Market Trends of Triacetin Industry
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.
