Acetic Acid Market - Global Industry Analysis

Acetic Acid Market

Acetic Acid Market By Application (Vinyl Acetate Monomer, Purified Terephthalic Acid, Acetate Esters, Acetate Anhydride): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.

Published Date: 23-May-2021 Category: Chemical & Materials Report Format : PDF Pages: 140 Report Code: ZMR-31 Status : Published

The global acetic acid market accounted for USD 7.41 Billion in 2020 and is expected to reach USD 13.21 Billion by 2028, growing at a CAGR of 8.9% from 2021 to 2028.

Description

Market Overview

The global acetic acid market accounted for USD 7.41 Billion in 2020 and is expected to reach USD 13.21 Billion by 2028, growing at a CAGR of 8.9% from 2021 to 2028.

Acetic acid is a colourless liquid; it can be also called as ethanoic acid, that also projects to be the antecedent to the production of various chemicals which is being used in textile, rubber and plastic industries. Additionally, it acts as an intermediary for the formulation of various coatings, bridging elements, and greases that are widely used in the packaging, construction, and electronics. The rising demand for the acetic acid in the production of various products such as vinyl acetate monomers (VAM) and purified terephthalic acid are all driving factors to enhance the market size in the forecasted period.

The production of acetic acid has witnessed measurable growth owing to the varying end-use industry of acetic acid, as it can be used in manufacture for the purpose of resins for coatings, adhesives, paints, etc. Therefore, the global acetic acid market is expected to be booming. Owing to the reasons for its dynamic usage of acetic acid has also led to an increase in its demand over time in the global market. Many other factors such as population growth, changing markets and favourable government schemes stimulate the growth for the global acetic acid market.

COVID-19 Impact Analysis

The global acetic acid market was negatively impacted by COVID-19 causing a sharp decline in the automotive industry, also due to the temporary lockdown of automotive manufacturing units and different other construction investment projects due to the increasing spread of the deadly virus scenario. Not to forget the decline in the consumption of coatings, adhesives and paints. Therefore, all the above-mentioned factors have created a negative impact on the demand for acetic acid.

Furthermore, the stoppages of work due to various government measures announced by the authorities across the world in order to break the cycle of the spread of the virus and precautionary measures such as quarantines impacted most of the end-user industries who use the acetic acid, such as textiles, food and beverage, and construction, thereby indirectly affecting the growth prospects of the acetic acid market.

Growth Factors

Certain factors like increasing demand for purified terephthalic acid from the textile and packaging industry,  rising use of ester solvents for the purposes of  paints and coatings, the rising infrastructural investments for the projects across the world, the increasing development of new separation technologies to cause increase in the production efficiency of acetic acid,  the very many application of acetic acid in home furnishing and in the production of textiles such as bed sheets and curtains are all the reasons for the increased demand in the global acetic acid market.

Although, increasing usage of acetic acid can be harmful for certain natural elements like animals, and plants, which can be a huge setback for the global acetic acid market in estimated period. Moreover, the difficulty in pricing policies of raw material can also be a limiting factor for the acetic acid market.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Application Type Segment Analysis Preview

On the basis of application type, the market can be divided into Vinyl Acetate Monomer, Purified Terephthalic Acid, Acetate Esters, Ethanol. Vinyl Acetate Monomer also known as VAM held the largest segment and is estimated to exhibit a similar trend in the forecasted time period. Being a primary intermediate element used in the manufacture of several polymers for the purpose of paints, coatings, adhesives, textiles, and other end-use products.

With the increasing demand for these applications across the world, it is anticipated to cause an increase in the total contribution to the segment’s growth by the end of the forecast period. Additionally, factors such as rapid urbanization & industrialization mainly in the Asia Pacific region has led to strong increase in the construction industry which will have an underlying impact on the overall acetic acid market demand during the forecasted period.

Regional Analysis Preview

In regional segmentation, the global coronavirus vaccines market is bifurcated into six key regions, namely, Europe, North America, Latin America, Asia Pacific, the Middle East, and Africa. However, it was noted that Asia-Pacific is the largest consumer of acetic acid in the global acetic acid market. The Asia-Pacific market is predicted to be the largest market for the textile industry, citing reasons such as having a strong industrial base. All the more, India will also record significant growth in the global acetic acid market with reasons like increasing investments, growing population index, accumulative government schemes, and substantial growth in the demand from end-use industries. But North America and Europe are also the major markets for the production of acetic acid.

