The global acetic acid market size was valued at USD 9.12 billion in 2020 and reach USD 12.5 billion in 2027, with a CAGR of 5.4% during the forecast period (2021-2027). Acetic acid is one of the necessary raw materials used in the manufacturing of complex chemicals for various end-use industries. Also, acetic acid production is diluted and often finds its application in household applications as a disinfectant agent. In contrast, in the industry, it is broadly utilized as an important chemical reagent used to formulate complex substances.
Factors Affecting the Acetic Acid Industry Over the Forecast Period:
The rising growth in demand from wastewater treatment plants has increased the mass production of acetic acid, and the growth of new separation technologies to increase efficiency is expected to create new opportunities in the acetic acid market.
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Although the favorable chemical properties have led to increased production, which can be used for domestic and industrial areas, it especially witnesses a high demand in chemical laboratories, which involves testing and experimenting with other chemical substances.
However, the substance is categorized as hazardous to human health by classifying and labeling the European Chemicals Agency (ECHA) as it causes severe eye damage and skin burns. Therefore, the high exposure to acetic acid may cause burning effects and irritation; this is expected to hamper the market growth.
Impact of COVID-19 on Acetic Acid Market:
During the COVID 19 pandemic, the global acetic acid market has witnessed a substantial supply-demand gap, which results in a drop in overall sales. End-use industries are going through huge setbacks that affect the overall demand for acetic acid.
Scope of the Report
The report outlines the global acetic acid market study based on the application and end-use industry.
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Based on the application, the acetic acid market has been segmented into –
- Vinyl Acetate Monomer
- Acetic Anhydride
- Acetate Esters
- Purified Terephthalic Acid
Based on the end-use industry, the acetic acid market has been segmented into –
- Plastics and Polymers
- Water treatment
Acetic Acid Market: Regional Outlook
Based on the region, the global Acetic Acid Market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2020, Asia Pacific held the largest share in the global acetic acid market, followed by North America and Europe. China is expected to drive the growth of the Asia Pacific acetic acid market over the forecast period. Moreover, North America is expected to project the highest CAGR globally over the forecast period.
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The plastics and polymer prices were stable in the Asia Pacific, even though slight trade tension between the US and China. With more growing industries across countries such as China, India, South Korea, Vietnam, and Japan, plastics and related products have witnessed high demand. PTA demand reflected a significant rise over the past decade, directly reflecting the increasing acetic acid consumption in the region.
In North America, the market has primarily been driven by rising demand for ethanol across various industries. More than 90% of the substance in the US is formulated from corn grain to ensure a positive energy balance. Additionally, the US automotive sector reflected an inclination towards the consumption of E85 gas, which is typically a mixture of 85% ethanol and 15% gasoline. This is likely to increase the acetic acid consumption in ethanol production in the domestic market.
Key Global Acetic Acid Market Competitors Includes –
The global acetic acid market is highly fragmented, with the presence of a large number of small players across the globe. The key companies operating in the global acetic acid market are –
- Eastman Chemical Company
- British Petroleum
- Celanese Corporation
- Gujarat Narmada Valley Fertilizers & Chemicals
- Helm AG
- Pentoky Organy
- Dow Chemicals
- Indian Oil Corporation
- Showa Denko K.K
- Svensk Etanolkemi AB (SEKAB)
- Wacker Chemie AG.
The acetic acid market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market player’s presence in the respective segment and region/country. The information concluded in the report includes the inputs from primary interviews with industry experts.
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