Acetyls or acyls are functional group organic compounds with the chemical formula CH3CO. The Acetyl or acyl group contains a methyl group single-bonded to a carbonyl. The carbonyl center of an acyl compound has one non-bonded electron with which chemical bonds with alkyl groups are formed. Ethanoyl is the IUPAC name of acyl. Often known as the acetyl moiety, it is present in acetic acid, acetylcholine, acetyl-CoA, acetylcysteine, acetaminophen and acetylsalicylic acid. Acetylation is the chemical process of introduction of an acetyl group into a molecule. Acyls are used in the modification of histones and proteins.
The acetyl groups of acetic acid, vinyl acetate and acetic anhydride are used as intermediates in a wide range of applications such as solvents to adhesives and water-based paints to cellulose acetate. The other applications of acetyls include pain-relieving pharmaceuticals, modified starches, emulsifiers, liquid crystal polymers and dyestuffs. The global acetyl market is projected to register above average CAGR in terms of value during the forecast period. The global acetyl market is expected to be dominated by acetic acid product segment.
The acetyls market is expected to reach US$ 26,492.0 million in 2022 and grow at a modest CAGR of 5.1% over the course of the forecast period. By 2032, the market is projected to increase in size and reach US$ 43,565.4 million. In recent years, a CAGR of 4.3% has been observed historically.
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Market Trends and Drivers:
Increasing Demand in Pharmaceutical Industry: Acetyls, especially acetic acid and acetic anhydride, are extensively used in the pharmaceutical sector for the production of active pharmaceutical ingredients (APIs), coatings, and solvents. The rising global population and increased healthcare spending drive the demand for pharmaceutical products, thereby boosting the acetyls market.
Growing Food and Beverage Industry: Acetyls serve as essential additives in the food and beverage industry, providing flavoring, preservation, and acidity regulation. With changing consumer preferences and an emphasis on convenience foods, the demand for acetyls in this sector is expected to rise.
Expansion of Packaging and Adhesives Industries: The packaging industry's growth, fueled by e-commerce and rising consumer demand, drives the need for adhesives, coatings, and films produced using acetyls. The rising popularity of sustainable packaging further augments the demand for acetyls-based products.
Regional Outlook:
Asia-Pacific: The Asia-Pacific region dominates the acetyls market, led by countries like China, India, and Japan. Rapid industrialization, infrastructural development, and the presence of major end-user industries contribute to the region's market dominance.
North America: The North American acetyls market benefits from the strong presence of pharmaceutical and chemicals industries. Technological advancements and a focus on research and development further drive market growth in the region.
Europe: Europe has a significant market share, driven by the robust automotive, packaging, and pharmaceutical sectors. Stringent regulations promoting environmental sustainability also boost the demand for acetyls-based products in the region.
Prominent Acetyls Business Players
· B.V.
· BP plc
· Eastman Chemical Company
· Celanese Corporation
· Wacker Chemie AG
· Daicel Corporation
· The Dow Chemical Company
Key Segments in the Acetyls Market
By Product Type:
Acetic Acid
Acetic Anhydride
Vinyl Acetate
Formaldehyde
Ethylene Acetate
Others
By End-Use Industry:
Food & Beverages
Oil & Gas
Pharmaceutical
Paints, Inks & Waxes & Coatings
Furniture
Others
By Region:
North America
Latin America
Asia Pacific
Middle East and Africa
Europe