Acetic Acid Market To Witness High Growth Due To Increasing Demand For Manufacturing Various Downstream Chemicals By 2022: Grand View Research, Inc.

October 18 10:30 2018

Grand View Research, Inc. – Market Research And Consulting.
The global acetic acid market is expected to reach USD 13.31 billion by 2022, according to study by Grand View Research, Inc. Increasing consumption of PTA for manufacturing polyester coupled with rising application scope of polyester in the textile industry is likely to fuel acetic acid market growth over the next seven years.

According to a report published by Grand View Research, Inc.; the global acetic acid market is anticipated to accomplish a valuation around USD 13.31 billion by 2022.

Increasing product demand for manufacturing various downstream chemicals can impel the market during the forecast period (2012 to 2022). Ascetic acid is used in the manufacturing of vinyl acetate monomer (VAM) and purified terephthalic acid (PTA). The VAM is utilized in the making of polyvinyl acetate (PVA), ethylene vinyl acetate (EVA), and polyvinyl alcohol (PVOH). These chemicals are used to manufacture adhesives and water-based paints. In addition, PTA is consumed in the production of polyethylene terephthalate (PET) bottles.

Acetic acid is use as a chemical reagent to manufacture camphor, diketene, mono chloroacetic acid, and photographic chemicals. These intermediates are further utilized to produce polyester, coatings, greases, adhesives, and sealants.  These products find applications in various end-use industries such as construction, textiles, packaging, automotive and electronics. This is expected to boost the market growth.

Full Research Report On Acetic Acid Market Analysis:

Global acetic acid market, by application, 2012 – 2022 (Kilo Tons)

Global acetic acid market, by application, 2012 - 2022 (Kilo Tons)

The product is use as an important constituent in the making of vinegar. The vinegar is extensively used in cooking. Growing consumer awareness about health benefits of vinegar is also expected to support the market growth during the forecast period.

However, fluctuating methanol prices, which is a crucial precursor for producing the acid is expected to restrict the market growth.

Worldwide acetic acid market can be segmented on the basis of application and region. Based on application, the market can be categorized into VAM, acetic anhydride, acetate esters, PTA, and others.

The VAM segment was the leading segment and accounted for 25% of the market volume in 2014. On other hand, the PTA segment is anticipated to exhibit rapid growth owing to growing demand in textile and bottle applications. Various benefits associated with PET such as recyclability, light weight, and ability to mold them into different attractive sizes and shapes is anticipated to drive the PTA demand. In addition, growing demand for polyester from end-use industries such as textile and packaging due to its durability, lightweight, and breathability can also drive the product demand.

The acetate esters segment is anticipated to show above average growth during the forecast period. Need for low-priced diluents and solvents in food and beverage industry is anticipated to boost acetate esters demand.

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Geographically, the market can be divided into North America, Europe, Asia Pacific (excluding China), Latin America, and Middle East and Africa (MEA).

In terms of volume, China was appeared as the leading market and occupied over 40% of total volume. Strong manufacturing base is considered as one of the key factors responsible for high demand of acetic acid in this region. The region is projected to lead the global market during the forecast period due to rapid industrialization.

Asia Pacific was the second largest market. The countries such as Japan and India are leading markets in the region. The region is expected to expand at a CAGR of over 10.0% during the forecast period. Apart from Japan and India, other countries such as Indonesia, Thailand, Cambodia, Vietnam, and Laos are also anticipated to drive the product demand due to development of manufacturing hubs.

Europe and North America are expected show below average growth for compound. As manufactures from these regions are shifting their manufacturing facilities to low-cost countries of Asia Pacific. Latin America and MEA are considered as average growth market. Some of the leading companies operating in the acetic acid market include Yanon Cathay Chemical Company Ltd., Jiangsu Sopo (Group) Co., Ltd., Eastman Chemical Company, Chang Chun Petrochemical Ltd., and Shanghai Huayi (Group) Co., Ltd.

The market involves numerous large- and small-scale manufactures. Players in market are also expected to be involved in activities such as mergers and acquisitions. For instance, In June 2015, Saudi International Petrochemical Company declared plans to buy equities in several companies such as Ikarus Petroleum Industries Company, International Vinyl Acetate Company, and International Acetyl Company.

Grand View Research has segmented the global acetic acid market on the basis of application and region:

Global Acetic Acid Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 – 2022)

  • VAM

  • Acetic anhydride

  • Acetate esters

  • PTA

  • Others

Global Acetic Acid Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 – 2022)

  • North America

  • Europe

  • Asia Pacific (excluding China)

  • Latin America

  • MEA

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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