Global Triacetin Market Report and Forecast 2024-2032

Global Triacetin Market Outlook

The global triacetin market reached a value of USD 296.96 million in 2023. The market is further expected to grow at a CAGR of 4% in the forecast period of 2024-2032 to reach an estimated value of USD 422.61 million by 2032.

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Rising Use of the Product in Tobacco is Aiding the Growth of the Global Market for Triacetin

Region-wise, the Asia Pacific region is a major market for triacetin industry across the globe. This is attributed to the inflating disposable incomes, changing lifestyles, and rapid urbanisation within the region. Further, the rising use of the product in food and beverages, cosmetics, tobacco, pharmaceuticals, and other industries is aiding the market growth of triacetin. The Asia Pacific region is witnessing a rising demand from the pharmaceutical and food industry in China and India.

The market is furthered by the rising population within the developing economies, like China, India, and Brazil. Due to high growth opportunities, the manufacturers are targeting developing economies. Recently, the demand for triacetin is increasing due to the rising demand for cigarettes in the emerging economies. Latin America and the Middle East are also witnessing favourable market growth for triacetin.

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Triacetin: Market Segmentation

Triacetin, variously known as triglyceride 1,2,3-triacetoxypropane and glyceryl triacetate, is used in the pharmaceutical industry for making tablets and capsules. The product has received approval from the Food and Drug Administration (FDA) to be used as a food additive in the food industry. Further, it is also used as a solvent for flavouring various food products.

On the basis of grade, the market is divided into:

• Tobacco Grade
• Food Grade
• Industrial Grade

Based on application, the industry can be segmented into:

• Plasticiser
• Solvent
• Humectant
• Others

By end-use, the industry is categorised into:

• Tobacco
• Food and Beverage
• Pharmaceuticals
• Cosmetics
• Textiles
• Metal and Mining

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Chemical Industry to Aid the Global Market Growth for Triacetin

The market for triacetin is being driven by the growth of the tobacco sector, which is estimated to be the largest end-use sector. The product is used as a plasticiser in cigarette filter rods in the tobacco industry. The rising demand for cigarettes has facilitated the growth of the tobacco industry, which has resulted in enhanced demand for triacetin from this end-use segment. In addition, the excellent properties of triacetin, like resistance to light and compatibility with synthetic and natural rubber, has invigorated its demand from the chemical industry. All these factors are expected to aid the market growth of the product in the forecast period.

Key Industry Players in the Global Triacetin Market

The report gives a detailed analysis of the following key players in the global triacetin market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Eastman Chemical Company
• Lanxess AG
• Daicel Corporation
• Jiangsu Ruijia Chemistry Co., Ltd.
• Mosselman S.A.
• KLK OLEO
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report