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Acetic Acid Market

Acetic Acid Market

Acetic Acid Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

144

Base Year:

2022

Date

Dec - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1914

Segments Covered
  • By Applications By Applications Vinyl Acetate Monomer, Acetic Anhydride, Acetate Esters, Purified Terephthalic Acid, Ethanol, Other Applications
  • By End-Uses By End-Uses Food & Beverages, Paints & Coating, Plastics & Polymers, Pharmaceutical, Chemicals, Other End-Uses
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 20.92 Billion
Revenue 2030Revenue 2030: USD 29.97 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 4.60%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Acetic Acid Market Share

Premium Insights

The Acetic Acid Market is expected to grow in the coming years on the back of rising demand from end-use industries. Acetic Acid is used extensively in a range of industries including textile, pharmaceuticals, food & beverages, and chemicals. Acetic Acid can be produced from both renewable and fossil-based feedstocks. This gives producers greater flexibility to respond to changing market conditions and provides a cost advantage over other acids such as formic acid. Bio-based Acetic Acid is made from renewable feedstocks such as biomass. The growing interest in sustainable products is driving up demand for bio-based Acetic Acid. There are strict environmental regulations governing the production of Acetic Acid. These regulations are expected to continue in the future, driving up costs and restraining market growth to some extent. The increasing use of Acetic Acid as a starting material for manufacturing vinyl acetate monomer (VAM) and the rise in the use of plant-based feedstock for manufacturing Acetic Acid are also expected to drive market growth. Acetic Acid is used as a starting material in the production of vinyl acetate monomer (VAM), which is further used in various applications such as adhesives & sealants, paints & coatings, textiles, automotive, and construction. VAM is one of the key raw materials used in adhesive & sealant applications. It is also used as an emulsifier and dispersant in paints & coatings formulations. The rising demand for VAM from these applications is expected to drive the growth of the Acetic Acid Market during the forecast period. The use of plant-based feedstock such as biomass for producing Acetic Acid has been gaining popularity due to its eco-friendly nature and low cost. This is expected to create new opportunities for manufacturers operating in the Acetic Acid Market over the next five years.

The textile industry is the largest consumer of Acetic Acid, accounting for over 30% of the global demand. Acetic Acid is used in textile processing for printing, dyeing, and finishing fabrics. It is also used as a yarn lubricant and in the manufacturing of textured filament yarns. The growing textile industry in developing countries such as China and India is expected to drive the demand for Acetic Acid in this application over the forecast period. The food & beverage industry is another major consumer of Acetic Acid. It is used as an ingredient in cooking sauces, pickling solutions, and salad dressings. Acetic Acid is also used as a preservative in processed foods such as cheese and meat products. The growing food & beverage industry globally is expected to drive the demand for Acetic Acid over the forecast period. The personal care industry is another major consumer of Acetic Acid. It finds uses in hair care formulations such as shampoos and conditioners, where it helps remove buildup and restore shine. Acetic Acid is also used in skincare products such as cleansers and toners for its astringent properties. Technological advancements in the production of Acetic Acid have led to the development of processes that can use a variety of feedstocks. This has made Acetic Acid one of the most versatile chemicals in the industry, with applications in a wide range of sectors. The growing demand for Acetic Acid is being driven by its increasing use as a raw material in the production of vinyl acetate, which is used in adhesives, coatings, and textile finishes. The pharmaceutical industry is another major user of Acetic Acid, as it is an important component in the manufacture of aspirin and other drugs. With its multiple applications and growing demand, the Acetic Acid Market is expected to continue to grow at a healthy pace in the coming years.

Acetic Acid Market Size, 2022 To 2030 (USD Billion)

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The rising demand for bio-based Acetic Acid is one of the key drivers of the Acetic Acid Market. Bio-based Acetic Acid is derived from renewable resources, such as vegetable oils and glucose. It is a versatile chemical that finds applications in a wide range of industries, such as food & beverage, pharmaceuticals, textiles, and adhesives. The growing preference for eco-friendly and sustainable products is driving the adoption of bio-based Acetic Acid. Acetic Acid is used as an intermediate in the production of chemicals, such as vinyl acetate monomer (VAM), which is used in adhesives, paints, and coatings. The rising automotive production is expected to drive the demand for VAM, which in turn will boost the consumption of Acetic Acid. Moreover, the increasing use of Acetic Acid as a preservative in food & beverages is projected to fuel its demand over the forecast period.

A continuing push for expansion in the textile industry - To produce vinyl acetate and metal acetate, which are subsequently used to produce chemical reagents for use in the production of textiles, photographic films, paints, and volatile organic esters, Acetic Acid, which is also known as ethanoic acid, is widely utilized in the production process. In the textile business, the processes of printing and dying fabrics frequently call for the use of Acetic Acid as a component. According to the Ministry of Industry and Information Technology of China, China's textile and apparel exports increased by 9.6% in 10 years in order to reach a total of $291.22 billion US dollars. In addition, the United States Department of Commerce says that between January and September 2022, exports of clothes climbed by 28.94% to a total of $4.385 billion, while exports of products made in textile mills increased by 17.31% to a total of $12.365 billion. Vinyl acetate monomer is utilized in the manufacturing process of synthetic fibers within the textile industry. As a consequence of this, the demand for textiles is growing all over the world, which is driving the expansion of the market and is expected to account for a considerable percentage of the overall market for Acetic Acid.

