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The Triacetin Market size is forecast to reach US$200 million by 2027, after growing at a CAGR of 5.1% during 2022-2027, owing to the rising demand from various end-use industries such as food and beverage, pharmaceuticals, plastics, and more. Triacetin is one of the glycerin acetate compounds known as glycerin triacetate. It is the triglyceride of glycerol acetylating agents, such as acetic anhydride and acetic acid. The triacetin market is fueled by an increase in demand for flavorings and fragrances from the food and beverage industry. Furthermore, the rapid growth of the cosmetics industry is accelerating the demand for the triacetin industry growth. All these factors are driving the growth of the triacetin market and is anticipated to drive the growth in the future forecast period.
COVID-19 Impact
The triacetin market was affected by the COVID-19 pandemic in 2020, due to the strict imposition of lockdown. Because of the COVID-19 pandemic, the supply chain was disrupted, production was hindered and exports declined. The exports of beverages saw a global level decline in the year 2020. For instance, according to International Trade Centre (ITC), in 2019 the global level exports of beverages were valued at US$123.49 billion, and in 2020 it was valued at US$117.22 billion, a decline of 5.35%. This decline in exports resulted in losses for the triacetin industry. However, in the starting months of 2021 when the COVID-19 cases increased, governments across the nations imposed strict lockdown but the production was allowed with less number of laborers as a result of this the triacetin market growth was not adversely affected as it was affected in 2020. The impact of COVID-19 is expected to be reduced by mid-2022, resulting in triacetin market growth.
Triacetin Market Segment Analysis – By Grade
The food-grade segment held the largest share in the triacetin market in 2021. The United States Food and Drug Administration (USFDA) has allowed the use of triacetin in food, and it is included in the Good Food Manufacturing Practices list (GFM). The food-grade of triacetin is used as an ingredient in many foods and beverage products and cosmetics products. Triacetin is a suitable solvent and fixative for many flavourings and perfumes because of its strong solvency and low volatility. As a result of these benefits, the food-grade triacetin is being used more frequently in the food and beverage industry, which propelling the triacetin market growth.
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Triacetin Market Segment Analysis – By Function
The plasticizer segment held the largest share in the triacetin market in 2021, owing to its increasing use in tobacco, personal care products, pharmaceuticals, and more. Triacetin is often used as a plasticizer because its cellulosic resin plasticizer is compatible with cellulose acetate, nitrocellulose, and ethyl cellulose in all concentrations. The plasticizer capabilities have been utilized for the synthesis of biodegradable oils, which have been used in the manufacturing of pharmaceutical products. Furthermore, due to its chemical properties, the cosmetics industry employs plasticizer in nail and skin care products. Plasticizers are also used in the tobacco industry as it gives the good hold on the cigarette filters. Thus, the increasing use of plasticizers in various end-use industries is anticipated to drive the growth of the triacetin market.
Triacetin Market Segment Analysis – By Application
The flavourings and fragrance segment held the largest share in the triacetin market in 2021 and is growing at a CAGR of 4.9% during 2022-2027. Triacetin gives the advantage of enhancing the flavourings, which results in improving the taste of food and beverage products, as the market for food and beverages is increasing and leading to the growth of the triacetin industry. In the personal care industry, it is used in skin care products and perfumes for enhancing the fragrance. The global demand for unisex fine fragrances is increasing, which is accelerating the demand for flavourings and fragrances. For instance, according to the Cosmetics Toiletry and Perfumery Association (CTPA), in 2019, the global sales of unisex fine fragrance was at €38.69 million (US$43.31 million) and in the year 2020, it increased to approximately €50 million (US$51.11 million), with an increase of 29.1%. Due to these factors, the demand for flavourings and fragrances is increasing which is anticipated to drive the growth of the triacetin market in the forecast period.
Triacetin Market Segment Analysis – By End-Use Industry
The food and beverage segment held the largest share in the triacetin market in 2021 and is growing at a CAGR of 6% during 2022-2027. When compared with other food-grade triacetin has better texture, moisturizing, emulsifying, and stabilizing qualities, making it ideal for use in the food and beverage industry. As the global demand for dairy products is increasing, it is leading to the growth of the food and beverage industry. For instance, U.S Department of Agriculture (USDA), in the year 2019 the total production of US dairy products was 18,844 (million Ib) and in 2020 it increased to 19,414 (million ib), an increase of 3.02%. Moreover, higher growth in the food and beverages industry was seen in the UK according to Food and Drink Federation of UK (FDF), the total manufacturing in the year 2018 for food and beverages was €28 billion (US$33.07 billion) and in 2019 it was €29 billion (US$32.47 billion) with a total increase of 3.6%. Thus, the increasing demand for the food and beverage industry is anticipated to drive the growth of the triacetin market in the forecast period.
