PUNE, India, February 15, 2018 /PRNewswire/ --
The report "Triacetin Market by grade (Tobacco, Food, Industrial), Product Type (Plasticizer, Solvent, Humectant), End use industry (Tobacco, Food & Beverage, Pharmaceutical, Cosmetic, Chemical), and Region - Global Forecast to 2022" published by MarketsandMarkets™, the market is projected to grow from USD 245.6 Million in 2017 to USD 309.9 Million by 2022, at a CAGR of 4.8% from 2017 to 2022.
Browse 118 tables and 39 figures spread through 128 pages and in-depth TOC on "Triacetin Market"
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Increasing consumption of triacetin as a plasticizer, or solvent, or humectant in various end-use industries, such as food & beverage, tobacco, pharmaceutical, and cosmetic is fueling the Triacetin Market growth.
The tobacco grade segment is projected to grow at the highest CAGR during the forecast period, in terms of value
Based on grade, the tobacco segment of the Triacetin Market is projected to grow at the highest CAGR during the forecast period, in terms of value. As a tobacco grade, triacetin is widely used in the tobacco industry in cigarette filters. The growing consumption of cigarettes across the globe is driving the growth of the tobacco grade segment. According to a study by The Tobacco Atlas, 5.8 trillion cigarettes were smoked globally in 2014.
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The plasticizer product type segment is projected to lead the Triacetin Market between 2017 and 2022, in terms of value
Among product types, the plasticizer segment is projected to lead the Triacetin Market during the forecast period, in terms of value. As a plasticizer, triacetin is used in various applications for different purposes. One of its major use as a plasticizer is in cellulose acetate filters or cigarette filter rods. The significant consumption of cigarettes across the globe is the major driving factor for the plasticizer segment. Another major application of plasticizer is in chewing gum where it is used to reduce brittleness and increase flexibility.
The tobacco industry is projected to lead the Triacetin Market between 2017 and 2022, in terms of value
Based on end-use industry, the tobacco industry segment is projected to lead the Triacetin Market during the forecast period, in terms of value. The tobacco industry is one of the fastest-growing and largest industries in the world. According to a study, the market size of the tobacco industry is around USD 800 billion. Triacetin is used as a plasticizer in cellulose acetate filters or cigarette filter rods. According to British American Tobacco, there are an estimated one billion adult smokers worldwide. Growing consumption of cigarettes across the globe is driving the growth of the tobacco industry.
The Asia Pacific Triacetin Market is projected to grow at the highest CAGR during the forecast period, in terms of value
The Asia Pacific region is the largest market for triacetin, globally. The Asia Pacific Triacetin Market is projected to grow at the highest CAGR during the forecast period, in terms of value. The growth of the market in Asia Pacific can be attributed to the increased demand for triacetin from the region's emerging economies for use in various end-use industries. High economic growth and increased investments in the pharmaceutical and cosmetic sectors by various governments and leading market players are also fueling the growth of the Triacetin Market in the Asia Pacific region.
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.
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