Acetic acid is chemical reagent and an industrial chemical which has a number of industrial applications. This ethanoic acid has a sour and pungent smell. As per the report, in 2015, the global acetic acid market was valued at USD 8.37 Billion. Further in 2021, the market is attributed to reaching USD 13.65 Billion that is about 8.5% CAGR growth from 2016 to 2021.
The global acetic acid market growth is expected to rise owing to the demand for the acetic acid products such as vinegar in a number of regions owing to its health benefits. The increasing use of PTA in the textile industries for the polyester manufacturing along with the use of VAM as a precursor is anticipated to fuel the growth of the global market. The demand for the acetic acid in the textile and packing industries is expected to propel the global market growth in the coming years. This chemical is used to produce cellulose acetate which is used in the photographic films and polyvinyl acetate which is utilized in the synthetic fibers and fabrics. However, the fluctuation in the methanol prices and the rising acetic anhydride market hinders the growth of the global market. In short, the rising industrial application of the acetic acid and the growing investments boosts new opportunities for the global market growth. For instance, in 2015, Assam Petrochemicals Limited set up 500 Tons per day methanol plant and 200 Tons per day acetic acid plant by investing over Rs 1028 Crore.
The global acetic acid market is basically bifurcated based on application and region. The application segment is categorized into PTA, Acetate esters, vinyl acetate monomer (VAM), acetic anhydride, and others. The regional segmentation includes Asia-Pacific, Europe, Latin America, the Middle East and Africa, and North America. These regions are further segmented into the India, Japan, and China; Germany, France, and the U.K.; Brazil; and the U.S. Out of these, VAM and acetate esters segment are expected to dominate the global market.
Geographically, Asia-Pacific is the largest acetic acid market in terms of both productions as well as consumption. The growing number of manufacturing factories in Asia-Pacific region is expected to drive the acetic acid market growth in the coming years. In 2015, China held 40% of the production share. Currently, North America is anticipated to show growth at CAGR of about 3.6%.
The major players expected to dominate the global acetic acid market include LyondellBasell Industries N.V., Kingboard Chemical Holdings Ltd, Jiangsu Sopo Co. Ltd, SABIC, BP Plc, Sasol, Celanese Corporation, Petro China, Eastman Chemical Company, and Daicel Corporation.
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