As stated in our extensive report; the Global Acetic Acid Market accounted forUSD 20.2 Billionin the year 2021.
In recent years, the acetic acid market has been growing rapidly due to the rising demand for acetic acid from end-use industries such as food & beverage, textile, and transportation. The growing demand for acetic acid is mainly attributed to its properties such as its high acidic nature, low toxicity, and biodegradability. Acetic Acid (CH3COOH), sometimes referred to as ethanoic acid or methane carboxylic acid, is an organic chemical that is colorless and has a pungent, harsh, and sour smell. It is one of the most effective chemical reagents and industrial chemicals used in manufacturing volatile organic esters such as ethyl and butyl acetates, vinyl acetate, cellulose acetate, and metal acetates. In addition, Acetic Acid produced by the fermentation and oxidation of natural carbohydrates is frequently utilized in houses as a cleaning agent.
Based on application, the Acetic Acid market is segmented into,Vinyl Acetate Monomer, Acetic Anhydride, Acetate Esters, Purified Terephthalic Acid, Ethanol, and others. Based on End-Use, the Acetic Acid market is segmented into, Plastics & Polymers, Food & Beverage, Inks, Paints & Coatings, Chemicals, Pharmaceuticals, and Others. Region-wise, the Global Acetic Acid Market has been segmented into North America, Europe, North America, Latin America, and Middle East & Africa.
The production of coatings, greases, polyesters, and sealants using Acetic Acid is what eventually propels the market's expansion. These products find use in a variety of sectors, including electronics, vehicles, textiles, and packaging. Because they are lightweight and recyclable, polyethylene terephthalate (PET) bottles are becoming increasingly popular in the medical and consumer products industries. The market is expanding because of the rising demand for PET bottles, which are produced using purified terephthalic acid (PTA), which is created from Acetic Acid. Additionally, over the past several years, vinegar intake has significantly increased due to the fact that it lowers body weight, maintains blood pressure, and controls cholesterol and blood sugar levels. Acetic Acid is used to make vinegar, which is fueling the market's overall expansion.
Acetic Acid producers are rapidly implementing
cutting-edge technologies like BP's Cativa and Celanese's AO-plus
Optimization Plus), significantly reducing variable costs and reducing the
required to build new facilities.In addition, they
increase capacity, enhance production efficiency, reduce
energy consumption by
around 30%, and reduce operating costs. The expanding acceptance of these
technologies for the manufacturing of the chemical and their
derivatives is generating an optimistic outlook for
the industry's growth.
However, the market is also being limited by a number of factors, including high costs, stringent regulations, and limited availability of feedstock.
North America Region to Take Over the Market
During the forecast period, the Acetic Acid market in North Americais anticipated to develop at the quickest rate. Due to the rising demand for Acetic Acid in numerous sectors, including the construction, pharmaceutical, automotive, and textile industries, the North America region dominated the market. The expansion of the region's pharmaceutical industry explains the rise in product demand. The majority of Acetic Acid utilization is in the production of pharmaceuticals. The region's overall demand for the product is projected to be driven by consumers' growing dependence on prescription pills. Furthermore, during the course of the forecast, the region's market is expected to be significantly impacted by the expanding building and construction sectors, particularly in China and India.
It is projected that the enhanced pharmaceutical sector and rising demand for medications in nations like Saudi Arabia, Qatar, the United Arab Emirates, and Bahrain will positively affect the demand for the Acetic Acid market in the Middle East and Africa. The presence of a sizable patient population with diabetes, cardiovascular disease, and age-related illnesses. The need for Acetic Acid in the region's pharmaceutical business is growing as people are living longer.
Increase in the demand for Acetic Acid from several end-use industries, will have a favorable impact on the overall Acetic Acid market.
Some of the key players in the Global Acetic Acid Market include- Eastman Chemical Company (US), Celanese Corporation (US), Lynodellbasell Industries Holding B.V. (Netherlands), SABIC (Saudi Arabia), Indian Oil Corporation Ltd. (India), Gujrat Narmada Valley Fertilizers & Chemicals Limited (India), Pentokey Organy (India), Ashok Alco Chem Limited (India), Daicel Chemical Corporation (Japan), The Dow Chemical Product (US), HELM AG (Germany), Airedale Chemical Company Limited (UK), DubiChem (UAE), INEOS Group Ltd. (UK) and others.