Triacetin Market Size
|2019 - 2029
|Base Year For Estimation
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Triacetin Market Analysis
The Triacetin Market is expected to register a CAGR of more than 4% during the forecast period.
The COVID-19 pandemic varied in triacetin demand, with some industries experiencing an increase and others a decrease. During the pandemic, the demand for pharmaceuticals increased, driving this industry's demand for triacetin. The demand for tobacco products decreased, resulting in a decrease in the demand for triacetin as a humectant in the tobacco industry. In 2021, however, the tobacco industry's demand for triacetin increased.
- Over the long run, rising demand for plasticizer types and increasing use in the food and beverage industry are expected to drive market growth.
- However, growing concerns that triacetin and other additives in tobacco products pose health risks, especially when burned and inhaled, are expected to hinder the market growth during the forecast period.
- Nevertheless, the increasing demand from the e-cigarette industry presents a prospect for market expansion.
- The Asia-Pacific region is expected to dominate the triacetin market and is further expected to register the fastest growth throughout the forecast period.
Triacetin Market Trends
Increasing Demand from Pharmaceutical Industry
Triacetin is mainly used in the pharmaceutical business as a plasticizer, a substance added to a material to increase its elasticity and decrease brittleness.
Triacetin demand from the pharmaceutical business has increased, due to the rising demand for pharmaceutical products, especially in emerging countries. Triacetin is used as a plasticizer in various medicinal goods, such as pills, capsules, and suppositories, to enhance the active components' texture, stability, and solubility.
Furthermore, triacetin is used as a solvent in some liquid and semi-solid dosage forms and as a humectant in topical formulas like creams and lotions to help keep moisture and enhance skin feel. Triacetin demand in the pharmaceutical business is anticipated to rise as demand for these goods rises. Triacetin also enhances the taste and palatability of some oral pharmaceutical preparations, such as syrups and elixirs.
The pharmaceutical and medicine industry has been a significant contributor to the U.S. economy in recent years, and its growth has been consistent. According to the Federal Reserve Bank of St. Louis, pharmaceutical and medicine sales in the United States increased 7% to USD 622.82 billion in 2022.
The European Union (EU) has a highly developed pharmaceutical sector home to some of the world's top pharmaceutical firms. In addition, the EU is a significant exporter of pharmaceutical goods to other areas of the globe. According to Eurostat, Europe exported USD 253.28 billion in medical and pharmaceutical goods in 2021, with Germany leading the way with USD 60.31 billion in exports.
Rising pharmaceutical demand is expected to drive the Triacetin market over the forecast period.
Asia-Pacific Region to Dominate the Triacetin Market
The Asia-Pacific region maintains the largest share of the global triacetin market, projected to expand considerably over the forecast period.
The growth of the Indian triacetin market can be attributed to several factors, including the rising demand for food additives, the expansion of the pharmaceutical and cosmetics industries, and the rise of industrialization and urbanization.
In addition, the Indian government's initiatives to promote domestic manufacturing and reduce imports are anticipated to stimulate the growth of the triacetin market in India.
According to the India Brand Equity Foundation, India holds a 5.92% share of the global pharmaceuticals and medications market. In 2021-22, the country exported pharmaceuticals for USD 24.62 billion, the same amount as the previous year. In 2020-21, exports increased by 18% year-over-year to USD 24.4 billion.
According to the India Trade Portal, India is the second largest tobacco exporter, trailing only Brazil. It exports various varieties of tobacco and tobacco products, with total exports of 65,682 tonnes till Q2 FY2022.
Triacetin is commonly used as a flavor transporter in e-cigarettes because it can help to improve the taste and fragrance of the e-liquid. It is also occasionally used as a diluent to make the e-liquid less viscous and simpler to atomize in the e-cigarette.
According to Tobacco Asia, 90% of the world's e-cigarettes are manufactured in China, primarily in Shenzhen or "Vapor Valley." China's exports of electronic cigarettes are expected to reach USD 26 billion. China's e-cigarette industry's primary export markets in 2022 will be the United States with 58%, or USD10.54 billion, and Europe with 24%, or USD 4.88 billion.
The market for Triacetin in the Asia-Pacific region is anticipated to expand significantly over the study period due to the causes above.
Triacetin Industry Overview
The Triacetin Market is partially consolidated. Some of the players in the market include Eastman Chemical Company, LANXESS, POLYNT SPA, BASF SE, and DAICEL CORPORATION, among others.
Triacetin Market Leaders
Eastman Chemical Company
*Disclaimer: Major Players sorted in no particular order
Triacetin Market News
- Recent developments pertaining to the market studied will be covered in the full report.
Triacetin Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Rising Demand for Plasticizer Type
4.1.2 Increasing Use in the Food and Beverage Industry
4.2.1 Unfavorable Conditions Arising Due to the COVID-19 Outbreak
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Product Type
5.1.4 Other Product Types
5.2 End-user Industry
5.2.2 Food and Beverage
5.2.4 Adhesives and Sealants
5.2.6 Paints and Coatings
5.2.7 Other End-user Industries
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle-East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis **/ Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 DAICEL CORPORATION
6.4.3 Eastman Chemical Company
6.4.4 Innova Global (India)
6.4.6 POLYNT SPA
6.4.7 Sisco Research Laboratories Pvt. Ltd
6.4.8 Spectrum Chemical Manufacturing Corp.
6.4.9 WUXI KAILAI BIOTECHNOLOGY CO. LTD
6.4.10 Zhonglan Industry Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand for E-Cigarettes
Triacetin Market Research FAQs
What is the current Triacetin Market size?
The Triacetin Market is projected to register a CAGR of 4% during the forecast period (2024-2029)
Who are the key players in Triacetin Market?
Eastman Chemical Company, LANXESS, BASF SE , DAICEL CORPORATION and POLYNT SPA are the major companies operating in the Triacetin Market.
Which is the fastest growing region in Triacetin Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Triacetin Market?
In 2024, the Asia Pacific accounts for the largest market share in Triacetin Market.
What years does this Triacetin Market cover?
The report covers the Triacetin Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Triacetin Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Triacetin Industry Report
Statistics for the 2024 Triacetin market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Triacetin analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.