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.
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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.
Acetic Acid Market Segmentation
By Manufacturing Process
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now