Asia-Pacific to Grab the Lion’s Share in the Acetic Acid Market

Introduction

The acetic acid market is projected to grow at a significant rate during the forecast period on account of the rapid expansion of textile, pharmaceutical, and food and beverage industries. Rising disposable income, increasing the standard of living in developing countries, and changing consumer preferences provide an impetus to the market growth.

Acetic acid is extensively used for dyeing, printing, and designing fabric in the textile industry. Debouching fashion trends has compelled the manufacturers to adopt advanced technologies in order to address customer demand. Apart from this, rising demand for polymers, such as terephthalic acid, and PET bottles for its durability, lightweight, and recyclability drive the market growth.

Impact of COVID-19

The COVID-19 outbreak has caused volatility in raw material prices due to disruption in the supply chain. The chemical industries in China, India, and Japan are largely hit by the coronavirus and have adversely impacted global production activities. However, the rising demand for packaging material to prevent contamination of food, medicine, personal care, and other essential products provide an impetus to the market growth.

Key Highlights

• The acetic acid market is expected to grow with a CAGR of xx% owing to its wide array of applications as raw material across several industries.
• The vinyl acetate monomer (VAM) segment is projected to hold a 20–30% of the market share as acetic acid is a prime ingredient of VAM
• The food and beverage segment holds the largest market share due to rising use of acetic acid as an additive, flavoring, and preservative agent in the industry
• Asia-Pacific dominates the acetic acid market, with China accounting for more than 50% of the world’s acetic acid production capacity.

Competitive Players

1. British Petroleum Plc
2. Celanese Corporation
3. Daicel Corporation
4. DuPont de Nemours, Inc.
5. Eastman Chemical Company
6. LyondellBasell Industries N.V
7. GNFC Limited
8. HELM AG
9. Mitsubishi Chemical Corporation
10. PetroChina
11. SABIC
12. Showa Denko K.K.
13. Sinopec
14. SvenskEtanolkemi AB (SEKAB)
15. Wacker Chemie AG

Recent Developments

• In April 2022 -INEOS purchased BP's global Aromatics & Acetyls business to broaden its geographic reach and improve its product line, which consists of 10 joint ventures and 15 different global production sites.

Segmentation

1. By Manufacturing Process
   1. Synthetic
   2. Natural
2. By Application
   1. Vinyl Acetate Monomer
   2. Cellulose Acetate
   3. Acetate Esters
   4. Acetic Anhydride
   5. Chloroacetic Acid
   6. Terephthalic Acid
3. By End User
   1. Adhesives & Paints
   2. Pharmaceutical
   3. Food & Beverages