Global Triacetin Market - 2023-2030

Global Triacetin Market - 2023-2030

Market Overview

The global triacetin market size was worth US$ XX million in 2022 and is estimated to reach US$ XX million by 2030, growing at a CAGR of XX% during the forecast period (2022-2029).

Triacetin is a triglyceride produced by the acetylation of the three hydroxy groups of glycerol. It has fungistatic properties based on the release of acetic acid and is also used in the topical treatment of dermatophyte infections. In the pharmaceutical industry, triacetin is used as a solvent and plasticizer in the production of tablets and capsules and the formulation of creams, ointments, and other topical products. Additionally, the chemical can also be used as a vehicle for the delivery of certain medications through the skin. In the cosmetics industry, triacetin is used as an emollient and moisturizer in skin and hair care products. It can also be used as a solvent for fragrances and other product ingredients.

Triacetin is used as a plasticizer and lubricant in the industrial sector in producing adhesives, coatings, and plastics. It can also be used as a fuel additive to improve the combustion properties of fuels and as a release agent in the production of molded products. Triacetin is generally considered safe for food, pharmaceuticals, and cosmetics, with FDA-approved uses in these applications. However, it is important to note that triacetin should not be used in products intended for children under three years of age. Additionally, as with any chemical, handling triacetin with appropriate precautions in industrial settings is always recommended. Therefore, increased adoption of triacetin benefits boosts product demand.

Market Dynamics

Increased consumption of tobacco products such as cigarettes globally increases the tobacco industry's growth, supporting the triacetin market. Further, triacetin is a viscous liquid that is odorless and colorless with resistance and compatibility with natural as well as synthetic rubber. Therefore, its employment in the packaged food and beverages industries has increased significantly. Thus, the demand for triacetin from various sectors such as food and beverages, pharmaceuticals, tobacco, cosmetics and chemicals is a major market driver. Nonetheless, stringent regulations and rules restraint the global triacetin market

Increasing demand for triacetin in various end-user industries

Triacetin acts as an excipient in medical industries, such as excipient in capsules and tablets and plasticizers as an antifungal and humectant. Triacetin is famous for its low volatility and excessive solvency. In the cosmetic industries, such as nail polish, triacetin is used as an incipient. The FDA is permitted to use triacetin in meals industries, which has boosted the market in recent years.

Furthermore, in the food industry, triacetin is used as a flavoring and fragrance ingredient, as well as a humectant to help maintain the moisture content of food products. The food and beverages industries use triacetin as a flavoring agent, texturing, moisturizing agent and stabilizing material for baked food, dairy product and others. It can also be used as a solvent for food flavors and colors. Therefore, the growth in the application of triacetin in various end-user verticals drives the market.

Stringent regulation and rules restraint the triacetin market

Triacetin's pharmaceutical and medicine treatment shows some irritant or a sensitizer in a clinical maximization in during-chamber tests. Furthermore, triacetin is minimally toxic by intraperitoneal, subcutaneous, and intravenous routes. The toxicity of symptoms with triacetin is primarily weakness and ataxia. As a result, countries have varied regulations and rules associated with triacetin application. As such regulations influence applications and production of triacetin, international standards and regulations for triacetin may restrain the market growth of the triacetin market.

COVID-19 impact analysis

The triacetin market experienced sharp declines in production and sales in 2020 due to the COVID-19 pandemic. Governments worldwide forced lockdowns to restrict the pandemic's spread, and many manufacturers had to stop their production. All over the World, governments have given various lockdown rules or measurements for some months. It affects the demand and supply cycle of the industries.

It has led to long times and reduced production rates, even after the complete pandemic-related restrictions. The pandemic will have a negative impact on the long-term growth of the triacetin market. However, as the lockdown restrictions were relaxed, the global triacetin market witnessed a benign upliftment.

Segment Analysis

The triacetin market is segmented by product, grade, end-user and region.

Growing demand for a plasticizer in the tobacco industry boosts opportunities for the triacetin market

The global triacetin market is segmented by grade into tobacco, pharmaceutical, food and beverage, cosmetic and chemical. Tobacco dominates this segment since the sales are far greater than other segments. Triacetin, or glyceryl triacetate, is a clear, colorless liquid commonly used as a plasticizer in the tobacco industry. It is added to tobacco to improve the flexibility and workability of the tobacco leaves, which makes them easier to roll into cigarettes.

