Acetic Acid Market to Reach USD 18.27 Billion by 2028; Rising Demand for Acetic Acid in the Food Industry: The Brainy Insights
NEWARK, N.J., March 8, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global acetic acid market is expected to grow from USD 10.25 billion in 2020 to USD 18.27 billion by 2028, at a CAGR of 7.85% during the forecast period 2021-2028.
Acetic acid is used in the processing of cellulose acetate, vinyl acetate, metal acetates, and volatile organic esters (such as butyl and ethyl acetates), as well as widely used as solvents for paints, resins, and lacquers. Biologically, acetic acid is an essential metabolic intermediate, and it occurs naturally in plant juices in body fluids. Acetic acid is also used as a solvent in polyester fiber production and in the manufacturing of synthetic fibers and resins.
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Acetic acid, also known as ethanoic acid, is a colourless organic compound. The diluted form of acetic acid is called vinegar, which is the most common chemical substance available in the market. As acetic acid kills microbes and fungus, it is commonly used for general disinfecting and combating mildew and is found in several conventional cleaning products, such as mold and mildew cleaners, floor cleaners, window cleaners, surface cleaners, cleaning and dusting sprays, and roof cleaners, in the form of vinegar or as an ingredient by itself.
The rapid expansion of the textile industry is one of the key factors driving the growth acetic acid market. Globally, the textile industry is witnessing high growth, owing to an increased standard of living, rising income levels in developing countries, and changing fashion trends and customer preferences. The textile industry uses a variety of chemicals that are made using acetic acid. However, fluctuating raw material prices and the highly corrosive nature of acetic acid, are anticipated to limit the market growth in the upcoming years.
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Major players in the global acetic acid market are Mitsubishi Chemical Corporation, Wacker Chemie, GNFC Limited, Saudi International Petrochemicals, DuPont, Eastman Chemical Company, Daicel Corporation, Jiangsu Sopo (Group), and LyondellBasell among others. Developing and developed countries are offering more significant opportunities and significant players are continuously focused on strategic partnerships, acquisitions, and venture capital investments to obtain high growth in the market.
- In August 2018, BP and Eastman Chemical Company announced that both companies had signed an agreement, in which BP will take over sales and marketing of the US acetic acid made by Eastman Chemical.
- In October 2019, BP signed a memorandum of understanding (MoU) with China's Zhejiang Petroleum and Chemical Corporation (ZPCC) to establish a joint venture. Under the joint venture, the companies are planning to open an acetic acid plant in Zhoushan, China, with a production capacity of one million tonnes per annum (Mtpa).
The liquid form segment led the acetic acid market with a larger market share and was valued at USD 7.17 billion in the year 2020
The form segment is divided into liquid and solid forms. The liquid form segment led the acetic acid market with a larger market share and was valued at USD 7.17 billion in the year 2020. The liquid form of acetic acid has many applications such as industrial use, medicinal uses, household, and food industry.
The synthetic route segment accounted for a larger market share and was valued at USD 8.36 billion in the year 2020
The manufacturing process segment includes synthetic route and biological route. The synthetic route segment accounted for a larger market share and was valued at USD 8.36 billion in the year 2020. About 75% of acetic acid used in the chemical industry is made by the carbonylation of methanol.
The vinyl acetate monomer segment held a major market share of 36.85% in the year 2020
The application segment includes vinyl acetate monomer, purified terephthalic acid, acetate esters, acetic anhydride, and other applications. The vinyl acetate monomer segment held a major market share of 36.85% in the year 2020. The vinyl acetate monomer is used in polymer manufacture for adhesives and coatings. The rising demand for these applications across the globe is likely to boost the growth of this segment over the forecast period.
The paints and coatings segment dominated the acetic acid market and held the largest market share of 42.26% in the year 2020
The end-user industry segment is divided into plastics and polymers, food and beverage, inks, paints and coatings, chemicals, and others. The paints and coatings segment dominated the global acetic acid market and held the largest market share of 42.26% in the year 2020. The growth is owing to the increasing demand for acetic acid for the manufacturing of paints and coatings.
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Regional Segment Analysis of the Acetic Acid Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region emerged as the largest market for the acetic acid market and was valued at USD 5.59 billion in 2020. Asia Pacific region is the largest consumer of acetic acid, owing to its strong industrial base in the region. The textile industry is one of the prime consumers of acetic acid in the region, due to the increased demand for clothes across the region. The textile industry uses different types of chemicals that are made up of acetic acid. In addition to this, China is the world's largest producer and exporter of acetic acid. The European regional market is projected to register the highest growth during the forecast period due to increasing investments in healthcare, along with growing concerns towards healthcare, coupled with the rising consumption of vinegar.
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About the report:
The global acetic acid market is analysed on the basis of value (USD billion), volume (kilotons), export (kilotons), and import (kilotons). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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