Dublin, Oct. 07, 2020 (GLOBE NEWSWIRE) -- The "Triacetin Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The market for Triacetinis expected to grow at a CAGR of 4% during the forecast period
The major factor driving the growth of the market include its use as a plasticizer product type in industries like tobacco, cosmetics, pharmaceuticals, etc. Moreover, it is used as a solvent in the food & beverage industry as a flavoring agent and food additive which is propelling the growth of the triacetin market. On the flip-side, unfavorable conditions arising due to the COVID-19 outbreak is restricting the market growth during the forecast period.
Plasticizer type of product is projected to dominate the Triacetin market during the given timeline owing to its extensive application in industries like pharmaceuticals, cosmetics, and tobacco.
Asia-Pacific region is expected to be the largest market for the triacetin market due to its increasing applications in different end-use industries in the region.
Key Market Trends
Developing Demand of Plasticizer Type
Triacetin, also known as glycerine triacetate, glycerol triacetate, are used extensively as a plasticizer in industries like tobacco, pharmaceutical, and cosmetics. Its properties include light resistance, a good plasticizing effect for various plastic and cellulose-based paints very good dissolving power for a number of organic substances.
Application of triacetin as a plasticizer in the cosmetics industry for nail polishing is expected to surge the market demand. The global revenue generated by the nails segment of the cosmetics industry in 2020 is estimated to be USD 11.13 billion and is predicted to grow at a CAGR of 3.6% during 2020-2023.
In 2019, the net sales of nail polish in the United States alone fetched USD 552.51 million and is presumed to increase the triacetin demand in future.
Plasticizer is also used in the tobacco industry to make cigarette filter rods. As of 2020, it is anticipated that the total revenue from cigarettes industry is about USD 731.5 billion which is forecasted to grow during the forecast period and escalate the demand for triacetin.
All the aforementioned factors are expected to drive the triacetin market during the forecast period.
Asia-Pacific to Dominate the Triacetin Market
Asia-Pacific region holds largest share in the triacetin market across the globe and is expected to grow significantly during the forecast period.
Revenue generated from China's tobacco industry in the cigarettes segment in 2020 is estimated to be USD 220.58 billion which is the highest across the globe.
Application of triacetin in the pharmaceutical industry as a capsule coating is expected to grow in the region. India is amongst the world's largest providers of generic drug and as of FY 2019 total value of Indian pharmaceuticals, exports is USD 19.1 billion.
Moreover, food & Beverage is expected to be the largest consuming end-user of triacetin. The product finds its application as a food additive and also used as a solvent for flavoring. Japan's food and beverage industry in the Asia-Pacific region is estimated to generate a total revenue of USD 139.55 billion in 2020.
Thus, rising demand from various industries in Asia-Pacific region is expected to drive the market studied during the forecast timeframe.
The triacetin market is partially consolidated. Some of the players in the market include Eastman Chemical Company, LANXESS, Polynt, BASF SE, and DAICEL CORPORATION.
Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Rising Demand of Plasticizer Type
4.1.2 Increasing Use in Food & Beverage Industry
4.2.1 Unfavorable Conditions Arising Due to COVID-19 Outbreak
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1 Product Type
5.2 End-user Industry
5.2.2 Food & Beverage
5.2.4 Adhesives & Sealants
5.2.6 Paints & Coatings
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.2 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.3.4 South America
184.108.40.206 Rest of South America
5.3.5 Middle-East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Alfa Aesar
6.4.2 BASF SE
6.4.3 DAICEL CORPORATION
6.4.4 Eastman Chemical Company
6.4.6 Mosselman s.a
6.4.8 Sisco Research Laboratories Pvt. Ltd.
6.4.10 Spectrum Chemical Manufacturing Corp
6.4.11 Zhonglan Industry Co.,Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/hfj4v2
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900