Global Acetic Acid Market Report and Forecast 2023-2028

Global Acetic Acid Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global acetic acid market reached a value of USD 22.1 billion in 2022. Aided by the rising demand in various sectors and the diversifying applications of acetic acid, the market is projected to further grow at a CAGR of 5.10% between 2023 and 2028 to reach a value of USD 29.8 billion by 2028.

Acetic acid, also recognised as ethanoic acid, is a colourless liquid with a strong pungent smell. As a critical constituent of vinegar, it is frequently associated with its culinary uses. Nevertheless, acetic acid's utility extends far beyond the kitchen. Its intrinsic properties, including its ability to function as a solvent, its reactivity, and its sour taste and strong odour, make it a coveted ingredient in various industries, ranging from food processing and synthesis of synthetic fibres to the production of plastics and food additives.

The burgeoning demand for vinyl acetate monomer (VAM) serves as a significant propellant for the global acetic acid market growth. Given that VAM is a crucial precursor for the production of adhesives, resins, paints, and films, the insatiable demand for these end-products has, in turn, spurred the consumption of acetic acid. Additionally, the food and beverage sector's reliance on acetic acid, particularly as an acidulant in processed foods, further accentuates the market's trajectory.

As per the acetic acid market analysis, beyond its use in VAM synthesis and food processing, acetic acid has also experienced rising demand from the textile industry. As a vital chemical in the production of synthetic fibres and fabrics, acetic acid is indispensable in textile treatments and dyeing processes. Its ability to modulate and facilitate reactions ensures that textiles achieve desired characteristics, from colour fastness to specific textures.

Moreover, the cosmetics and personal care industries, always in pursuit of innovative formulations, have embraced acetic acid and further adds value to the acetic acid market size. Its natural pH balancing capabilities have seen its inclusion in hair care products, ensuring that products maintain the delicate pH balance of the scalp, thus optimising hair health.

However, it's not just the established sectors that are driving the market forward. With evolving consumer preferences and increasing environmental concerns, bioplastics have emerged as a future-forward solution and propel the acetic acid market demand.

Market Segmentation

The market can be divided based on application, end use industry, and region.

Market Breakup by Application

• Vinyl Acetate Monomer (VAM)
• Purified Terephthalic Acid (PTA)
• Anhydride
• Ethyl Acetate
• Butyl Acetate

Market Breakup by End Use Industry

• Plastics and Polymers
• Food and Beverages
• Inks, Paints and Coatings
• Chemicals
• Pharmaceuticals
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global acetic acid market. Some of the major players explored in the report by Expert Market Research are as follows:

• British Petroleum
• Celanese
• Jiangsu Sopo
• Chang Chun Group
• Daicel Corporation
• Eastman Chemical Company
• LyondellBasell Industries Holdings B.V
• Mitsubishi Chemical Corporation.
• Svensk Etanolkemi AB (SEKAB)
• INEOS Group Holdings S.A
• Global Chemical Resources
• Altiras Chemicals LLC
• Saudi Basic Industries Corporation
• Anant Pharmaceuticals Pvt. Ltd.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.