According to the latest report by IMARC Group, titled "Acetic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global acetic acid market reached a value of US$ 11.2 Billion in 2022 Acetic acid refers to a solution that is generally extracted naturally by Clostridium acetobutylicum and Acetobacter genus bacteria. Additionally, it is produced synthetically via the oxidation and fermentation of natural carbohydrates that is widely utilized in the preparation of vinegar. It is characterized by a clear, colorless liquid, has a strong odor of vinegar and is corrosive to tissues and metals. Besides this, it is used in the production of metal, vinyl and cellulose acetates and volatile organic esters that are used in the formulation of coatings and lubricants.
Global Acetic Acid Market Trends:
The global market is primarily driven by significant growth in the chemical industry. Coupled with the widespread utilization of acetate acid as a chemical reagent that is utilized used to formulate cellulose acetate is creating a positive market outlook. Moreover, the extensive adoption of vinegar in a wide range of food preparation across the food and beverage industry is providing a boost to the demand for acetic acid across the globe. Additionally, the growing adoption of acetic acid-based solvents in the manufacturing of adhesives and sealants, paints and coatings and textiles is impacting the product uptake favorably. Furthermore, the escalating need for sanitization on account of the rapid outbreak of coronavirus disease (COVID-19) has led to an increase in the sales of acetic acid on the global level. Other factors, including continuous technological advancements in the product manufacturing processes, continual improvements in the distribution and supply chain systems, and extensive research and development (R&D) activities conducted by key players, are also influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 16.1 Billion by 2028, exhibiting a CAGR of 6.2% during 2023-2028.
- Based on the application, the market has been classified into VAM, PTA, anhydride, ethyl acetate, butyl acetate and others. Among this, VAM accounts for the majority of the total market share.
- On the basis of the end-use, the market has been segregated into plastics and polymers, food and beverage, inks, paints and coatings, chemicals, pharmaceuticals and others.
- Based on the region, the market has been divided into China, North America, Western/Eastern Europe, North East Asia, South East Asia, and the Middle East and Africa. At present, China holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. 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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