Views: 8 Author: Site Editor Publish Time: 2023-08-02 Origin: Site
The global triacetin market has witnessed an impressive growth of 4.8% CAGR over the past years and is expected to continue on this trajectory in the forecast period from 2018 to 2024. Factors contributing to this growth include increasing food production, changing food preferences, and the versatile applications of triacetin in various sectors. This article delves into the dynamics shaping the triacetin market and provides a forecast for the period to 2024.
Triacetin, a food-grade chemical widely used as a food additive, finds application in various sectors, including food and beverage pharmaceuticals, enhancing their product portfolio. The key players in this market, such as Eastman Chemical Company, Daicel Corporation, and KLK Oleo, are continuously expanding their food-grade triacetin offerings, which is driving the growth of the triacetin industry. In 2017, the industry was worth around $245.7 million.
The triacetin market is segmented based on application, end-use industry, and region. The United States, part of the North America Europe region, holds about 30% of the market share, attributed mainly to the robust food production and consumption in this region. However, the Asia Pacific region, with its rapid industrial growth and increasing demand for triacetin, is projected to have the highest growth rate of 5.7% during the forecast period.
Several factors are contributing to the global triacetin market growth. One key factor is the rising demand for food-grade triacetin in the food and beverage industry, where it is used as a food additive to enhance product shelf life and taste. Furthermore, the growing pharmaceutical sector, which was worth $1.2 trillion in 2018, is boosting the demand for triacetin due to its application as a plasticizer in tablet film coatings.
The triacetin market size has been on a steady rise, with key players like Eastman Chemical Company, Daicel Corporation, and KLK Oleo contributing significantly to this growth. Mergers and acquisitions among these key players have also played a pivotal role in market growth. Despite the COVID-19 pandemic, the triacetin market is expected to reach USD $309.9 million by 2024, growing at a CAGR of 4.8% during the forecast period.
The market dynamics vary across different regions. While North America Europe has a significant share in the triacetin market, the growth rate in the Asia Pacific region is expected to outpace other regions during the forecast period. The Middle East and Africa, along with South America, are also expected to witness notable growth in the coming years due to the increasing demand for food additives and the growth of the food and beverage industry in these regions.
In conclusion, the triacetin industry is on a growth trajectory, bolstered by increasing demand in the food and beverage and pharmaceutical sectors. With its diverse applications and increasing usage across different regions, the triacetin market holds promising potential for investors and market players alike.
