The latest report by IMARC Group, titled “North America Acetic Acid Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the North America acetic acid market reached a volume of 3 Million Tons in 2020. Acetic acid is an organic compound with the molecular formula of CH3COOH. It is a colorless carboxylic acid containing two carbons, with a strong, sour, and pungent smell. Acetic acid is derived from carbonylation of methanol, oxidation of acetaldehyde, ethylene, and a biological method like bacterial fermentation. It finds application in manufacturing various chemicals such as metal acetates, butyl acetates, vinyl acetates, and cellulose acetate used across different end-user industries like textile, ink, rubber, and plastics.
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North America Acetic Acid Market Trends:
The market is primarily driven by the increasing application of acetic acid across diverse industries. The rising construction activities across North America are also propelling the demand for acetic acid. It is essentially used for the early hydration of off-white Portland cement due to the prevailing cold weather conditions in the region. In the packaging industry, acetic acid is employed for manufacturing PET bottles that are lightweight and recyclable in nature. In addition to this, acetic acid is utilized to make vinegar that is used in various cuisines, thereby positively influencing the market growth. Furthermore, manufacturers are adopting new technologies, such as BP’s Cativa and Celanese’s AO-plus (Acid Optimization Plus), that have resulted in increased production efficiency of acetic acid with reduced variable costs and lower capital costs for the construction of new plants. On account of these factors, the market is expected to grow at a CAGR of 2.5% during the forecast period (2021-2026).
- 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 classified into plastics and polymers, food and beverages, inks, paints and coatings, chemicals, pharmaceuticals, and others.
- The competitive landscape of the market has been examined in the report, with the detailed profiles of the key players operative in the industry.
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