Triacetin Market: Global Industry Analysis and Forecast (2024-2030)

Triacetin Market is expected to reach USD 375.68 Million by 2030, with a CAGR of 4% between 2024 and 2030.

Glycerine triacetate is a group of glycerine acetate chemicals that includes triacetin. It's the triglyceride formed when glycerol is acetylated with acetic anhydride or acetic acid. The need for flavorings and perfumes in the food and beverage sector is driving the triacetin market. Similarly, the cosmetics sector's rapid growth is hastening the rise of the triacetin business. All of these factors are propelling the triacetin market forward, and they are expected to continue to do so in the future forecast period.To know about the Research Methodology :- Request Free Sample Report

In the report, 2023 is considered a base year however 2023 numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and a specific strategic analysis of those companies is done in the report.
Triacetin Market Dynamics
Triacetin is utilized in the production of cancer-fighting and antifungal medications. Increased pharmaceutical spending has resulted in the rise of the triacetin sector on a global scale. According to the Organisation for Economic Co-operation and Development (OECD), Ireland's pharmaceutical spending was around US$6.73 billion in 2021 and is expected to climb to roughly US$7.04 billion in 2021, representing a 4.6 percent increase. Additionally, India's growing pharmaceutical sector will propel the triacetin business forward. The pharmaceutical business in India, for example, is expected to reach US$65 billion by 2024, according to Invest India. As a result, the market for triacetin is expected to develop in response to rising pharmaceutical demand.

Triacetin is utilized in the cosmetics industry because it kills or inhibits the growth of germs better than other compounds, which helps to cleanse the skin and prevent odor. The cosmetics industry is developing at a faster rate than the triacetin market, because of the rising demand for skincare products. According to the Cosmetics Toiletry and Perfumery Association (CTPA), worldwide hand care sales were €54.094 million (US$60.56 million) in 2021 and €68.25 million (US$77.95 million) in 2021, representing a 26.2 percent rise. Similarly, worldwide body cream and lotion sales were €198.39 million (US$222.09 million) in 2021 and €201.36 million (US$229.99 million) in 2021, representing a 1.5 percent rise. As a result, demand for the cosmetics industry is driving the triacetin market growth.
Covid-19 Impact:

Due to the rigorous implementation of lockdown, the triacetin market was impacted by the COVID-19 pandemic in 2020. The supply chain was interrupted, manufacturing was hampered, and exports decreased as a result of the COVID-19 epidemic. In the year 2021, beverage exports will see a global drop. For example, according to the International Trade Centre (ITC), worldwide beverage exports were valued at US$123.49 billion in 2021 and US$117.22 billion in 2021, a 5.35 % decrease. The triacetin industry suffered losses as a result of the drop in exports. However, when the number of COVID-19 cases grew in the first months of 2021, governments throughout the world instituted rigorous lockdowns, allowing manufacturing to continue with fewer workers. As a consequence, the triacetin market's growth was not badly hampered as it had been in 2021. By mid-2022, the impact of COVID-19 is expected to be reduced, resulting in increased triacetin market growth.
Triacetin Market Segmentation Analysis
In 2023, the food and beverage segment had the highest share of the triacetin market, which is expected to rise at a CAGR of 6% from 2024 to 2030. Triacetin has greater texture, moisturizing, emulsifying, and stabilizing characteristics than other food-grade triacetin, making it appropriate for usage in the food and beverage sector. The food and beverage business is growing in response to the rising global demand for dairy products. According to the United States Department of Agriculture (USDA), total dairy product output in the United States was 18,844 (million Ib) in 2021 and 19,414 (million Ib) in 2023, an increase of 3.02 percent. Additionally, according to the Food and Drink Federation of the UK (FDF), total manufacturing for food and beverages in 2023 was €28 billion (US$33.07 billion) and in 2023 it was €29 billion (US$32.47 billion), a 3.6 percent rise. As a result, rising demand in the food and beverage sector is expected to propel the triacetin market forward throughout the forecast period.
Regional Insight
Due to its rising application in end-use sectors such as food and beverage, pharmaceuticals, agriculture, and personal care, the Asia-Pacific region had the greatest share of the triacetin market in 2023, up to 31%. The population of countries in the Asia Pacific area is growing, as is the burden of food, resulting in increased food production in the food business. For example, the Indian Brand Equity Foundation (IBEF) estimates that packaged food consumption in India would reach US$70 billion by 2030. Besides that, the Asia-Pacific cosmetics industry is expanding, which is propelling the triacetin market forward. For example, according to the International Trade Administration (ITA), the South Korean Cosmetics market was worth US$9.37 billion in 2023 and will be worth US$9.43 billion in 2023.

