Acetic acid is a colorless liquid organic compound majorly used in the production of vinyl acetate monomer (VAM), which is used to produce polyvinyl acetate and polyvinyl alcohol. It has wide applications in chemical and allied industries due to its versatile chemical properties.
Market key trends:
One of the key driver influencing the market growth is increasing demand for acetic acid from end-use industries such as food & beverages and chemicals. Acetic acid is a key ingredient in production of vinegar which is used as a preservative and flavoring agent in various food products. Additionally, the increasing application of acetic acid derivatives such as vinyl acetate monomer (VAM) and purified terephthalic acid (PTA) in end-use industries is supporting the market growth over the forecast period.
The global Acetic Acid Market Growth is estimated to be valued at US$ 14.63 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Strength: Acetic acid has wide applications in industries like food & beverages, pharmaceuticals, textiles, and more. It serves as a raw material for manufacturing chemicals like vinyl acetate monomer.
Weakness: Volatile feedstock prices and stringent environmental regulations regarding emissions can hamper market growth.
Opportunity: Rising demand for eco-friendly bio-based acetic acid from end-use industries presents lucrative opportunities.
Threats: Easy availability of substitutes and fluctuating crude oil prices can threaten the market.
The global acetic acid market is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing demand from end-use industries like vinyl acetate monomer, purified terephthalic acid, and acetate esters.
Asia Pacific dominates the global acetic acid market and is expected to continue its dominance over the forecast period. Abundant raw material availability and presence of key manufacturing companies drive the regional market. China accounts for over half of the global acetic acid demand owing to large VAM, PTA, and acetate production. North America and Europe are other major markets driven by well-established end-use industries.
Key players operating in the acetic acid market are Celanese Corporation, British Petroleum, Eastman Chemical Company, Jiangsu Sopo (Group) Co., Ltd., China Petroleum & Chemical Corporation (Sinopec), Lyondell Basell Industries, Saudi Basic Industries Corporation (SABIC), Mitsubishi Chemical Company, PetroChina Co. Ltd., PetroChina Co. Ltd., BASF SE.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it