According to the latest report by IMARC Group, titled “Europe Acetic Acid Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the Europe acetic acid market size reached 1.5 Million Tons in 2022. Acetic acid (CH3COOH), also known as ethanoic acid or vinegar acid, is a clear organic monocarboxylic acid containing two carbons, and is a conjugate acid of acetate. It is characterized by a clear and colorless appearance with a distinctive pungent, strong odor resembling vinegar. A variety of methods can be used to produce acetic acid, including carbonylation of methanol, oxidation of acetaldehyde and ethylene, along with biological methods like bacterial fermentation. In addition to being antibacterial and antifungal, this synthetic carboxylic acid is also antiviral in nature. Furthermore, it functions as a food acidity regulator, a preservative with antimicrobial properties, and a protic solvent. Glacial acetic acid is widely used as an indicator for weakly alkaline substances in analytical chemistry. As a result, it is used in the production of numerous chemical products, including metal acetates, vinyl acetates, cellulose acetates, as well as volatile organic esters, like ethyl and butyl acetate.
Europe Acetic Acid Market Trends:
The market in Europe is majorly driven by considerable growth in the food and beverage (F&B) industry. This can be attributed to the rapid utilization of acetic acid in the preparation, storage and preservation of numerous processed food products. In line with this, the augmenting demand for acetic acid derivatives in the formulation of automotive adhesives and sealants is providing an impetus to the market. Moreover, the rising adoption of purified terephthalic acid (PTA) from the textile and packaging industries is resulting in a higher uptake of acetic acid in both small and large-scale production applications. Besides this, the growing construction activities across the region is resulting in an increased use of ester solvent-based paints and coatings, which, in turn, is creating lucrative growth opportunities for the market. Apart from this, numerous leading manufacturers are investing in research and development (R&D) projects to minimize energy consumption while manufacturing the acid and reduce overall operating costs. Some of the other factors contributing to the market include rapid urbanization and industrialization, inflating disposable income levels, expanding manufacturing industry, and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of 1.7 Million Tons by 2028, exhibiting a CAGR of 1.6% during 2023-2028.
- Based on the application, the market has been segmented into VAM, PTA, anhydride, ethyl acetate, butyl acetate, and others.
- On the basis of the end use industry, the market has been divided into plastics and polymers, food and beverage, inks, paints and coatings, chemicals, pharmaceuticals, and others.
- On the geographical front, the market has been segregated into Germany, France, the United Kingdom, Italy, Spain, and others.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
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