Acetic anhydride is mostly used as a synthesizer in the production of medicated drugs. The requirement for medicated drugs is exponentially increasing, due to the rapid surge in the geriatric population. Old people need aspirin, sulfa drugs, paracetamol, triacetin, acetaminophen, and cortisone in large quantities to combat numerous ailments. Thus, the increasing number of elderly people will boost the consumption of the compound in the coming years. According to the 2019 World Population Ageing report, the world will host nearly 1.5 billion people aged 65 years or above by 2050.
Moreover, the increasing research and development investments and geographical expansion of leading drug manufacturers in the Asia-Pacific region will amplify the usage of acetic anhydride in the coming years. All these can be attributed to the improvement in the healthcare sector in emerging economies of APAC like India, Thailand, China, and Indonesia. These developments will, therefore, accelerate the acetic anhydride market at a CAGR of 2.3% during 2020–2030. The market was valued at $3,476.1 million in 2019 and it is projected to reach $4,950.4 million by 2030.
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Globally, the APAC region utilized the highest quantity of acetic anhydride in 2019 and it is also expected to remain the largest consumer in the foreseeable future. This can be ascribed to the largescale production of cellulose acetate, which needs this chemical as a synthesizer. Moreover, the rapid growth of the pharmaceutical industry in the region, due to hefty investments, will propel the demand for the compound in the future. This sector primarily uses acetic anhydride to produce aspirin.
Whereas, the Middle East and Africa (MEA) acetic anhydride market will demonstrate the fastest growth in the foreseeable future. This can be owed to the surging application of the compound as a food additive and as a synthesizer for cellulose acetate. Besides, the expansion of textile industry will also amplify the usage of the chemical, owing to the rising production of home-furniture upholstery and automotive upholstery in the region. Additionally, the growth of chemical industry in Saudi Arabia, due to the rising investments, will also fuel the adoption of the compound.
Thus, the soaring production of medicated drugs, cigarettes, and textile fibers will propel the consumption of acetic anhydride in the foreseeable future.
Read More: https://www.psmarketresearch.com/market-analysis/acetic-anhydride-market
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