Triacetin Market Segment Analysis – By Geography
Asia-Pacific region held the largest share in the triacetin market in 2021 up to 31% owing to its increasing use in the end-use industries such as food and beverage, pharmaceuticals, agriculture, and personal care. The population of the countries is increasing across the Asia Pacific region and the burden of food is increasing, which has resulted in more production in the food industry. For instance, according to, Indian Brand Equity Foundation (IBEF), the packaged food demand in India is forecasted to reach US$70 billion by 2025. Moreover, the Asia-Pacific cosmetics sector has seen growth, which is leading to the growth of the triacetin market, For instance, according to International Trade Administration (ITA), in 2018 the South Korean Cosmetics market was US$9.37 billion and in 2019 US$9.43 billion the market is seeing a steady growth rate. Thus, the food and beverage and personal care industry of the Asia-Pacific region will increase the demand for triacetin and it is anticipated to drive the growth of the Triacetin market in the future forecast period.
Triacetin Market Drivers
Rapid Growth of the Pharmaceutical Industry
Triacetin is used in the manufacturing of cancer-grade medicines, and anti-fungal medicines. At the global level, there has been increased pharmaceutical spending, which is leading to the growth of the triacetin industry. For instance, according to the Organisation for Economic Co-operation and Development (OECD), in the year 2019, the Ireland pharmaceutical expenditure was approximately US$6.73 billion and in 2020 it increased to approximately US$7.04 billion, with an increase of 4.6%. Moreover, the growing pharmaceutical industry of India will also lead to the growth of the triacetin industry. For instance, according to Invest India, the pharmaceutical industry of India is forecasted to reach US$65 billion by 2024. Thus, the increasing demand for the pharmaceutical industry is anticipated to drive the growth of the isobutyl benzene market.
Growth in the Cosmetics Industry
Triacetin is used in the cosmetics industry because in comparison with other chemicals it kills or inhibits the growth of bacteria, which helps to cleanse the skin and prevent odor. The growing demand for skin care products is propelling the cosmetics market growth, which is pumping the triacetin market growth. For instance, according to Cosmetics Toiletry and Perfumery Association (CTPA), in the year 2019, the global hand care sales were €54.094 million (US$60.56 million) and in 2020 it increased to €68.25 million (US$77.95 million), with an increase of 26.2%. Similarly, in the year 2019, the global body cream and lotion sales were €198.39 million (US$222.09 million) and in 2020 it increased to €201.36 million (US$229.99 million), with an increase of 1.5%. Thus, the increasing demand for the cosmetics industry is driving the isobutyl benzene market growth.
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Triacetin Market Challenges
Safety Concerns Related to the Use of Triacetin
The triacetin market is facing challenges related to safety concerns while handling it. The major constraint while using triacetin is that the substance or product that contains triacetin can catch fire and it is explosive. If by mistake triacetin comes in contain with eyes or skin it can cause skin burns and blindness. Moreover, inhalation and ingestion of triacetin are injurious to the vital organs of the body. It has been made compulsory to have a label of the handle with care on the packaging of the triacetin and it is advised to use safety goggles and gloves while dealing with triacetin. Thus, these factors are posing a challenge for the growth of the triacetin market.
Triacetin Market Landscape
Technology launches, acquisitions, and increased R&D activities are key strategies adopted by players in the triacetin market. Major players of the triacetin market include:
Acquisitions/Technology Launches
In September 2020, Eastman signed an agreement with DKSH for its personal care products distribution throughout the Asia Pacific region, this partnership will benefit Eastman Chemicals triacetin, specialty chemical, and other personal care chemical divisions.
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Key Takeaways
Asia Pacific region dominates the triacetin market, owing to its increasing food processing industry in the region. For instance, according to Invest India, it is forecasted that by 2025-26 the output of the food processing industry will reach US$535 billion.
Triacetin is used in the production of cigarette filters by the tobacco industry as a solidifier. The tobacco industry’s increasing need for triacetin is propelling the triacetin market growth.
Triacetin is employed as an ingredient in animal feed and as an agrochemical for pest management in the agriculture industry, which is accelerating the triacetin market growth.
However, there are certain safety concerns regarding the use of triacetin, which is posing as a roadblock for the triacetin market growth.
Related Reports:
A. Acetic Acid Market
https://www.industryarc.com/Report/15057/acetic-acid-market.html
B. Plasticizers Market
https://www.industryarc.com/Report/11717/plasticizers-market-analysis.html
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