Acetic acid is a colorless organic compound. It is sour in taste and has a pungent odor. It is mainly manufactured through the synthetic process and bacterial fermentation. The concentrated acetic acid is corrosive and hazardous in nature. It is primarily manufactured as a precursor to polyvinyl acetate and cellulose acetate. The big chunk of demand for acetic acid is extensively met by recycling process and the remaining is produced from petrochemical feedstock. Acetic acid is available in liquid, crystalline and vapor form. It has a wide range of end-uses such as food and beverages, chemical, industrial, petrochemical industries, etc.
According to Zion Market Research, the global acetic acid market accounted for USD 8.37 billion in 2015 and is expected to reach USD 13.65 by 2021, growing at a CAGR of around 8.5% during 2016 and 2021. The global acetic acid market is primarily driven by increasing demand for vinegar across the global kitchens and food industry. Additionally, the growing industrial use of acetic acid is likely to foster the growth of the market in the near future. For instance, mounting demand for PTA (Purified Terephthalic Acid) in the textile industry for manufacturing polyester that is projected to impel the growth of the acetic acid market during the years to come. However, the fluctuating prices of raw material are likely to impede the growth of global acetic acid market in the coming years. Nevertheless, the rapid increase in acetic acid consumption from various industries such as textile, packaging, pharmaceutical and others is likely to generate new opportunities for the major players of the global acetic acid market in the near future.
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PTA (Purified Terephthalic Acid), acetate esters, acetic anhydride, VAM (Vinyl Acetate Monomer) and others are the key applications of global acetic acid market. Among these applications, VAM (Vinyl Acetate Monomer) was the leading segment of global acetic acid in 2015. It accounted for over 30.0% share of the entire market in 2015. The strong demand for VAM in sealants and adhesives sector is expected to drive the market for acetic acid during the years to come. Acetate ester was the second largest segment of global acetic acid in the same year. Furthermore, PTA (Purified Terephthalic Acid) is expected to be the fastest-growing segment of global acetic acid in coming years due to the robust demand for PTA in packaging and textile industries.
Asia Pacific was the foremost segment for acetic acid in 2015. It accounted for the significant shares in total volume consumption of acetic acid in 2015 and this trend is expected to continue in the next few years. China was the major contributor in the region in the year 2015. Europe and North America accounted for meager shares in 2015. Furthermore, it is predicted to witness sluggish growth in near future owing to the mature nature of the market for acetic acid in both the regions.
Some of the key players of the global acetic acid market include SABIC, BP Plc, Jiangsu Sopo Co. Ltd, Celanese Corporation, LyondellBasell Industries N.V., Sasol, Eastman Chemical Company, PetroChina, Daicel Corporation, Kingboard Chemical Holdings Ltd and among others.