According to a new report by Reports and Data, the global acetic acid market is projected to reach USD 11.27 Billion by 2030. The report suggests that 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 drive the market size of acetic acid in the forecast period.
Acetic acid is a vital ingredient in the production of VAM, which is further used in manufacturing various resins and polymers for adhesives, films, paints, coatings, textiles, and other end-user products. Two major derivatives manufactured using Vinyl Acetate Monomers (VAM) are Polyvinyl Alcohol (PVOH) and Polyvinyl acetate (PVA). PVA is extensively employed in adhesives, textiles, photosensitive coatings, packaging films, and thickeners, while PVOH is used in paper coatings, industrial coatings, and paints due to its ideal adhesion properties.
The increasing investments in infrastructure across the world are expected to propel the demand for coatings and sealants, which in turn, is expected to contribute towards the growth of the acetic acid market. Furthermore, the rising application of acetic acid in the manufacture of terephthalic acid is also anticipated to drive the market during the forecast period.
The Asia-Pacific region dominates the global market for acetic acid. The region is projected to be the largest market for the textile industry, owing to its strong industrial base. The increase in population and improving economic conditions are also driving the market in the region. China is the largest market for acetic acid globally, accounting for more than 30% of the global consumption.
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Acetic Acid Market Segments:
Reports and Data have segmented the global Acetic Acid market for the purpose of this report on the basis of form, manufacturing process, application, end-users, and region.
In terms of Derivative Outlook, the report provides revenue and volume forecasts (USD Billion and Kilo Tons, respectively) for the following derivatives from 2019-2030: Diclofenac, Ketorolac, Tolmetin, and Indomethacin.
The report also provides revenue and volume forecasts (USD Billion and Kilo Tons, respectively) for the Manufacturing Process Outlook, which includes Synthetic Route, Biological Route, Paraffin Oxidation, Methanol Carbonylation, Olefin Oxidation, and Terephthalic/Isophthalic Acid Coproduct from 2019-2030.
Furthermore, the report offers revenue and volume forecasts (USD Billion and Kilo Tons, respectively) for the Application Outlook, which covers Acetic Anhydride, Monochloroacetic Acid, Terephthalic acid, Vinyl Acetate Monomer, Ketene, Dimethylacetamide, and Others from 2019-2030.
The End-Use Outlook section provides revenue and volume forecasts (USD Billion and Kilo Tons, respectively) for various sectors, including Food and Beverage, Cosmetics, Chemicals, Textile, Inks, Paints, and Coatings, Pharmaceuticals, and Others from 2019-2030.
Finally, the report analyzes the Acetic Acid market across various regions, including North America (U.S., Canada, and Mexico), Europe (Germany, U.K., France, Italy, Spain, Sweden, BENELUX, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and Rest of APAC), Latin America (Brazil and Rest of LATAM), and the Middle East Africa (Saudi Arabia, UAE, South Africa, Israel, and Rest of MEA) from 2019-2030. The report provides revenue forecasts (USD Billion) for each region.
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Acetic Acid Market: Strategic Developments
Acetic acid has various applications in different industries, such as the manufacture of synthetic materials like bottles and pigments, dyes, and paint additives. Additionally, it is used in printing on fabric and as a solvent for cleaning and degreasing. One of the significant applications of acetic acid is in the textile industry, where it is used as a buffering agent for dyeing cloth with specific colors. The growing textile industry, driven by the increasing global population and disposable income, is expected to contribute to the growth of the acetic acid market.
Acetic acid is produced through bacterial and synthetic fermentation, and approximately 75% of the acetic acid used in the chemical industry is produced through Methanol Carbonylation. This process is catalyzed by homogeneous metal complexes and has several advantages, including high product yield and reactant conversion. However, the process also has disadvantages such as high catalyst cost and severe corrosion to equipment by the cocatalyst iodide.
The European region is expected to see a CAGR of 5.7% during the forecast period due to increasing investments in healthcare, growing health concerns, and rising vinegar consumption.
Acetic Acid Market: Competitive Landscape
The global acetic acid market is highly competitive, with a few key players dominating the market. Some of the leading companies operating in the market include Mitsubishi Chemical Holdings Corporation, Wacker Chemie AG, Gujarat Narmada Valley Fertilizers Chemicals Limited, DuPont de Nemours, Inc., Eastman Chemical Company, Daicel Corporation, Jiangsu SOPO (Group) Co., Ltd., HELM AG, Celanese Corporation, and Pentokey Organy.
These companies are constantly engaged in research and development activities to develop new products and improve existing ones. They also focus on expanding their geographic presence and strengthening their distribution networks to enhance their market position. In addition, strategic partnerships, collaborations, and mergers and acquisitions are some of the key strategies adopted by these companies to maintain their market dominance.
Mitsubishi Chemical Holdings Corporation is one of the leading companies in the global acetic acid market, offering a wide range of products that cater to various end-use industries. Wacker Chemie AG is another major player in the market, offering high-quality acetic acid products that are used in various applications such as food, pharmaceuticals, and coatings. Gujarat Narmada Valley Fertilizers Chemicals Limited is also a significant player in the market, with a strong presence in the Asia-Pacific region.
Overall, these key players are expected to continue to drive the growth of the global acetic acid market in the coming years, with a focus on innovation and expansion.
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