The global acetic acid market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Acetic acid is an organic compound produced from methanol carbonylation or oxidation of acetaldehyde. It is largely used in making a number of chemical intermediates, such as VAM and PTA. Vinyl acetate monomer (VAM) is the largest end use for acetic acid followed by PTA. Some of the other important uses include as a feedstock for acetic anhydride and solvents (ethyl acetate, butyl acetate) production.
Rising demand of VAM from various industries such as paint, adhesives, textiles and other industries is likely to drive the acetic acid market. As acetic acid is a major raw material for VAM production, demand for VAM is expected to fuel the growth of this market. Demand from paint, adhesives, textiles and other industries are actually increasing because of growing population and extra income in developing countries. Additionally, demand for PTA is likely to increase at a greater rate because of an upsurge in demand due to growing end-use markets like packaging and textile industries. This demand is growing at a higher rate, which in turn will boost consumption of acetic acid. Demand for acetic anhydride and ethyl and butyl acetates is increasing from the textile and solvent industry, which in turn will increase demand for acetic acid.
Drivers and Restraints of Acetic Acid Market
Growing investments in downstream industries in regions like the Asia and Americas are likely to offer tremendous possibilities for acetic acid market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Acetic acid is exposed to a probability of volatility in supply and price of natural gas as it is a major feedstock. Global economic slowdown has been a challenge for the downstream growth of acetic acid. Especially, slow growth of Chinese economy will hinder the growth of global acetic acid market.
Acetic Acid Market by Region
Asia was the largest consumer of acetic acid and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China. China, South Korea and Japan were the largest consumers of acetic acid in this region. Growing demand for paint, adhesives, textiles, packaging and other industries will drive acetic acid market in Asia. Consumption of acetic acid in North America was second highest and is likely to grow at a reasonable rate next to Asia. Europe is likely to grow at a significant rate due to demand from paint, adhesives, textiles and packaging industries. Demand from the Middle East and South America was low relatively and is likely to stay same in the next few years.
Top players in this market include Celanese, British Petroleum (BP), Jiangsu Sopo (Group) Co., Ltd., Eastman Chemicals, DuPont, Saudi International Petrochemicals and Wacker Chemie.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Supply & Demand
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Strategies of key players and products available
- Potential and niche segments, regions showing promising growth