High demand for tobacco industry and plasticizers, product launches, increasing strategic developments such as partnerships and agreements are key factors contributing to high CAGR of Triacetin market during forecast period.
According to the current analysis of Reports and Data, the global Triacetin Market was valued at USD 280.9 Million in 2020 and is expected to reach USD 391.3 Million by year 2028, at a CAGR of 4.4%. Triacetin, also known as Triacetin, is a trimester of glycerol and acetic acid. It is an artificial chemical compound used in the varied application including tobacco industry, food additive, pharmaceutical products, fuel additive, humectant, and plasticizer and as a solvent. It is also known as triglyceride and 1, 2, 3-triacetoxypropane. The demand for the product is likely to be affected due to the raw material price variation / unstable costs. These raw materials include Ethly Acetate, Glycerol, Amyl Acetate, Acetic Acid Glacial and Dehydrolyzing Agent. Recently, on April 2020, FDA has approved the use of triacetin in the food industry as a flavouring agent and adjuvant and has been listed on the FDA Generally Regarded As Safe (GRAS) List.
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Top Lading Players: Eastman, Lanxess, BASF, Daicel and Jiangsu Ruijia
Some Key Highlights from the Report:
- According to British American Tobacco, there are an estimated one billion adult smokers worldwide. Growing consumption of cigarettes across the globe is driving the growth of the tobacco industry
- In the pharmaceutical industry, triacetin is widely used as an antifungal agent and as a plasticizer for manufacturing capsules and capsule coatings. Drug development in the pharmaceutical industry and the benefits of medical, chemical, and biological research has propelled the growth of the pharmaceutical industry across the globe
- Triacetin market is fastest growing at a CAGR of 0% in Asia Pacific due the growing number of population and increased demand for triacetin for use in various end-use industries. Continuous RD activities and increasing investments in the pharmaceutical and cosmetic sectors by various governments and leading market players for the development of new products are also driving the growth of the triacetin market in the Asia Pacific region
- Emulsifier is the second leading Product segment because triacetin is used as a flavour enhancer to enhance flavours as an emulsifier to promote emulsification, and is used in various food applications, including baked foods, dairy products, and others. It is widely used for its texturing, moisturizing, emulsifying, and stabilizing properties
- Tobacco industry segment has the highest CAGR of 4.8% and is the largest segment with a market size of 58.6% because major product of the tobacco industry is cigarettes, and triacetin is used as a plasticizer in cellulose acetate filters or cigarette filter rods. For example, China is the leading producer of tobacco, producing more than 3 million tons of tobacco leaf annually. According to a study, the market size of the tobacco industry is around USD 800 billion. This industry plays a vital role in the economies of many countries
- Europe is the second largest region with a share of 27.9% owing to new products being developed by food beverages and pharmaceutical industries, which in turn fuels the growth of the Triacetin market in this region
- Food grade segment is second largest segment value at USD 56.8 million due to food grade triacetin is used in various applications in the food beverage industry, such as in baked foods, dairy products, confectionaries, and others in bubble gums or chewing gums. It is also used as a food additive in hard candy
Segments covered in the report:
Grade (Revenue, USD Million; 2020–2028)
- Tobacco
- Food
- Industrial
Product Type (Revenue, USD Million; 2020–2028)
- Plasticizer
- Emulsifier
- Solvent
- Humectant
- Others
End User (Revenue, USD Million; 2020–2028)
- Tobacco
- Food Beverage
- Pharmaceutical
- Cosmetic
- Others
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Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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