Acetate Salt Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1326
Global Acetate Salt Market size is likely to witness moderate gains in terms of volume during the forecast period. Healthy growth of this market is attributed to its extensive use in pharmaceutical and chemical industry in different forms. Furthermore, its usage is increasing in water treatment industry.
Acetate salt has major application in pharmaceutical industry, as a result its market has grown at a significant pace in recent years. Pharmaceutical manufacturing is booming in developing countries like China and India due to favouring government policies for their establishment. Collaboration of different companies with established organisations such as Emcure, Centaur, Ranbaxy, Cipla had developed this industry with regards to technological advancements. Thus, enhancing pharmaceutical industry is the major driving factor for acetate salt market.
Biotechnology industry has emerged extensively in last decade and continuous research and development activities are being carried out in this field. Acetate salt is used in this industry to manufacture protein based drugs. Moreover, biotechnology is the need of the day due to its application in various fields like agriculture, chemical laboratories, botany etc. This technology is used in agriculture to improve the yield of crops and soil fertility. Further, growing biotechnology industry leads to the upliftment of acetate salt market.
Chemical sector is flourishing following its application in textile industry, paints & coatings industry, etc. Increase in global population and rise in spending capacity of millennials have developed textile industry. Acetate salt is used considerably in chemical field. Additionally, booming construction sector has increased paints & coatings market in developing regions of world. Hence, growth of chemical industry complements acetate salt consumption in future.
Rapid industrialization results in release of acidic and unhygienic water into water bodies. This has increased water pollution and there arises a need for water purification. Water treatment industry extensively use acetate salt to purify water. Many government and private sectors have set up water purification plants on commercial basis as well as for their own waste water treatment. Consumer awareness for water purification has propelled water treatment plants and will strengthen the market.
There exist many substitutes of acetate salt which are easily available in the market. Further, these substitutes are available at a much affordable price than acetate salt. Thus, these alternatives can hamper growth of the market in the forecast period.
Based on product type, acetate salt market is segmented as potassium acetate, zinc acetate, calcium acetate, sodium acetate and others. As per the applications, market is divided into water treatment, drugs manufacturing, etc. On the basis of end-user industry, the global acetate salt market is bifurcated as Pharmaceuticals industry, Chemical industry, Biotechnology industry, etc.
Asia Pacific accounts for significant share in terms of volume in acetate salt market owing to its flourishing textile, paints, agriculture and chemical industry. Countries such as India and China are developing in chemical and pharmaceutical industry due to the establishment of numerous foreign companies. Positive outlook of these industries will keep the region dominant in coming years. North America is a substantial contributor in the global acetate salt market due to its well established pharmaceutical industry. Moreover, textile industry is flourishing at a rapid pace in the U.S. due to improved living standard and rising income levels of youth in this country. These factors have made North America a consistent region in the market. Infrastructural development in Europe has led to escalating construction activities, especially in Germany, Spain and Italy. This has increased paints & coating consumption, resulting in growing usage of acetate salt. MEA and Latin America are at a nascent stage in this market but is anticipated to witness a modest growth during the forecast period.
The key players manufacturing acetate salt are Amresco LLC, Avantor Performance Materials, J.M. Loveridge Ltd., Alfa Aesar, Solvay, Merck Millipore. There are many other manufacturers in the market that includes Dow Chemicals, Allan Chemical Corporation, NOAH Technologies Corporation, CABB GmbH, Niacet Corporation, Chang Shu Nan Hu Chemical Co., Ltd., Jost Chemicals.
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