The global acetic acid market The size was valued at USD 9.12 billion in 2020 and will reach USD 12.5 billion in 2027, growing at a CAGR of 5.4% during the forecast period (2021-2027). Acetic acid is one of the necessary raw materials used in the manufacture of complex chemicals for various end-use industries. In addition, the production of acetic acid is diluted and often finds its application in household applications as a disinfectant agent. In contrast, in industry, it is widely used as an important chemical reagent used to formulate complex substances.
Factors affecting the acetic acid industry over the forecast period:
The increasing growth in demand from wastewater treatment plants has increased the mass production of acetic acid, and the growth of new separation technologies to increase efficiency is expected to create new opportunities in the acetic acid market .
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Although the favorable chemical properties have led to increased production, which can be used in domestic and industrial fields, it is mostly in high demand in chemical laboratories, which involves testing and experimenting with other chemical substances. .
However, the substance is classified as hazardous to human health by the classification and labeling of the European Chemicals Agency (ECHA) because it causes serious eye damage and skin burns. Therefore, heavy exposure to acetic acid can cause burns and irritation; this is expected to hamper the growth of the market.
Impact of COVID-19 on the Acetic Acid Market:
During the COVID 19 pandemic, the global acetic acid market experienced a large gap between supply and demand, which led to a decline in overall sales. End-use industries are experiencing huge setbacks that affect the overall demand for acetic acid.
The report describes the study of the global acetic acid market based on industry applications and end uses.
On the basis of Application, the acetic acid market has been segmented into –
- Vinyl acetate monomer
- Acetic anhydride
- Acetate esters
- Purified terephthalic acid
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On the basis of end-use industry, the acetic acid market has been segmented into –
- Plastics and polymers
- Water treatment
- Chemical products
Acetic Acid Market: Regional Outlook
Based on region, the global acetic acid market has been segmented into five geographical regions, namely, North America, Asia-Pacific, Europe, South America, Middle East and Africa. In 2020, Asia-Pacific held the largest global acetic acid market share, followed by North America and Europe. China is expected to drive the growth of the acetic acid market in Asia-Pacific over the forecast period. Moreover, North America is expected to project the highest CAGR in the world during the forecast period.
Prices for plastics and polymers remained stable in Asia-Pacific, despite slight trade tensions between the United States and China. With growing industries in countries such as China, India, South Korea, Vietnam and Japan, plastics and related products have seen strong demand. The demand for PTA has reflected a significant increase over the past decade, directly reflecting the growing consumption of acetic acid in the region.
In North America, the market was mainly driven by the growing demand for ethanol in various industries. Over 90% of the substance in the United States is formulated from corn kernels to ensure a positive energy balance. Additionally, the US automotive sector has reflected a trend towards consuming E85 gas, which is typically a blend of 85% ethanol and 15% gasoline. This is likely to increase the consumption of acetic acid in the production of ethanol in the domestic market.
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Leading Competitors in the Global Acetic Acid Market include-
The global acetic acid market is highly fragmented with the presence of a large number of small players across the globe. Key companies operating in the global acetic acid market are –
- Eastman Chemical Company
- British Petroleum
- Celanese Corporation
- Gujarat Narmada Valley Fertilizers and Chemicals
- Helm S.A.
- Pentoky organ
- Dow Chemicals
- Indian oil company
- Showa Denko KK
- Svensk Etanolkemi AB (SEKAB)
- Wacker Chemie AG.
The Acetic Acid Market report provides an in-depth analysis of macroeconomic factors and market attractiveness of each segment. The report will include an in-depth qualitative and quantitative assessment of industry/regional outlook with market player’s presence in the respective segment and region/country. The information concluded in the report includes inputs from primary interviews with industry experts.
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