Acetic Acid Market Size, Share & Trends Analysis Report By Application (Vinyl Acetate Monomer, Acetic Anhydride, Acetate Esters, Purified Terephthalic Acid), By Region, And Segment Forecasts, 2023 - 2030

Acetic Acid Market Size, Share & Trends Analysis Report By Application (Vinyl Acetate Monomer, Acetic Anhydride, Acetate Esters, Purified Terephthalic Acid), By Region, And Segment Forecasts, 2023 - 2030

Acetic Acid Market Growth & Trends

The global acetic acid market is expected to reach USD 23.02 billion by 2030, expanding at a CAGR of 7.5% from 2023 to 2030, as per the new report by Grand View Research, Inc. The growth is attributed to the rising demand for the product in various industries such as construction, pharmaceuticals, and textiles. It is used in the production of paints and coatings. Rising desires to elevate the aesthetics of houses are driving the demand for paints & coatings worldwide, thereby increasing the demand for the product. Acetic acid is widely used in the food & beverage industry in North America. Increasing consumption of food in the region is directly influencing the demand for the product.

The major application of the product is vinyl acetate monomer which captured 40.9% of the share in 2022. This is attributed to the rising demand for vinyl acetate monomers in industries such as paints & coating, paper coatings, and printed products. Acetic acid is considered an essential raw material for the production of vinyl acetate monomer, thereby directly increasing demand for the product.

The global product industry is highly competitive in the presence of multinationals in the industry. There are a few key players such as Eastman Chemical Company, SABIC, HELM AG, and Indian Oil corporations which are constantly investing in research & development activities to enhance their efficiency. These companies are involved in joint ventures and expansion of production capacities to gain a competitive edge.

The COVID-19 outbreak crippled numerous economies and severely impacted supply chains across the globe. The industry faced the shutdown of chemical firms across the globe. The consumption and production of the product is highly influenced by its demand from end-use industries. Fluctuation in demand from end-use industries impacted the overall demand for the product.

Acetic Acid Market Report Highlights

• Vinyl acetate monomer application witnessed the fastest growth rate with a CAGR of 7.8% globally. This is attributed to its wide utilization in the paints & coating industry. Acetic acid is an essential raw material for the production of vinyl acetate monomers. Hence, the increasing demand for vinyl acetate monomer is directly influencing the product demand
• Asia Pacific dominated the market with a revenue share of 33.6% in 2022 and is predicted to remain on top over the forecast period. This is attributed to the rising demand for the product in the pharmaceutical industry. Acetic acid is widely consumed in the development of medicinal drugs such as aspirins to cure headaches. Increasing number of patients in the region is driving demand for medicines, which is directly impacting the product demand in the industry
• North America is the second largest region and captured 21.3% of the market in 2022. This is attributed to the increased demand for the product in the food & beverage industry in the region. Acetic acid is a less toxic and low-cost chemical that is widely used in the food industry. The market is anticipated to see significant growth owing to its increased demand in the food industry over the predicted years
• The COVID-19 outbreak impacted the industry negatively and severely impacted the supply chain across the globe. The market witnessed a decline in growth owing to the inconsistency of demand for the product from end-use industries. However, the industry started getting better in the second half of 2020 with the re-opening of various industries globally

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