Triacetin Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)

The Triacetin Market is segmented by Product Type (Plasticizer, Solvent, Humectant, and Other Product Types), End-user Industry (Tobacco, Food and Beverage, Pharmaceutical, Adhesives and Sealants, Cosmetics, Paints and Coatings, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

Market Snapshot

Triacetin Market Overview
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: 4 %

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Market Overview

The triacetin market is projected to register a CAGR of more than 4% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19 in 2020. Several countries were forced to go in lockdown owing to the pandemic scenario, which led to the shutdown of manufacturing facilities of almost every industry worldwide for a specified time. Tobacco and food and beverage industries, which are the major consumers of triacetin, suffered hugely due to the pandemic. According to Molecular Diversity Preservation International (MDPI), COVID-19 has impacted all spheres of the global supply food chain, including distribution and packaging and sourcing of raw materials. Lockdowns disrupted the transportation of packaged foods, prepared foods, and non-alcoholic and alcoholic beverages. The tobacco industry was further impacted by the pandemic. According to the Ministry of Economy and Finance, in South Korea, tobacco sales faced closures due to global travel restrictions due to the pandemic. Furthermore, the use of any tobacco product also increases the risk of being infected by a coronavirus and increases the probability of its spread. This may be due to contaminated fingers or tobacco products touching the face and mouth for smoking as well as consuming smokeless tobacco. Still, according to data published by Statista, revenue generated from the tobacco products market is expected to reach USD 793,439 million by the end of 2021, which has seen a significant rise from 2020. Overall, the impact of COVID is expected to be limited in the short run, with the industry demand expected to recover through the years to come.

  • Over the long run, rising demand for plasticizer types and the increasing use in the food and beverage industry are expected to drive market growth.
  • Unfavorable conditions arising due to the COVID-19 outbreak are expected to hinder the market growth during the forecast period.
  • The Asia-Pacific region is expected to dominate the triacetin market and is further expected to register the fastest growth through the forecast period.

Scope of the Report

Triacetin is a triester of glycerin and acetic acid. It has been used for a wide range of applications, including cosmetic biocide, plasticizer, the solvent in cosmetic formulas, food additives, and as a binder for combustible material in solid-rocket propellants. The triacetin market is segmented by product type, end-user industry, and geography. By product type, the market is segmented into plasticizer, solvent, humectant, and other product types. By end-user industry, the market is segmented into tobacco, food and beverage, pharmaceutical, adhesives and sealants, cosmetics, paints and coatings, and other end-user industries. The report also covers the market size and forecasts for the triacetin market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).

Product Type
Plasticizer
Solvent
Humectant
Other Product Types
End-user Industry
Tobacco
Food and Beverage
Pharmaceutical
Adhesives and Sealants
Cosmetics
Paints and Coatings
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Increasing Demand for Plasticizer Type

  • Triacetin, also known as glycerin triacetate, is used extensively as a plasticizer in industries such as tobacco, pharmaceutical, and cosmetics. Properties such as light resistance, good plasticizing effect for various plastic and cellulose-based paints, superior dissolving power for several organic substances make triacetin a proper plasticizer to be used in various industries.
  • The application of triacetin as a plasticizer in the cosmetics industry for nail polishing is expected to surge the market demand. As per data published by Statista, revenue in the nails segment is expected to generate a revenue of USD 10,937.3 million in 2021.
  • The plasticizer is also used in the tobacco industry to make cigarette filter rods. According to British American Tobacco (BAT), a British multinational company that manufactures and sells cigarettes, tobacco, and other nicotine products, sales for the legal global tobacco market were worth approximately USD 818 billion in 2019, which steadily rose expected through the upcoming years.
  • Moreover, the impact of COVID on the tobacco industry has been limited, and the increase in consumption is expected to drive the market growth for triacetin through the forecast period.
Triacetin Market Share

Asia-Pacific Region to Dominate the Triacetin Market

  • The Asia-Pacific region holds the largest share in the triacetin market across the world, and it is expected to grow significantly during the forecast period.
  • According to the Food and Agricultural Organization (FAO), China, India, Indonesia, and Bangladesh are some of the leading tobacco producing countries, with China producing 2.61 million metric ton in 2019, and the estimates are expected to grow steadily over the forecast period.
  • According to the data from the National Medical Products Administration (NMPA), which is now under the State Administration for Market Regulation (SAMR), as of 15 July 2020, there were 5,273 enterprises qualified to produce cosmetics in China. Most of these producers are concentrated in East China and South China. In 2019, 2,933 producers, or 56.4% of all qualified cosmetics producers, were based in South China, and 1,466 producers, or 27.8% of all qualified producers, were based in East China.
  • As per the Indian Brand Equity Foundation (IBEF), the application of triacetin in the pharmaceutical industry as a capsule coating is expected to grow in the region. India is among the world’s largest providers of generic drugs, and the Indian pharmaceutical sector is expected to grow to USD 100 billion by 2025.
  • Moreover, food and beverage are expected to be the largest consuming end-user of triacetin. The product finds its application as a food additive and is used as a solvent for flavoring.
  • The consumer preference in the cosmetics market in Japan is becoming more selective and value-conscious. The needs and tastes of consumers may change with occasional patterns and fashion changes. The consumers may also be eager to try something new and different from time to time, as long as those products and value propositions are appealing.
  • South Korea has one of the world’s most exceptional beauty markets. New beauty trends and innovations featuring sophisticated ingredients and aesthetically appealing packaging are constantly on display. The South Korean cosmetic products market was valued at USD 1,578.4 million in 2019, and it is expected to reach USD 1952.05 million by 2025.
  • Overall, rising demand from various industries in the Asia-Pacific region is expected to drive the market studied during the forecast period.
Triacetin Market Growth Rate

Competitive Landscape

The triacetin market is partially consolidated. Some of the players in the market include Eastman Chemical Company, LANXESS, Polynt, BASF SE, and DAICEL CORPORATION.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Rising Demand for Plasticizer Type

      2. 4.1.2 Increasing Use in the Food and Beverage Industry

    2. 4.2 Restraints

      1. 4.2.1 Unfavorable Conditions Arising Due to the COVID-19 Outbreak

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Plasticizer

      2. 5.1.2 Solvent

      3. 5.1.3 Humectant

      4. 5.1.4 Other Product Types

    2. 5.2 End-user Industry

      1. 5.2.1 Tobacco

      2. 5.2.2 Food and Beverage

      3. 5.2.3 Pharmaceutical

      4. 5.2.4 Adhesives and Sealants

      5. 5.2.5 Cosmetics

      6. 5.2.6 Paints and Coatings

      7. 5.2.7 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Alfa Aesar, Thermo Fisher Scientific

      2. 6.4.2 BASF SE

      3. 6.4.3 DAICEL CORPORATION

      4. 6.4.4 Eastman Chemical Company

      5. 6.4.5 Innova Global (India)

      6. 6.4.6 LANXESS

      7. 6.4.7 Polynt

      8. 6.4.8 Sisco Research Laboratories Pvt. Ltd

      9. 6.4.9 Spectrum Chemical Manufacturing Corp.

      10. 6.4.10 TANYUN

      11. 6.4.11 WUXI KAILAI BIOTECHNOLOGY CO. LTD

      12. 6.4.12 Zhonglan Industry Co. Ltd

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Triacetin Market market is studied from 2016 - 2026.

The Triacetin Market is growing at a CAGR of 4% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Eastman Chemical Company, LANXESS, Polynt, BASF SE , DAICEL CORPORATION are the major companies operating in Triacetin Market.

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