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The food industry has been increasing its consumption of vinegar in recent years. The fast rate of population expansion and the adoption of a diet that is both sustainable and nutritious has contributed to an increase in the level of food production worldwide, which in turn has led to an increase in the level of demand for food items. The global production of vegetables reached 1128 million tonnes, which is a 65% rise in the past twenty years, and the production of fruit grew to 883 million tonnes, which is a 54% increase from that year. Acetic Acid is the primary component needed to produce vinegar, which is utilized in a wide variety of industries including the food and personal care industries. Vinegar can be found in a variety of condiments, including pickling solutions, marinades, and salad dressings. In addition to this, it reduces the likelihood that meat and poultry products will contain salmonella bacteria. The preservation of food is another use for Acetic Acid and the sodium salts of Acetic Acid. As a consequence of this rise in vinegar used in the food industry, there has been an increase in the demand for Acetic Acid, which has led to the market for this substance expanding.

However, the Acetic Acid Market is currently restrained by a few key factors. First and foremost, the availability of feedstock is limited, with naphtha being the primary feedstock used to produce Acetic Acid. Feedstock availability is one of the key restraints impacting the Acetic Acid Market. Acetic Acid is produced from a range of feedstocks, including methanol, ethanol, and butanol. However, the majority of Acetic Acid is produced from methanol. Methanol is a key raw material used in the production of Acetic Acid and is derived from natural gas. The fluctuating costs of natural gas impact the cost of methanol, which in turn impacts the price of Acetic Acid. The limited availability of feedstock is a key restraint on the market as it limits production capacity and drives up prices. The current global oversupply of crude oil and natural gas has resulted in lower prices for these feedstocks, which in turn has led to higher prices for Acetic Acid. Additionally, the transportation infrastructure for Acetic Acid is not well developed, making it difficult to move the product around the world. Lastly, environmental regulations are becoming increasingly stringent, which is resulting in higher costs for manufacturers. The fluctuating price of natural gas is one of the key restraints of the Acetic Acid Market. As a feedstock for Acetic Acid production, natural gas prices have a direct impact on the cost of production for manufacturers. In recent years, there has been significant volatility in natural gas prices, which has had a negative impact on the Acetic Acid Market. In order to mitigate the effects of fluctuating natural gas prices, manufacturers have been seeking to diversify their feedstock sources. However, this has not been possible for all manufacturers, and those that have been able to diversify have faced higher costs. As a result, the fluctuating price of natural gas is expected to continue to be a key restraint on the growth of the Acetic Acid Market in the coming years.

Top Market Trends

The Acetic Acid Market has been on the rise in recent years, driven by strong economic growth and rising demand from key end-use industries. Here are some of the top market trends impacting the Acetic Acid Market:

1. Rising demand from end-use industries: Acetic Acid is used in a variety of industries, including food & beverage, pharmaceuticals, cosmetics, and others. The growing demand from these industries is driving the growth of the Acetic Acid Market.

2. Increasing use of Acetic Acid derivatives: Acetic Acid derivatives are increasingly being used in various applications due to their superior properties. This is fuelling the growth of the Acetic Acid Market.

3. favorable regulatory scenario: The favorable regulatory scenario for Acetic Acid is another key driver of market growth. Acetic Acid is classified as a food additive in many countries and is thus subject to stringent safety regulations. This ensures that only safe and quality products reach the end-users, boosting the overall growth of the market.

4. Rising Demand for Processed Food and Beverages: The demand for processed food and beverages is on the rise due to the changing lifestyle of consumers and their preference for convenient and healthy food options. This has led to an increased demand for Acetic Acid as it is used as a preservative in these products.

5. Increasing Use of Acetic Acid as a Biodegradable Cleaning Agent: The use of Acetic Acid as a biodegradable cleaning agent is gaining popularity owing to its eco-friendly nature. It is effective in removing dirt, grease, and stains from surfaces without damaging them. This makes it an ideal cleaning solution for homes, offices, and industries.

6. growing Demand from Pharmaceutical Industry: The pharmaceutical industry is another major user of Acetic Acid. It is used in the production of various medicines and drugs. The growing demand for medicines globally is expected to drive the growth of the Acetic Acid Market in the coming years.

Market Segmentation

The market is segmented based on Application, End Use, and Region. On the basis of Application, the market is segmented into Vinyl Acetate Monomer, Acetic Anhydride, Acetate Esters, Purified Terephthalic Acid, Ethanol, and others. On the basis of End Use, the market is segmented into Food & beverages, Paints & coating, Plastics & Polymers, Pharmaceuticals, Chemicals, and others.

