In terms of revenue, the Global Acetic Acid Market is expected to reach USD 26.6 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.7% from 2022 to 2028.
Acetic Acid, which has the molecular formula CH3COOH, is also referred to as ethanoic acid, ethylic acid, vinegar acid, and methane carboxylic acid. As a byproduct of fermentation, Acetic Acid gives vinegar its distinctive smell. About 4-6% of the Acetic Acid in vinegar is water.
Acetic Acid is used to make cellulose acetate, which is used to make photographic films and textiles, volatile organic esters (such as ethyl and butyl acetates), which are commonly used as solvents for resins, paints, and lacquers; and metal acetates, which are used in various printing processes. Acetic Acid is a crucial biological metabolic step that naturally occurs in plant juices and bodily fluids.
Key Developments in the Industry:
· To expand its geographic reach and diversify its product offering, INEOS purchased BP's global Aromatics & Acetyls business in January 2021. This acquisition encompasses 15 separate global production locations and 10 joint ventures.
· The global EV (electric vehicle) market has shown rapid expansion in recent years. For instance, approximately 3 million new electric car registrations are expected in 2020, according to the International Energy Agency (IEA). It is projected that the use of paints and coatings in the production of electric vehicles will propel the market for Acetic Acid in the upcoming estimate period.
· Paints, thinners, and glues are just a few of the construction-related items that include Acetic Acid or its derivatives. expanding development projects in nations including China, India, the US, and Brazil. The market for Acetic Acid end-user goods is then anticipated to benefit from this factor.
Rising Demand From Textile Sector
Acetic Acid, also known as ethanolic acid, is widely used to produce metal acetate and vinyl acetate, which are subsequently used to create chemical reagents for paints, volatile organic esters, photographic films, and textiles. In the textile business, Acetic Acid is frequently used in the printing and dying of fabrics. According to the Ministry of Industry and Information Technology of China, China's textile and clothing exports increased by 9.6% in 2020 to reach US$291.22 billion. Additionally, according to data from the U.S. Department of Commerce, exports of goods made in textile mills rose by 17.31% to US$12.365 billion between January and September 2021, while shipments of clothes surged by 28.94% to US$4.385 billion.Synthetic fibres are produced in the textile industry using vinyl acetate monomer. As a result, the market is expanding and is anticipated to account for a sizeable portion of sales of Acetic Acid. This is because global demand for textiles is increasing.
Increasing demand for Vinegar across the Globe
Rapid population expansion and adopting a healthy, sustainable diet have increased food production globally, leading to an increase in demand for food goods. Fruit production climbed to 883 million tonnes, up 54% from 2000, while global vegetable output increased to 1128 million tonnes, up 65% from the previous year. Acetic Acid is mostly used to create vinegar, a prominent ingredient in cuisines and personal care products. Vinegar is a key ingredient in pickling liquids, salad dressings, and marinades. Salmonella contamination of meat and poultry products is also less likely as a result. Another use for Acetic Acid and its sodium salts is in the preservation of food. The market for Acetic Acid is growing as a result of the rise in the use of vinegar in the food industry.
During the forecast period, the Acetic Acid market in North America is anticipated to develop at the quickest rate.North America has accounted for the majority of the market's revenue share during the course of the forecast. This increase is mostly attributable to a number of end-use industries, including textile, food and beverage, agriculture, household cleaning products, polymers, and paints and coatings. Increased urbanization and disposable money in the area have also contributed to the region's industrial growth. Vinegar, vinyl acetate, and metal acetate are all Acetic Acid products that are used in many end-use industries. Additionally, North America is one of the major regions for the production of plastic, which presents enormous opportunities for local firms to prosper. India and China together control a large portion of the market. Over the past ten years, India's demand for Acetic Acid has grown at a robust yearly growth rate. One of the most important organic chemicals imported into India is this. The demand for Acetic Acid is strong in the current market environment, as seen by the significant growth rates almost all Acetic Acid-consuming industries have had over the last five years.
The North American market could experience an increase by 2030. Due to the growth of the chemical industry and rising demand from end-use industries like the textile and construction sectors, ethanol is now utilized more frequently in a number of applications. Due to increased expenditures and increasing manufacturing facilities from significant corporations like Celanese and B.P. Plc, the market for ethanoic acid has grown. An increase in consumer spending and disposable income is also fueling the growth of the textile and construction industries. The chemical consumption rate is supported by a rise in the textile industry due to the U.S. dominating the fashion industry. These factors suggest that there will be a large increase in North America.
The Global Acetic Acid Market is Segmented as follows:
- Vinyl Acetate Monomer
- Acetic Anhydride
- Acetate Esters
- Purified Terephthalic Acid
- Other Applications
- Food & Beverages
- Paints & Coating
- Plastics & Polymers
- Other End-Uses
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Acetic Acid Market is:
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 Global Acetic Acid Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|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|