by The global Acetic Acid Market 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.
Market Overview
Acetic acid, also known as ethanoic acid or vinegari acid, is a colourless liquid organic compound best known for giving vinegar its sour taste and pungent smell. It is soluble in water and miscible with organic solvents. It is widely used as a chemical reagent and industrial acid and is an important ingredient in the production of polyester films, paints, wood preservatives, pharmaceuticals, food preservatives and synthetic fibers.
Market key trends
The global acetic acid market is expected to witness robust growth over the forecast period owing to rising demand from the food additives segment, specifically as a vinegar. Vinegar finds major applications in food processing as a preservative and flavoring agent. The increasing consumption of packaged and processed food across regions is expected to drive the demand for vinegar, thereby propelling growth of the acetic acid market. Additionally, rising uptake of acetic acid in paints & coatings production on the back of surging construction activities worldwide will further complement the market growth through 2030.
SWOT Analysis
Strength: Acetic acid has wide applications in various industries like food & beverage, pharmaceuticals, textiles. This leads to consistent demand.
Weakness: Production of acetic acid produces toxic pollutants and volatile organic compounds that are hazardous to the environment. Stringent environmental regulations raise production costs.
Opportunity: Rising demand for vinyl acetate monomer from end use industries offers growth opportunity. Also, bio-based production of acetic acid provides an eco-friendly solution.
Threats: Fluctuations in crude oil prices impact acetic acid prices. Presence of substitutes like lactic acid and propionic acid poses competition.
Key Takeaways
The global Acetic Acid Market Share is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing demand from end use industries like food additives, pharmaceuticals.
Regional analysis: Asia Pacific dominates the global acetic acid market, both in terms of production and consumption. China leads the regional market owing to presence of established manufacturers. Other Asian countries like India and Southeast Asian nations also contribute to growth led by burgeoning 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
