Global Triacetin Market to be dominated by utilization of triacetin in chemical industry through 2028
Initiatives
taken by the government to support the production of triacetin are the major
drivers for the Global Triacetin Market.
According to TechSci Research report, “Triacetin
Market –Global Industry Size, Share, Trends, Competition, Opportunity and
Forecast, 2018-2028F”, the Global
Triacetin Market has valued at USD 314.56 million in 2022 and is anticipated to
project robust growth in the forecast period with a CAGR of 4.04% through 2028. This can be
ascribed to collaborations and partnerships among leading companies with a
diverse approach to merge the expertise of individual companies and to
strengthen their position in the market. Triacetin, a versatile triglyceride compound, finds
its applications in a wide range of industries. In the chemical industry, it
has emerged as a key driver of the global triacetin market, thanks to its
multifunctional properties. The fungistatic properties of triacetin, attributed
to the release of acetic acid, make it particularly suitable for treating minor
dermatophyte infections. Moreover, in the chemical industry, triacetin's
antimicrobial capabilities prove invaluable in coatings, paints, and other
materials where inhibiting microbial growth is crucial.
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Triacetin Market.”
The chemical
industry's ongoing shift towards specialty chemicals, which necessitate
specific functional properties, further fuels the demand for triacetin. With
increasing consumer awareness regarding health and safety, there is a growing
preference for environmentally friendly and non-toxic products. Triacetin,
being a safe and approved compound, perfectly aligns with these consumer
preferences, thereby bolstering its demand in the chemical industry. In recent
years, governments worldwide have been actively implementing environmental
regulations to promote sustainable practices and reduce harm to the
environment. Triacetin, given its safety and approval, perfectly aligns with
these regulations and is considered an environmentally friendly alternative in
various applications. As governments encourage stricter environmental
standards, the demand for triacetin continues to rise as industries seek
greener solutions. Governments also actively promote global trade and
investments through various initiatives, fostering international collaborations
and partnerships. These efforts not only facilitate the export and import of
triacetin but also expand its market reach, creating growth opportunities for
both manufacturers and consumers worldwide. Furthermore, collaborations and
partnerships enable companies to tap into each other's distribution networks,
benefiting from established relationships and market presence. This allows
triacetin manufacturers to reach a wider customer base and explore untapped
regions globally, ultimately driving market growth. The multifaceted nature of
triacetin, coupled with its safety, approval, and alignment with consumer
preferences and environmental regulations, positions it as a highly
sought-after compound in various industries. As the global market continues to
evolve, triacetin remains at the forefront, driving innovation, sustainability,
and growth. However, complexity in regulations and volatility in prices of raw
materials are expected to slow down the growth of the market in the coming
years.
The Global Triacetin Market segmentation is based on
Grade, Product Type, End User, By Company, and Region.
Based on end user, food and beverage segment held
the largest market size in the forecast period. When compared with other
food-grade substances, triacetin stands out due to its exceptional texture,
moisturizing properties, emulsifying abilities, and stabilizing qualities.
These unique characteristics make it an ideal ingredient for use in the food
and beverage industry. As the global demand for dairy products continues to
rise, there is a corresponding growth in the food and beverage sector. For
example, according to the U.S. Department of Agriculture (USDA), in 2019, the
total production of dairy products in the United States reached 18,844 million
pounds, and by 2020, it had increased to 19,414 million pounds, reflecting a
notable growth rate of 3.02%. Moreover, the food and beverages industry
experienced even higher growth in the United Kingdom. As reported by the Food
and Drink Federation of the UK (FDF), the total manufacturing value for food
and beverages in 2018 was €28 billion (US$33.07 billion), and it increased to
€29 billion (US$32.47 billion) in 2019, marking a significant overall growth
rate of 3.6%. These statistics clearly indicate the expanding demand for the
food and beverage industry, which is expected to drive the growth of the
triacetin market in the forecast period.
Some of the major companies operating in the Global
Triacetin Market include:
- BASF SE
- DAICEL CORPORATION
- Eastman Chemical Company
- LANXESS AG
- Innova Global Limited
- POLYNT S.P.A
- Sisco Research Laboratories Pvt. Ltd.
- Spectrum Chemical Manufacturing Corp.
- WUXI KAILAI BIOTECHNOLOGY CO. LTD.
- Zhonglan Industry Co. Ltd.
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“Certain regions, particularly the Asia Pacific,
are projected to exert significant demand for triacetin worldwide. The growth
in the competitive landscape and the presence of well-established companies in
the market, committed to enhancing their triacetin productivity each year, are
expected to contribute to a remarkable growth of the Global Triacetin Market in
the forecast period," said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based Global management consulting firm.
Global Triacetin Market By
Grade (Tobacco Grade, Food Grade, and Industrial Grade), By Product Type (Plasticizer,
Solvent, Humectant, Others), By End User (Tobacco, Food & Beverage,
Pharmaceutical, Cosmetic, Chemical and Others), By Region, By Competition Forecast & Opportunities, 2018-2028F has evaluated the future growth potential of Global
Triacetin Market and provides statistics & information on market size, structure,
and future market growth. The report intends to provide innovative market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Triacetin Market.
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