The global acetyls market is to be valued at US$ 27,657.60 million in 2023 and is predicted to secure a slow-paced CAGR of 5.3% during the forecast period. The market is expected to grow to US$ 46,355.30 million by 2033. A historical CAGR of 4.3% has been recorded in the past few years.
Acetyls are highly used for the production of polymers. They also have various applications in several industries, whether as components of dialysis substrates-acetyls, perfect solvents, or chemical intermediates.
It has been identified that the acetic acid market is primarily being bolstered by its application as an acetylating agent in chemical reactions. Future Market Insights have recognized that the acetic anhydride market is growing hand in hand with its usage in the formulation of acetyls. Acetyls are extensively used in different industry verticals because they exhibit the exceptional ability to modify histones and proteins.
Historical Comparison for Acetyls Industry between 2018 to 2022 and 2023 to 2033
The acetyls market witnessed significant growth from 2018 to 2022, increasing demand across various pharmaceuticals, chemicals, and textiles. The market experienced steady expansion during this period, driven by a growing population, urbanization, and industrialization.
From 2023 to 2033, the acetyls business witnessed even more substantial growth. This can be attributed to emerging economies, technological advancements, and increased investments in research and development. The demand for acetyls is anticipated to surge due to the rising use of acetic acid, vinyl acetate, and other derivatives in various applications, including adhesives, coatings, and solvents.
The future period is expected to present lucrative opportunities for the acetyls industry, marking a significant expansion compared to the previous years.
Country-wise Insights
How is the North American Region Responding to the Acetyls Market?
As per the findings of Future Market Insights, the North American region is projected to hold the leading share of the acetyls industry and dominate the forum during the forecast period. North America is accountable for a 24.2% market share of the global acetyls market. The acetyls market size in this region is being bolstered by the following:
Increase in polymer formulations across the region.
New investments led by the government to improve productivity and support the local market and other projects planned for the increased application of acetyls across the different expanding pharmaceuticals, food, and beverage industries.
Start-up Ecosystem
How are the New Entrants Adding Value to the Acetyls Business?
The start-up companies are intensifying their focus on frequent innovations and indulging themselves in mergers and acquisitions to develop more properties for further application in the multiple industry verticals and benefit the end users.
Celanese has increased the production capacities of many facilities for acetic acid and acetyls to improve its presence in the market and support the high-end demand for acetic acid.
Jiangsu Sopo (Group) Co. Ltd is gaining momentum in providing glacial acetic acid In China, with a capacity of 12,000 Kt per annum.
LyondellBasell launched a comprehensive portfolio of value-added chemical technologies that produce a wide range of high-growth chemical products for various end-use industries.
Competitive Landscape
Key Take of Prominent Market Players in the Acetyls Market
Leading acetyl players operating in the acetyls are involved in new product launches, joint ventures, and partnerships to gain a competitive advantage. The biggies are investing a lot in research and development to bring new products into the global acetyls industry.
The research and development activities are also helping businesses to establish their expertise in the domain, allowing the acetyl players to have a competitive edge over their rivals in the global acetyls market.
