The global acetic acid market is forecast to reach USD 11.27 Billion by 2030, according to a new report by Reports and Data. The growing use of acetic acid in the production of different products such as purified terephthalate acid and vinyl acetate monomers (VAM) is expected to boost the market size of acetic acid during the forecast period.
Acetic acid is used to produce VAM, which is, in turn, is used to manufacture various resins and polymers for adhesives, films, paints, coatings, textiles, and other end-user products. Polyvinyl Alcohol (PVOH) and Polyvinyl acetate (PVA) are the major derivatives manufactured using Vinyl Acetate Monomers (VAM). PVA is significantly employed in adhesives, textiles, photosensitive coatings, packaging films, and thickeners, whereas PVOH finds its applications in paper coatings, industrial coatings, and paints owing to their ideal adhesion properties.
The growing investments in infrastructure across the globe are expected to propel the demand for coatings and sealants, which in turn, positively contribute towards the growth of the acetic acid. Furthermore, the rising application of acetic acid in the manufacture of terephthalic acid is also anticipated to drive the market during the forecast period.
Asia-Pacific dominates the market for acetic acid in the global market. The region is anticipated to be the largest market for the textile industry, owing to the strong industrial base. Increase in population and improving economic conditions are also driving the market in the region. China is the largest market for acetic acid worldwide. The country accounted for approximately more than 30% of the global consumption.
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Key participants include Mitsubishi Chemical Corporation, Sinopec, Wacker Chemie, GNFC Limited, Saudi International Petrochemicals, DuPont, Eastman Chemical Company, Daicel Corporation, Jiangsu Sopo (Group), and LyondellBasell, among others.
Further key findings from the report suggest
- Acetic acid is used in the manufacture of bottles and other synthetic materials. It is used in making pigments, dyes, and paint and coating additives. The acid is used in printing on fabric and also used as a cleaning and degreasing solvent.
- The textile industry is another major employer of acetic acid for its dyeing operations. Acetic acid is used as a buffering agent in dyeing the cloth with a particular color. The textile industry is flourishing in the context of exploding global population amalgamated with increasing disposable income, augmenting the per-capita consumption of goods, including textiles.
- Acetic acid is produced both by bacterial and synthetic fermentation. An approximate amount of 75% of acetic acid used that is used in the chemical industry is manufactured by Methanol Carbonylation.
- Carbonylation of methanol to produce acetic acid catalyzed by homogeneous metal complexes is the most successful industrial applications. The process has many benefits such as high yield of the product and high conversion of reactants, but the disadvantages are also apparent, which include the high cost of the catalyst (rhodium) and the severe corrosion to equipment by the cocatalyst iodide.
- Increasing investments in healthcare, along with growing concerns towards healthcare, coupled with rising consumption of vinegar, is expected to propel the demand in the European region. The region is forecasted to grow with a CAGR of 5.7% during the forecast period.
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For the purpose of this report, Reports and Data have segmented into the global Acetic Acid market on the basis of form, manufacturing process, application, end-users, and region:
Derivative Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
- Diclofenac
- Ketorolac
- Tolmetin
- Indomethacin
Manufacturing Process Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
- Synthetic Route
- Biological Route
- Paraffin Oxidation
- Methanol Carbonylation
- Olefin Oxidation
- Terephthalic/Isophthalic Acid Coproduct
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
- Acetic Anhydride
- Monochloroacetic Acid
- Terephthalic acid
- Vinyl Acetate Monomer
- Ketene
- Dimethylacetamide
- Others
End-Use Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
- Food and Beverage
- Cosmetics
- Chemicals
- Textile
- Inks, Paints, and Coatings
- Pharmaceuticals
- Others
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Key questions covered in the global Acetic Acid market report:
- What is the expected market size of the global Acetic Acid market during the forecast period?
- What factors are expected to hamper global Acetic Acid market growth over the forecast period?
- What key factors are expected to drive global revenue growth between 2021 and 2028?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Acetic Acid market?
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