Eastman Chemical (US) and LANXESS (Germany) are the Major Players in the Triacetin Market

The growth of the tobacco industry is driving the triacetin market

PUNE, India, 2021-Dec-06 — /EPR Network/ —

The triacetin market is projected to reach USD 309.9 Million by 2022, at a CAGR of 4.8% between 2017 and 2022. The growth of the triacetin market can be attributed to the increasing demand from end-use industries, such as tobacco, food & beverage, pharmaceutical, and cosmetic.

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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Founded in 1920 and headquartered in Kingsport, Tennessee (US), Eastman Chemical is a specialty chemical company producing a broad range of advanced materials, chemicals, and fibers that are found in everyday products. The company strategizes to be an outperforming specialty chemical company with consistent growth in earnings. It focuses on driving constant growth through selling differentiated products in diverse markets and geographic regions. The company mainly operates in five segments, namely, additives & functional products, advanced materials, fibers, chemical intermediates, and others. Eastman Chemical has 45 manufacturing sites in 16 countries, and equity interests in various joint ventures that mainly supply chemicals, plastics, and fibers products to customers across the globe. It mainly operates outside of the US and Canada, with approximately 55 percent of its sales generated from outside these countries.

LANXESS is a leading specialty chemicals company, and one of the major global players in the triacetin market. The company is primarily engaged in the production of various materials, including high-performance materials, advanced intermediates, engineering materials, and others. The company provides triacetin for use in different end-use industries, including food & beverage, pharmaceutical, metal foundry, and others. Increase in the penetration of triacetin in different end-use industries is expected to increase its demand, thus helping the company to expand its global market share.

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The company has a wide geographic presence, giving it a competitive edge over its competitors. It has its presence in about 25 countries, with 74 production sites. The company was incorporated in 2004 and is headquartered in Leverkusen, Germany.