Key Market Players & Competitive Landscape

Some of the key important market players are Celanese Corporation, INEOS, Jiangsu SOPO (Group) Co. Ltd, Eastman Chemical Company or its subsidiaries, and LyondellBasell Industries Holdings BV, among others.

The global Acetic Acid market is segmented as follows:

By Application Type:

  • Vinyl Acetate Monomer
  • Purified Terephthalic Acid
  • Acetate Ester
  • Acetate anhydride
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

Free Analysis

Acetic acid also known as ethanoic acid is a colorless liquid. Acetic acid has a distinctive sour taste and strong pungent smell. Acetic acid is commonly known as vinegar, which is dilute acetic acid. It is traditionally used for pickling of vegetables and as a food preservative. Acetic acid is an important chemical reagent and industrial chemical.

The market growth of global acetic acid market has been accelerated by rising demand for vinegar owing to numerous health benefits associated with it. Increasing consumption of PTA in the textile industry for polyester manufacturing coupled with increasing demand of VAM which is used as a precursor is expected to propel the growth of the acetic acid market in coming years. Furthermore, growing textile & packaging industry is expected to fuel the growth of the acetic acid market. In addition,being a chemical reagent and industrial chemical,it is used in the production of cellulose acetate for photographic film, while polyvinyl acetate for synthetic fibers and fabrics.However, volatile prices of methanol and mature market of acetic anhydride may restrict the growth of the market.Nonetheless,increasing demand for industrial application is likely to open growth opportunities for the market in the near future.

Acetic Acid Market

Based on application, PTA(Purified Terephthalic Acid), acetate esters,acetic anhydride,VAM (Vinyl Acetate Monomer) and other are the major application of acetic acid.Vinyl acetate monomer (VAM) was the largest application segment for the market accounting for more than 30% of global acetic acid consumption in 2015.The growth of VAM is driven by usage of VAM in sealants and adhesive industry. Ester solvent is the 2nd largest application area in term of consumption. However, PTA is projected to witness the fastest growth due to an increasing demand for polyester from the textile and packaging industries.

Based on Geography,Asia Pacific is the biggest consumer of acetic acid due to the emergence of manufacturing hubs in China, India, and other Asian countries.China holds the largest share in term of production.The demand for acetic acid in China market is anticipated to grow at a CAGR of 5.5% in term of consumption.The European and North American markets are comparatively below average growth due to maturity of the market.

Some of the key players include in the acetic acid market such asEastman Chemical Company, Jiangsu Sopo Co. Ltd, Kingboard Chemical Holdings Ltd, LyondellBasell Industries N.V., BP Plc, SABIC, Sasol, PetroChina, Daicel Corporation, Celanese Corporation and among others.

FrequentlyAsked Questions

The global Acetic Acid market was valued at USD 7.41 Billion in 2020.

The global Acetic Acid market is expected to reach USD 13.21 Billion by 2028, growing at a CAGR of 8.9% between 2021 to 2028.

Certain factors like increasing demand for purified terephthalic acid from the textile and packaging industry,  rising use of ester solvents for the purposes of  paints and coatings, the rising infrastructural investments for the projects across the world, the increasing development of new separation technologies to cause increase in the production efficiency of acetic acid,  the very many application of acetic acid in home furnishing and in the production of textiles such as bed sheets and curtains are all the reasons for the increased demand in the global acetic acid market.

Although, increasing usage of acetic acid can be harmful for certain natural elements like animals, and plants, which can be a huge setback for the global acetic acid market in estimated period. Moreover, the difficulty in pricing policies of raw material can also be a limiting factor for the acetic acid market.

In regional segmentation, the global coronavirus vaccines market is bifurcated into six key regions, namely, Europe, North America, Latin America, Asia Pacific, the Middle East, and Africa. However, it was noted that Asia-Pacific is the largest consumer of acetic acid in the global acetic acid market. The Asia-Pacific market is predicted to be the largest market for the textile industry, citing reasons such as having a strong industrial base. All the more, India will also record significant growth in the global acetic acid market with reasons like increasing investments, growing population index, accumulative government schemes, substantial growth in the demand from end-use industries. But North America and Europe are also the major markets for the production of acetic acid. 

Some of the key important market players are Celanese Corporation, INEOS, Jiangsu SOPO (Group) Co. Ltd, Eastman Chemical Company or its subsidiaries, and LyondellBasell Industries Holdings BV, among others.

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