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Based on Application

Vinyl acetate monomer is the largest application segment of Acetic Acid and accounted for over 45.6% of the global demand in 2021. The demand for vinyl acetate monomer is largely driven by its use in the production of polyvinyl chloride (PVC), which is a polymer with a wide range of applications in the construction, packaging, and consumer goods industries. Vinyl acetate monomer is also used as an adhesive in the paper and textile industry. Acetic Acid growth is impacted by the growing demand from end-use industries such as construction, textiles, and packaging in the region. Factors such as growing demand for vinyl acetates in adhesives, paints & coatings, and textile applications are driving the growth of this market segment. Vinyl acetate is used as a comonomer with ethylene to produce ethylene-vinyl acetate copolymers (EVA), which are widely used in hot-melt adhesives. It is also used as a raw material in the production of acrylics, which are widely used in paints & coatings applications. The third largest application segment for Acetic Acid is esters, which account for over 14.6% of the global demand. Ethyl acetate is the largest ester product of Acetic Acid and is used extensively in paints & coatings, adhesives, and printing ink formulations. Butyl acetate and propyl acetate are other important esters of Acetic Acid that find applications in solvent extraction and as fuel additives, respectively. North America is the largest market for esters due to growing demand from end-use industries such as paints & coatings, adhesives, and printing inks. The next application segment with the highest market share for Acetic Acid is Purified Terephthalic Acid, which accounts for over 11.9% of the global demand. Acetic anhydride and vinyl acetate are two important products resulting from carbonylation reactions using Acetic Acid.

Based on End-Use

The food & beverage segment has been the dominant consumer of Acetic Acid for several years. The key applications of Acetic Acid in this industry are as a preservative, flavoring agent, and colorant. Acetic Acid is also used in the production of vinegar, which is an important ingredient in many food and beverage products. The demand for vinegar has been growing steadily in recent years, due to its increasing use as a healthy alternative to other condiments. This has driven up the demand for Acetic Acid, as more vinegar is being produced. In addition, the growing popularity of healthy eating and clean-label products has also contributed to the growth of the Acetic Acid Market. The cosmetics industry is another major consumer of Acetic Acid. Acetic Acid is used in many cosmetic products, such as hair dyes and perfumes. It is also used as a preservative in some cosmetics formulations. The growing popularity of natural and organic cosmetic products has led to an increase in the demand for Acetic Acid. The pharmaceutical industry is another significant user of Acetic Acid. Acetic Acid is used in the production of many medicines and drugs, such as aspirin and penicillin. It is also used as a solvent in some pharmaceutical processes. The rising costs of healthcare and the growing prevalence of chronic diseases are expected to drive up the demand for pharmaceuticals, which will in turn boost the demand for Acetic Acid.

Based on Region

According to our research, Asia-Pacific has been the leading contributor to the Global Acetic Acid Market in terms of revenue and is expected to continue its dominance over the forecast period. The region's large share can be attributed to the growing demand for Acetic Acid from various end-use industries, such as chemicals, pharmaceuticals, food & beverages, and textile. Furthermore, the rapidly expanding economy in countries such as China and India is projected to drive the market for Acetic Acid in Asia-Pacific over the coming years. North America is another major market for Acetic Acid, with the U.S. being the largest consumer of this product in the region. The country's strong manufacturing base and large end-use industries are expected to fuel market growth in North America over the next few years. The European market is also anticipated to witness significant growth over the forecast period owing to rising demand from end-use industries such as food & beverages and textile.

Competitive Landscape

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.

Recent Market Developments

● INEOS has acquired BP's worldwide Aromatics & Acetyls business, which includes 15 separate production facilities across the world and 10 joint ventures, in an effort to broaden its geographic reach and diversify its product portfolio.

● To increase the production of Acetic Acid at the South Korean factory, Lotte of South Korea and BP of the United Kingdom formed a joint venture. The company will soon increase its production capacity by 100,000 t/y at a cost of about USD 175 million. Because of this partnership, businesses will be able to keep up with the increasing demand in Korea.

Segmentation of the Global Acetic Acid Market

Parameter Details
Segments Covered

By Applications

  • Vinyl Acetate Monomer
  • Acetic Anhydride
  • Acetate Esters
  • Purified Terephthalic Acid
  • Ethanol
  • Other Applications

By End-Uses

  • Food & Beverages
  • Paints & Coating
  • Plastics & Polymers
  • Pharmaceutical
  • Chemicals
  • Other End-Uses

By Region

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

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • 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)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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FAQ
Frequently Asked Question
  • The global Acetic Acid valued at USD 20.92 Billion in 2022 and is expected to reach USD 29.97 Billion in 2030 growing at a CAGR of 4.60%.

  • The prominent players in the market are 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).

  • The market is project to grow at a CAGR of 4.60% between 2023 and 2030.

  • The driving factors of the Acetic Acid include

    • Growing demand for Vinyl Acetate Monomer

  • North America was the leading regional segment of the Acetic Acid in 2022.