact on the regional markets.
Geographically, in terms of value, Asia-Pacific held the largest share in the global acetyls market in 2015 and it is also expected to be fastest growing market during the forecast period, owing to increasing investment in oil & gas industry, rapidly growing electronics industry, and large base of automobile industry. Increasing per capita income and rising standard of living is increasing the individual expenditure on automobile, healthcare and electronics industry. Furthermore, presence of large number of chemical industries in Asia-Pacific is expected to boost the demand for acetyls, which in turn will produce large share of market in terms of value during the forecast period.
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Rest of the World is an emerging opportunity for the acetyls market during the forecast period. The high investment in automotive, paints and coatings, oil and gas and pharmaceuticals industries are presenting Rest of the World as an attractive market for acetyls. Furthermore, increasing urbanization and industrialization is supplementing the growth of acetyls market in Rest of the World.
The key companies operating in the global acetyls market include Celanese Corporation, The Dow Chemical Company, Eastman Chemical Company, Jubilant Life Sciences, Wacker Chemie AG, LyondellBasell Industries Holdings B.V., BP Plc, Helm AG, Saudi International Petrochemical Company (Sipchem), and DuPont.
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