Jiangsu Ruijia Chemistry Co., Ltd., Eastman Chemical Company, Lanxess AG, Daicel Corporation, Mosselman SA, and Kuala Lumpur Kepong Berhad, among others, are the major players in the global triacetin market.
The global triacetin market reached a value of about USD 264 million in 2020. The industry is further expected to grow at a CAGR of about 4% in the forecast period of 2022-2027. As per the analysis by Expert Market Research, the market is expected to be driven by the growth of the tobacco sector, which is estimated to be the largest end-use sector.
In the pharmaceutical industry, triacetin, also known as triglyceride 1,2,3-triacetoxypropane and glyceryl triacetate, is used to make tablets and capsules. The Food and Drug Administration (FDA) has approved the product for use as a food additive in the food sector.
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In the tobacco industry, the product is used as a plasticiser in cigarette filter rods. The tobacco industry's growth has been aided by rising cigarette demand, which has resulted in increased demand for triacetin from the end-use segment. Triacetin's remarkable properties, such as light resistance and compatibility with synthetic and natural rubber, have boosted its demand in the chemical industry. During the forecast period, such factors are expected to contribute to the product's market expansion.
The Asia Pacific region is a significant market for the triacetin industry worldwide owing to the rising disposable incomes, changing lifestyles, and the region's expanding urbanisation. Triacetin's market growth is also aided by its increasing use in food and beverages, cosmetics, tobacco, pharmaceuticals, and other industries. In the Asia Pacific region, demand is driven by the pharmaceutical and food sectors in China and India. The increasing population of developing economies such as China, India, and Brazil is boosting the market. Manufacturers are focusing on developing economies because of the high growth potential.
Headquarters: Kingsport, Tennessee, United States
Eastman is a global speciality materials company that produces various products that are found in everyday items. Eastman works with customers to develop innovative products and solutions while adhering to safety regulations. The company's innovation-driven growth model leverages world-class technology platforms, great customer engagement, and creative application development to grow its leading positions in attractive end markets such as transportation, building and construction, and consumables. Eastman employs around 14,500 people worldwide, serving customers in over 100 countries.
Headquarters: Cologne, Germany
With sales of EUR 6.1 billion in 2020, Lanxess is a leading speciality chemicals manufacturer. Currently, the corporation employs 14,200 people in 33 countries. The development, manufacturing, and commercialisation of chemical intermediates, additives, speciality chemicals, and polymers is the core business of Lanxess.
Headquarters: Osaka, Japan
Daicel Corporation operates business in organic chemicals, celluloid technologies, high-performance chemicals, polymers, and pyrotechnic devices. The company's products include cellulose acetate, high-performance chemicals for electronics materials, tow for cigarette filters, engineering plastics like liquid crystal polymers (LPC), resin compounds, and automotive airbag inflators.
Headquarters: Ghlin, Belgium
Mosselman SA is a producer and trader of oleochemical ingredients, including surfactants, emollients, hydrotropes, waxes, vegetable oils, fatty acids, ester-based solvents, and other related products, including vaseline and mineral oils. Mosselman SA sells around 600 products in over 60 countries. A high degree of flexibility in the product range, packaging, and logistics is part of the added value the company provides to its customers.
Headquarters: Perak, Malaysia
Kuala Lumpur Kepong ventured into resource-based manufacturing in the 1990s to optimise value across the supply chain by vertically integrating its upstream business with downstream capabilities in oleochemicals, derivatives, and speciality chemicals. Today, the group is a global oleochemical producer with complexes located strategically in Malaysia, China, Indonesia, and Europe. The company's products are used in diverse end-use applications, including pharmaceuticals, home and personal care, food and nutrition, flavours and fragrances, lubricants, and industrial chemicals.
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.