Acetic Acid Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Acetic Acid Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Acetic Acid Market

The acetic acid market size was valued at USD 6.90 billion in 2020, and the market is now projected to grow from USD 7.29 billion in 2021 to USD 10.54 billion by 2028, exhibiting a CAGR of 5.4% during the forecast period of 2021-2028.

The covid-19 disrupted acetic acid market. Firstly, there were disrupted demands and manufacturing and transportation problems that brought about negative impacts to the demand, for instance in cases of the industries like textile, automotive, and construction which are direct consumers of the products based on acetic acid. On the opposite side of the coin, the increase in demand of disinfectants which contain a key ingredient acetic acid increased the market growth. Consumers trend in home cooking and cleaning occasions brought about a surge in the market for vinegar, an ingredient common in various household products such as acetic acid. In brief, it was terribly difficult, but at the same time COVID-19 brought out an inventiveness and resilience of acetic based acids in various similar fields.

Acetic acid market witnessed stable growth over the years attributable to many key end-use applications. As one of commonly used chemical intermediate, acetic acid is the basis for vinyl acetate monomer (VAM) production, which is then used in the industrial domain such as adhesives, coatings, and textiles. By the same token, the rapidly increasing demand for PET resins for packaging purposes is another major factor that underpins the upward pressure on the acetic acid market since the acid's inclusion is inevitable in the PET production process. All of these factors are amplifying the acetic acid market growth.

Another reason for growing demand is the accelerating integration of acetic acid in industries such as pharmaceuticals and chemicals, as a medium in factories of ester-based solvents. These factors are a driving force behind the increase in acids presence and continue growth trajectory in the global marketplace.

Comprehensive Analysis of Acetic Acid Market

The chemical industry covers a range of items including VAM (Vinyl Acetate Monomer) being used in the manufacture of adhesives and coatings and PTA (Purified Terephthalic Acid), which is a crucial raw material for the polyester fibers and packaging production. The other widely known chemical after Acetic Anhydriide is that of Acetic Anhydride. It serves as a precursor in the production of various pharmaceuticals and cellulose acetaterat shelters for low-income families.

The Asia Pacific presents a large share in terms of the acetic acid market share, which, first of all, can be related to a highly developed industrial infrastructure, a fast developing economy and an expanding manufacturing sector. Acetic acid production and consumption case is primarily taken by China--which possesses the expertise in chemical manufacturing among many countries. In the same manner, the area's good standing in its textile, automotive and packing industries is also encouraging acetic acid based-products demand. Furthermore, the existence of the favorable government policies, the accessibility of feedstock from the raw material source, and the significant development of the technology are also the important factors that shape the region to be at the top in the production and consumption of acetic acid.

The top players in the market play a crucial role in shaping the industry's growth trajectory and setting market standards. These players include: BP Plc (U.K.), Shanghai Huayi (Group) Company (China), LyondellBasell Industries (Netherlands), Daicel Corporation (Japan), Shandong Hualu-Hengsheng Chemical Co. Ltd. (China), Jiangsu Sopo (Group) Co. Ltd. (China), Kingboard Chemical Holdings Ltd. (Hong Kong), Eastman Chemical Company (U.S.), Lonza (Switzerland), Wacker Chemie AG (Germany), Celanese Corporation (U.S.).

INEOS completed the takeover of BP's Aromatics & Acetyls business in January 2021, therefore making it a worldwide operation unit. And finally, this purchase includes 15 sites, divided into 5 in the Americas, 2 in Europe and 8 in Asia, and also shares in 10 of the most attractive joint ventures. This tactical move is an excellent way to INEOS to increase the presence in the global petrochemicals market and to generate prospects of synergies and growth through integration of its business operations already on the market.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2017-2028

Base Year 2020

Forecast Period 2021-2028

Historical Period 2017-2019

Unit Value (USD Billion); Volume (Million Ton)

Segmentation By Application, and By Geography

By Application Vinyl Acetate Monomer (VAM)

Purified Terephthalic Acid (PTA)

Ester Solvents

Acetic Anhydride

Others

By Geography North America (By Type, By Application)

- U.S. (By Application)

- Canada (By Application)

Europe (By Type, By Application)

- France (By Application)

- Germany (By Application)

- U.K. (By Application)

- Spain (By Application)

- Rest of Europe (By Application)

Asia Pacific (By Type, By Application)

- China (By Application)

- India (By Application)

- Japan (By Application)

- Taiwan (By Application)

- Singapore (By Application)

- Rest of Asia Pacific (By Application)

Latin America (By Type, By Application)

- Brazil (By Application)

- Rest of Latin America (By Application)

Middle East & Africa (By Type, By Application)

- South Africa (By Application)

- Rest of Middle East & Africa (By Application)


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