One of the main advantages of triacetin in the tobacco industry is that it acts as a humectant, which helps to retain moisture in the tobacco. Triacetin is important for maintaining the quality of the tobacco and preventing it from drying out, which can negatively impact the taste and burn of the cigarette. Triacetin also helps keep the tobacco leaves pliable and prevent them from becoming brittle, making them less difficult to roll into cigarettes.

Another advantage of triacetin in tobacco is that it helps improve cigarette burn characteristics. Triacetin can reduce the amount of tobacco left unburnt and improve the rate at which the cigarette burns, resulting in a more consistent and satisfying smoking experience. Additionally, triacetin also produces smokeless tobacco products such as snuff, snus, and dissolvable. In these products, it acts as a humectant and plasticizer that helps to retain moisture and improve the workability of the tobacco.

Geographical Analysis

The growing tobacco and pharmaceutical industry of Asia-Pacific boosts the regional triacetin market

Asia-Pacific is leading in the global triacetin market. The region accounts for the largest market share, primarily due to major emerging markets such as China, India, Japan and South Korea. China and India are large manufacturers of pharmaceutical medicine products. The Indian Brand Equity Foundation (IBEF), the application of triacetin in the pharmaceutical industry as a capsule coating, is expected to grow in the region. India is among the world's largest providers of generic drugs, and the Indian pharmaceutical sector is expected to grow in recent years.

Further, one of Asia-Pacific's main market growth drivers is the increasing demand for tobacco products. Asia-Pacific is the largest tobacco market in the world, and it is expected to continue to grow in the coming years.

Another driver of market growth in Asia-Pacific is the increasing demand for food and beverage products. Triacetin is a flavoring agent in the food industry and a plasticizer in food packaging materials. Furthermore, the demand for triacetin in the personal care and cosmetics industry is also expected to grow in the Asia-Pacific region as triacetin is a skin-conditioning agent and emollient in the personal care and cosmetics industry.

Competitive Landscape

Global Triacetin Market is highly competitive, with many chemical component manufacturers offering different steering systems for other classes. Some of the major players contributing to the growth in the segment are Eastman Chemical Company, Lanxess AG, Daicel Corporation, Jiangsu Ruijia Chemistry Co., BASF SE, Mosselman S.A., KLK OLEO, Reactchem Co. Ltd and Polynt Group. The significant players adopt several growth strategies, such as new product launches, joint ventures, and collaborations, contributing to global growth in the industry.

Eastman Chemical Company

Overview:Eastman Chemical Company is a significant supplier and manufacturer of plastic, fiber, additives dealing in medicine, a broad range of advanced materials, chemicals and fibers for everyday purposes., among others. The company has been present globally and has 50 manufacturing plants globally.

The company was founded in 1920 and is headquartered in Kingsport, U.S. Eastman Kodak founded the Eastman Chemical Company. Eastman Chemical produces a wide range of plastics, chemicals and fibers. The company has over 400 products, most heavily supported by two products: polyethylene terephthalate (PET) resin and cellulose acetate. The company's other products include innovative films for electric vehicles, resins that make high-performance medical devices more durable and recycled sustainable water bottles and cosmetic cases.

Product Portfolio
• Triacetin- Eastman Chemical Company offers triacetin as a plasticizer for cellulosic resins and is compatible in all proportions with nitrocellulose, cellulose acetate, and ethyl cellulose. In addition to being utilized as a plasticizer for vinylidene polymers and copolymers, Eastman Triacetin is effective for adding plasticity and flow to laminating resins, especially at low temperatures. It is used as a plasticizer in nail polish and as a component of inks for printing on plastics. Eastman provides Eastman Triacetin, Kosher, Food Grade and Eastman Triacetin.

Why Purchase the Report?
• Visualize the composition of the triacetin market segmentation by product, grade, end-user and region, highlighting the critical commercial assets and players.
• Identify commercial opportunities in the triacetin market by analyzing trends and co-development deals.
• Excel data sheet with thousands of the triacetin market-level 4/5 segmentation data points.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the critical product of all major market players

The global triacetin market report would provide access to 61 market data tables, 57 figures, and 201 pages.

Target Audience 2023
• Tobacco manufacturers
• Pharmaceutical manufacturers
• Food and beverage
• Education & Research Institutes
• Research Professionals