China, the world's second-biggest economy, is expected to reach a market size of US$68.3 million by 2030, with a compound annual growth rate of 6.2 percent from 2024 to 2030. As a result, demand for triacetin will rise in the Asia-Pacific region's food, beverage, and personal care industries, which is expected to fuel the market's growth in the forecast period.

In the year 2023, the market for triacetin in the United States is expected to be worth US$69.9 million. Japan and Canada are two more important geographic markets, with growth forecasts of 0.9 percent and 2.5 percent, respectively, from 2024 to 2030. Germany is expected to expand at a CAGR of around 1.6 percent in Europe.

Report Objectives:

Landscape analysis of the Triacetin Market
competitive benchmarking
Past and current status of the industry with the forecasted market size and trends
Evaluation of potential key players that include market leaders, followers, and new entrants
Technology trends
The potential impact of micro-economic factors on the market
External and Internal factors affecting the market have been analyzed

The report also helps in understanding the Triacetin Market dynamics, and structure by analyzing the market segments to project the Triacetin Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Triacetin Market make the report investor’s guide.
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Triacetin Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 285.49 Mn.


Forecast Period 2024 to 2030 CAGR:
4%
Market Size in 2030:
US $ 375.68 Mn.


 Segments Covered:
by Grade
Tobacco Grade
Food Grade
Industrial Grade


by Product Type
Plasticizer
Solvent
Humectant
Others


by End-Use Industry
Tobacco
Food & Beverage
Pharmaceutical
Cosmetic
Chemical
Others



Key Players
1. Eastman Chemical Company
2. Lanxess AG
3. BASF SE
4. Polynt Group
5. Daicel Corporation
6. KLK OLEO
7. Jiangsu Ruichen Chemical Co., Ltd.
8. Atanor S.C.A.
9. Hefei Tnj Chemical Industry Co., Ltd.
10. Mosselman S.A.
11. Yixing Kaixin Chemical Co., Ltd.
12. Reactchem Co., Ltd.
13. Spectrum Chemical Mfg. Corp.
14. Alfa Aesar
15. Lemon-Flex Company Limited China
16. Sisco Research Laboratories Pvt. Ltd. (SRL)
17. Zhonglan Industry Co., Ltd.
18. Croda International Plc
19. Henan Huayin Chemical Co., Ltd.

Frequently Asked Questions:

1. Which region has the largest share in Global Triacetin Market?
Ans: Asia Pacific region held the highest share in 2023.

2. What is the growth rate of Global Triacetin Market?
Ans: The Global Triacetin Market is growing at a CAGR of 4% during forecasting period 2024-2030

3. What is scope of the Global Triacetin market report?
Ans: Global Triacetin Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Triacetin market?
Ans: The important key players in the Global Triacetin Market are – Eastman Chemical Company, Lanxess AG, BASF SE, Polynt Group, Daicel Corporation, KLK OLEO, Jiangsu Ruichen Chemical Co., Ltd., Atanor S.C.A., Hefei Tnj Chemical Industry Co., Ltd., Mosselman S.A., Yixing Kaixin Chemical Co., Ltd., Reactchem Co., Ltd., Spectrum Chemical Mfg. Corp.,

5. What is the study period of this market?
Ans: The Global Triacetin Market is studied from 2023 to 2030