Triethyl Phosphate Market Size

Triethyl Phosphate Market size is poised to surpass USD 1 Billion by the end of 2036, growing at a CAGR of 2% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of triethyl phosphate was USD 94 Million. The reason behind the growth is impelled by the growing production of chemicals across the globe. The global chemical sector has experienced significant growth as chemical producers are making significant global investments in research and development (R&D), and owing to the rising need for processes and goods dependent on chemicals,

For instance, in 2023, global chemical production (apart from medicines) increased by more than 1.0%. Particularly, global chemical production is expected to increase by around 2% on average from 2023 to 2025.

The growing demand for acetic anhydride is believed to fuel the triethyl phosphate market growth. Acetic anhydride is a raw material that can be utilized in chemical synthesis and is a necessary raw ingredient in the production of aspirin, acetaminophen, and other medications.