Acetic Acid Market By Application (Acetic anhydride, Cellulose acetate, Vinyl acetate monomer, Chloroacetic acid, Others) , By End-Use Industry (Chemical Manufacturing, Food and Beverage, Pharmaceutical, Textile, Agriculture, Personal Care and Cosmetics, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Acetic Acid Market
The acetic acid market was valued at $19.2 billion in 2023 and is projected to reach $32.6 billion by 2033, growing at a CAGR of 5.4% from 2024 to 2033.
Acetic acid is an organic compound which exists in a colorless liquid form and is identified due to its sour taste and pungent smell. Along with water, acetic acid is a major component of vinegar. Chemically, the compound is a weak carboxylic acid. The acid is either produced synthetically or through bacterial fermentation. Acetic acid finds applications in diverse industrial applications, such as in paints, coatings, adhesives, pharmaceuticals, and food & beverage.
The chemical industry is a significant driver of the acetic acid industry as the compound is pivotal for the manufacturing of polymers, specialty chemicals, and solvents such as purified terephthalic acid (PTA), vinyl acetate monomer (VAM), acetate esters, and acetic anhydride. In addition, the expansion of the healthcare industry is boosting the demand for acetic acid. In healthcare, the compound is utilized for the development of several medications and drugs. The development of bio-based acetic acid is an emerging trend in the market, driven by sustainability concerns and regulatory pressures. Such bio-based acetic acid is manufactured from renewable feedstocks such as ethanol, biomass, or methane.
However, volatility in the prices of feedstock such as methanol or acetaldehyde influences the production costs and overall prices of acetic acid. This hampers the profitability of the manufacturers and limits market growth. Moreover, the regulatory landscape surrounding the production of acetic acid is highly stringent, hence restraining the market. For instance, the Clean Air Act in the U.S. puts rigorous control over acetic acid emissions and demands strict compliance with the National Ambient Air Quality Standards. On the contrary, constant explorations regarding the functionalities of acetic acid indicate a promising future for the market. For instance, in 2021, a group of Indian researchers reported the use of acetic acid as an antimicrobial edible food coating agent. This coating is beneficial in maintaining the freshness of fruits and vegetables, hence extending their shelf life.
Segment ReviewThe acetic acid market is segmented into application, end-use industry, and region. On the basis of application, the market is divided into acetic anhydride, cellulose acetate, vinyl acetate monomer, chloracetic acid, and others. As per end-use industry, it is classified into chemical manufacturing, food & beverage, pharmaceutical, textile, agriculture, personal care & cosmetics, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of application, the vinyl acetate monomer segment is expected to dominate during the forecast period.
As per end-use industry, the chemical manufacturing segment is projected to account for the highest market share throughout the forecast period.
Region wise, Asia-Pacific is anticipated to be the highest revenue generator by 2033.
Competition AnalysisThe major players operating in the global acetic acid market include Eastman Chemical Company, Celanese Corporation, HELM AG, SABIC, East India Chemicals, LyondellBasell Industries Holdings B.V., Kakdiya Chemicals, Prakash Chemicals International Private Limited (PCIPL), Innova Corporate, and Anant Pharmaceuticals Pvt. Ltd. These players have adopted various key developmental strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the market.
Key Market SegmentsBy ApplicationAcetic anhydride
Cellulose acetate
Vinyl acetate monomer
Chloroacetic acid
Others
By End-Use IndustryChemical Manufacturing
Food and Beverage
Pharmaceutical
Textile
Agriculture
Personal Care and Cosmetics
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Aia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Eastman Chemical Company
Celanese Corporation
HELM AG
SABIC
East India Chemicals
LyondellBasell Industries Holdings B.V.
Kakdiya Chemicals
Prakash Chemicals International Private Limited (PCIPL)
Innova Corporate
Anant Pharmaceuticals Pvt. Ltd.