Acetic Acid Market size worth $ 8.48 Billion, Globally, by 2028 at 2.62% CAGR: Verified Market Research®
Increasing applications from industries such as paints and coatings, adhesives and paints, and textile industries will lead to Acetic Acid Market globally.
JERSEY CITY, N.J. , May 30, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Acetic Acid Market" By Application (Acetate Esters, Acetic Anhydride), By End-User (Food And Beverages, Paints And Coating), and By Geography. According to Verified Market Research, Acetic Acid Market size was valued at USD 7.07 Billion in 2020 and is projected to reach USD 8.48 Billion by 2028, growing at a CAGR of 2.62% from 2021 to 2028.
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Browse in-depth TOC on "Acetic Acid Market"
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Global Acetic Acid Market Overview
The rising demand for acetic acid in plastics, rubber, renovation, pharma, paint, and other industries is one of the driving factors in the growth of the global Acetic Acid Market. Additionally, the increased supply of Vinyl Acetate Monomer (VAM) and Purified Terephthalic Acid (PTA) in the textile and packaging industries is boosting the Acetic Acid Market. Moreover, the medical benefits provided by acetic acid in the form of vinegar, including cholesterol and blood pressure maintenance, as well as diabetes control, are expected to boost the market.
In addition, polyethylene terephthalate (PET) bottles are becoming extremely prevalent in the medical and consumer products industries. Because PET bottles are made from purified terephthalic acid (PTA), which is derived from acetic acid, rising demand is driving the market growth. Growing infrastructure investments around the world are expected to drive growth for coatings and sealants, thus also positively supporting the growth of the Acetic Acid Market during the forecast period. Furthermore, the rising use of acetic acid in the production of terephthalic acid is expected to aid market growth. Terephthalic acid is a key part of the production of polyester resins, which are widely used in polyester films, PET resins, as well as polyester fibers leading to the overall growth of the market.
Key Developments
- In January 2021, INEOS acquired BP's global Aromatics & Acetyls business, which included 15 different global production sites and 10 joint ventures, to expand its geographical scope and product offerings.
- In October 2019, BP has signed an agreement (MoU) with China's Zhejiang Petroleum and Chemical Corporation (ZPCC) to form a partnership. The companies decide to launch an acetic acid plant in Zhoushan, China, with a production capacity of one million tonnes per year as part of a collaborative venture (Mtpa).
Key Players
The major players in the market are Daicel Corporation, BP PLC, Celanese Corporation, LyondellBasell Industries N.V., Eastman Chemical Company, Shandong Hualu-Hengsheng Chemical Co. Ltd., Shanghai Huayi (Group) Company, Kingboard Chemical Holdings Ltd, Yankuang Cathay Coal Chemicals Co. Ltd., and Jiangsu Sopo (Group) Co. Ltd.
Verified Market Research has segmented the Global Acetic Acid Market On the basis of Application, End-User, and Geography.
- Acetic Acid Market, By Application
- Acetate esters
- Vinyl acetate monomer (VAM)
- Acetic anhydride
- Purified terephthalic acid (PTA)
- Others
- Acetic Acid Market, By End-User
- Food and beverages
- Paints and coating
- Pharmaceutical
- Others
- Acetic Acid Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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