The triacetin market is projected to reach USD 309.9 million by 2022, at a CAGR of 4.8% between 2017 and 2022. A key factor contributing to the growth of the triacetin market is the increased demand for triacetin from the tobacco, food & beverage, pharmaceutical, and cosmetic industries.
In terms of value, the tobacco grade segment of the triacetin market is projected to grow at the highest CAGR during the forecast period. According to a study by The Tobacco Atlas, 5.8 trillion cigarettes were smoked globally in 2014. The tobacco grade triacetin is used as a plasticizer in cigarette filters rods. The growing consumption of cigarettes around the globe is driving the growth of the tobacco grade segment.
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Among end-use industries, the tobacco segment is projected to lead the triacetin market during the forecast period, in terms of value. According to a study, the market size of the tobacco industry is around USD 800 billion. The tobacco industry is an important contributor to the economies of many countries. The growth of the tobacco industry across the globe has boosted the consumption of triacetin. According to British American Tobacco, there are an estimated one billion adult smokers worldwide. Triacetin is used in many applications as a plasticizer, including in cellulose acetate filters or cigarette filter rods. Chewing gum is another application which majorly uses triacetin as a plasticizer. Based on product type, the plasticizer segment is projected to lead the triacetin market during the forecast period, in terms of value.
In terms of value, the Asia Pacific triacetin market is projected to grow at the highest CAGR during the forecast period. The growth of the Asia Pacific triacetin market can be attributed to the region’s growing economies, such as China, India, Japan, Australia, and South Korea, and increasing disposable income. Increasing demand from end-use industries has also fueled the growth of the triacetin market in Asia Pacific.
Eastman Chemical (US), LANXESS (Germany), BASF (Germany), Polynt Group (Italy), and Daicel Corporation (Japan) are some of the leading companies operating in the triacetin market.