The global acetic acid market was worth more than US$ 9 Billion in 2017, registering a CAGR of 8% during 2010-2017. The market is further projected to reach around US$ 13 Billion by 2023, at a CAGR of 5% during 2018-2023. Acetic acid (CH3COOH), also known as ethanoic acid or methane carboxylic acid, refers to a colorless organic compound which has a strong, sour and pungent smell. It is one of the most important chemical reagents and industrial chemicals that is employed in the production of metal acetates, vinyl acetate, cellulose acetate, and volatile organic esters like ethyl and butyl acetates. Apart from this, the diluted form of acetic acid, produced by the fermentation and oxidation of natural carbohydrates, is widely used as a cleaning agent in households.
Global Acetic Acid Market Drivers:
- Acetic acid is used in the manufacturing of coatings, greases, polyesters and sealants which find applications in a number of industries such as electronics, automobiles, textiles, and packaging.
- Presently, polyethylene terephthalate (PET) bottles are gaining popularity in the medical and consumer goods sectors as they are lightweight and recyclable in nature. As PET bottles are manufactured by using purified terephthalic acid (PTA), produced from acetic acid, their mounting demand is catalyzing the growth of the market.
- A rise has been witnessed in the consumption of vinegar as it helps in reducing weight, maintaining blood pressure, and regulating blood sugar and cholesterol levels. As acetic acid is used in the manufacturing of vinegar, it is impelling the overall growth of the market.
- Manufacturers of acetic acid are increasingly adopting new technologies like BP's Cativa and Celanese's AO-plus (Acid Optimization Plus) which deliver significant savings in variable costs, as well as lower capital costs for the construction of new plants. Besides this, they also increase the capacity, enhance the production efficiency, reduce the energy consumption by approximately 30% and lower operating costs. The increasing adoption of these emerging technologies for producing the chemical and its derivatives is creating a positive outlook for the growth of the industry.
Breakup by Application:
On the basis of applications, the market is segregated as VAM, PTA, Anhydride, Ethyl Acetate, Butyl Acetate and others. Amongst this, VAM represented the largest end-use segment of acetic acid as it is used in the manufacturing of numerous polymers and resins used in textiles, paints, coatings and adhesives.
Breakup by End-Use:
Based on end-users, the market is categorized as plastics and polymers; food and beverage; inks, paints and coatings; chemicals; pharmaceuticals and others.
On a geographical front, China enjoys the leading position in the global acetic acid market. Acetic acid is one of the vital organic acids which is extensively used in the chemical industry in China. Other markets include North America, Western/Eastern Europe, North East Asia, South East Asia, and Middle East and Africa.
The market is fragmented in nature with the presence of a large number of players who compete against each other in terms of prices and quality. Some of the leading players operating in the market include:
- British Petroleum Plc
- Celanese Corporation
- Daicel Corporation
- Eastman Chemical Company
- GNFC Limited
- HELM AG
- LyondellBasell Industries N.V.
- Mitsubishi Chemical Corporation
- Showa Denko K.K.
- Svensk Etanolkemi AB (SEKAB)
- Wacker Chemie AG
The report provides a comprehensive insight into the global acetic acid industry including its market breakup by region, market breakup by end-uses, SWOT analysis, Porter’s five forces analysis, value chain analysis, import and export trends, key players and market outlook. The report also gives an in-sight into the manufacturing process of acetic acid covering key success and risk factors for manufacturers, manufacturing process flow, the reactions involved, raw materials requirements, etc.
The essential aspects of the global acetic acid market evaluated in the report include:
- Market trends
- Major regions
- Key application areas
- Major End-Use Industries
- Key manufacturers
- Price trends
- Raw material requirements
- Chemical reactions involved in the manufacturing process
- Major importers and exporters
- Value chain analysis
- Market trends for major feedstocks
- Price trends for major feedstocks
- Key regions for major feedstocks
- Key players for major feedstocks