According to the latest report by IMARC Group, Acetic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global market size reached US$ 10.5 Billion in 2021. Acetic acid is a colorless liquid that is classified as a weak acid. Also known as ethanoic acid, it is an important chemical reagent and industrial chemical with the chemical formula CH3COOH.
Obtained by the carbonylation of methanol, it is characterized by a sour and strong pungent smell. It is extensively utilized in the production of vinyl acetate monomer (VAM), metal acetates, purified terepthalic acid (PTA), cellulose acetate, and ethyl and butyl acetates. It is also employed as an intermediary for the manufacturing of coatings, sealants and greases across numerous industry verticals, including the construction, electronics, and packaging sectors.
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Global Acetic Acid Market Trends:
The global market is primarily driven by the increasing utilization of vinegar in the food industry. Vinegar forms an essential component in the preparation of various cuisines as its consumption also aids in regulating blood sugar, maintaining optimum cholesterol levels and reducing weight. Since acetic acid is widely used in the production of vinegar, this is providing a thrust to the market growth.
Moreover, there has been an escalating preference for polyethylene terephthalate (PET) bottles across numerous sectors, such as the pharmaceutical, food and beverages, and consumer goods industries, due to their durable, lightweight and recyclable nature. As these bottles are manufactured using PTA, which is produced using acetic acid, this, in turn, is facilitating the uptake of acetic acid across the globe.
The market is further driven by technological advancements in production technology to significantly lower the overall manufacturing costs while also ensuring increased production efficiency.
Some of the other factors contributing to the market growth include the increasing product utilization for manufacturing packaging materials and the growing demand for high-quality paints and adhesives. Looking forward, IMARC Group expects the global acetic acid market to reach US$ 15.5 Billion by 2027, exhibiting at a CAGR of 6.5% during 2022-2027.
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- Based on the application, the market has been divided into VAM, PTA, Anhydride, Ethyl Acetate, Butyl Acetate and others. Amongst this, VAM accounts for majority of the total global market.
- On the basis of the end use, the market is segmented into plastics and polymers; food and beverage; inks, paints and coatings; chemicals; pharmaceuticals and others.
- On the geographical front, China holds the leading position in the market. Other key regions include North America, North East Asia, Western/Eastern Europe, South East Asia, and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include British Petroleum Plc, Celanese Corporation, Daicel Corporation, Eastman Chemical Company, GNFC Limited, HELM AG, LyondellBasell Industries N.V., Mitsubishi Chemical Corporation, PetroChina, SABIC, Showa Denko K.K., Sinopec, Svensk Etanolkemi AB (SEKAB), and Wacker Chemie AG.
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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