Acetic Acid Market to Grow at a CAGR of 4.83% by 2030
According to ChemAnalyst report, “Acetic Acid Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Global Acetic Acid market witnessed a demand around 11.9 million tons in 2020 and is anticipated to grow at a healthy CAGR of 4.83% until 2030, owing to its demand by several end use industries as an important chemical or industrial reagent such as a food acidity regulator, an antimicrobial food preservative and protic solvent, etc.
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Acetic acid, known also as glacial acetic acid (100% pure) or ethanoic acid. It is a colorless, liquid organic compound with a slightly pungent vinegar like odor and sour taste. Industrially, Acetic acid is produced via two processes such as methanol carbonylation (Synthetically), and ethylene oxidation (by Bacterial fermentation). Majority of the Acetic Acid produce worldwide is through carbonylation of Methanol while Acetic Acid synthesized by ethylene oxidation is around 10% only and prominently for vinegar production. For acetic acid production technologies, major technology licensors include Eastman, British Petroleum, Celanese, and LyondellBasell.
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Major application of Acetic Acid includes the manufacturing of vinyl acetate monomer (VAM) which consumes almost 34% of the total Acetic acid produced globally and is further used in the production of other Polymers. Acetic Acid also finds application in the production of purified terephthalic acid (PTA), ethylene acetate, acetic anhydride and others which consumes 23%, 20% 9% and 14% of the Acetic Acid respectively. Among these purified terephthalic acid is the fastest growing segment owing to consumption as a precursor to polyethylene terephthalate (PET) which is further employed to make plastic bottles and clothing.
In the first half of 2020, COVID-19 outbreak across the global caused impositions of nationwide lockdowns and slowdown or halt in the manufacturing activities of many industries. It resulted into the decline in the demand of Acetic Acid as some its end use industries such as plastics, polymer, adhesives, paints, and coatings were badly impacted during the first wave of pandemic due to hit in the automotive and construction sectors. Although, even in the pandemic there was a constant demand for Acetic Acid from Food & Beverage and Pharmaceuticals. Moreover, since the latter half of 2020, after the relaxation in lockdown coupled with the resumption in industrial operations, a speedy recovery in the demand for Acetic Acid was witnessed and is expected to propel in the forthcoming years.
Asia Pacific region accounted for the major share of global Acetic Acid market and is anticipated to grow significantly over the forecast period owing to the surging demand for Polymers, Plastics from the growing sectors such as construction, Automotive and household in the region. Additionally, China is the leading manufacturer and consumer of plastics and polymers as well as a booming automobile hub. Moreover, several end use industries are investing in this region (China, India, south Korea, Japan, Vietnam) to set up their manufacturing plants which consequently increasing the market growth of Acetic Acid in Asia pacific.
According to ChemAnalyst report, “Acetic Acid Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”, Major players for Acetic Acid globally include Jiangsu Sopo (Group) Co.Ltd,, Shanghai Wujing Chemical, Yankuang Cathay Coal Chemicals Co.Ltd., Henan Shunda Chemical Technology Co, Assam Petrochemicals, Indian Oil Corporation, DuPont, Eastman Chemical Company, Celanese Corporation, Lyndell Basell, Sasol, and Others.
“Acetic Acid and its derivatives, finds applications in various industries such as Plastics and Polymers, Food and Beverages, Adhesives, Pharmaceuticals, Paints and Coatings and Others. Growing automobile, Construction and Household sectors consequently drive the market for Polymers, adhesives, sealants, paints and coatings that directly fuels the demand for Acetic Acid. All these applications are likely to offer new opportunities for the major players to expand their capacities as well as investing in the greenfield projects to meet the rising demand for Acetic acid which ultimately boost Acetic acid market in the forecast years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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