Triacetin Market is forecast to reach $269.5 million by 2025, after growing at a CAGR of 5.1% during 2020-2025. The growing demand for packaged foods & beverages combined with factors such as low production costs, lower side effects, and improved shelf-life, and increased consumption of triacetin in nail paints along with flavors and fragrances as a plasticizer will drive the growth of the Triacetin market over the forecast period.The report covers Triacetin Market size by type and applications, Triacetin Market share by top 5 companies and also the market share by start-ups during the forecast period.
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Application Type – Segment Analysis
The plasticizer segment is projected to lead the triacetin market during the forecast period. As a plasticizer, triacetine is used for different purposes in various applications. Cellulose acetate filters or cigarette filter rods are one of the main applications as a plasticizer. The major driving factor for the plasticizer segment is the significant consumption of cigarettes globally. Another significant use of the plasticizer is the chewing gum where it is used to minimize fragility and increase flexibility. Furthermore, The Food and Drug Administration (FDA) has allowed its use in the food industry as a food additive. It is commonly used to flavor different food products as a solvent.
End-Use Industry – Segment Analysis
The tobacco industry is projected to have the largest market share over the forecast period. According to British American Tobacco, there are an estimated one billion adult smokers worldwide. Globally, the increasing consumption of cigarettes has increased the tobacco industry’s market for triacetine. Food & beverage is the second-largest end-use market for triacetin. Rising spending on food and growing consumption of food products has driven the demand for triacetin in the food & beverage industry.
Geography – Segment Analysis
The Asia Pacific is dominated the global triacetin market with a major share of 31% in 2019 due to the increasing demand from various end-use industries in developing countries such as India and China. Increasing R&D for the development of new products in the food and pharmaceutical industries is also expected to fuel the growth of the triacetin market in APAC region. Demand for food and pharmaceutical products is escalating at a rapid rate in North America and Europe. This is projected propel the usage of triacetin and thereby positively influence the growth of the triacetin market.
Drivers – Triacetin Market
Increasing adoption of triacetine from various end-use industries such as tobacco, food and pharmaceutical is a key factor driving the global triacetin market. Additionally, increasing demand for triacetine in the chemical industry due to its compatibility with natural and synthetic rubber and light resistance is another factor estimated to boost demand and drives the market growth over the forecast period. Increasing investment in R&D for innovative and cost-effective cosmetic products without side effects also anticipated to boost demand for triacetin and propel growth of the market.
Challenges – Triacetin Market
The fluctuating raw material prices is the main factor that hinders the market’s growth. Triacetin is produced in a batch-wise contained reaction of glycerol, acetic anhydride and acetic acid. Due to the unstable prices of raw materials, the demand for the triacetin is likely to be affected. These include ethyl acetate, glycerol, amyl acetate, acetate glacial acetic acid.
Major players in the Triacetin Market are Atanor S.C.A., BASF SE, Daicel Corporation, Eastman Chemical Company, KLK OLEO, Lanxess AG, Mosselman S.A, Alfa Aesar, Sisco Research Laboratories Pvt. Ltd., Spectrum Chemical Mfg. Corp., Polynt Group and others.
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