Acetic Acid Market Share, Size, Trends, Industry Analysis Report, By Application (Vinyl Acetate Monomer, Purified Terephthalic Acid, Acetate Esters, Acetic Anhydride); By End Use; By Region; Market size & Forecast To, 2024 - 2032
- Published Date:Jan-2024
- Pages: 115
- Format: PDF
- Report ID: PM1155
- Base Year: 2023
- Historical Data: 2019-2022
The global acetic acid market was valued at USD 22.22 billion in 2023 and is expected to grow at a CAGR of 4.4% during the forecast period.
Acetic acid is a colorless organic compound with a strong, abrasive, and sour smell, acetic acid. It ranks among the most important industrial chemicals and chemical reagents in producing volatile organic esters, such as butyl and ethyl acetates, cellulose acetate, vinyl acetate, and metal acetates. Acetic acid's expanding application in the production of terephthalic acid during the anticipated time this will be supported market growth. Terephthalic acid is a vital component in manufacturing polyester resins, which are commonly used to create PET resins, polyester films, and polyester fibers.
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Due to the rising use of acetic acid in the manufacturing of many goods, such as pure terephthalate acid (PTA) and vinyl acetate monomers (VAM), the market size is predicted to grow over the assessment period. Acetic acid-derived vinyl acetate monomers often create resins and polymers for end-use products such as textiles, paints, coatings, films, and adhesives.
Increasing the use of VAM and other solvents in the chemical sector to create resins and polymers for paints, coatings, films, textile adhesives, and other end goods rise the market demand. VAM is used as adhesive to attach a variety of substrates, including wood, plastic films, paper, and metals. Industry expansion is increasing the demand for vinyl acetate monomers. Additionally, PTA is used to make polyester, and the need for polyester in the textile and packaging sectors is rising, contributing to the growing use of PTA.
The fast population expansion and the adoption of a sustainable and nutrient-dense diet, which has increased food production globally, are to blame for the rise in demand for food goods. The market for acetic acid is expanding as a result of the rise in vinegar consumption in the food industry. More individuals are using vinegar as a remedy for health issues, including weight loss, cholesterol reduction, blood pressure management, and blood sugar regulation.
Uses of acetic acid in industrial chemicals, culinary additives, textile compounds, and other variables will also increase the market share. All aforementioned factors show that the acetic acid market is expected to expand globally in the upcoming year.
The COVID-19 epidemic significantly damaged the supply chain across sectors and brought down a number of economies. The product demand from end-use industries heavily influences both its production and consumption. Inconsistency in end-use industry is thus expected to have a direct influence on consumer demand for the product. Due to the pandemic's severe effects, the market saw the closure of chemical businesses throughout the world, which are the main consumers of the commodity.
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The demand for vinyl acetate monomer, which accounts for the bulk of acetic acid use, is rising in the creation of cosmetics and industrial products. As a result, the rapidly expanding cosmetics industry is fueling an increase in the need for acetic acid.
Additionally, acetic acid is frequently employed in the industrial sector as a vital component (chemical reagent) to create cellulose acetate, while it is commonly used in the residential sector as a descaling agent in its diluted form.
In addition, acetic acid is employed in the food business as an acidity regulator and condiment. The chemical can be used for various purposes since it behaves as a hydrophilic material when it is liquid. These elements have a significant impact on how fast the market is growing. For instance, Celanese Corporation adopt new technology over the forecast period to increase its production capacity and develop new product lines to broaden its customer base.
As polyethylene terephthalate (PET) bottles are lightweight and recyclable, they are currently becoming more and more popular in the medical and consumer products industries. Due to the fact that PET bottles are created using purified terephthalic acid (PTA), which is made from acetic acid, the market is expanding due to the rising demand for these products. Acetic acid is used to make vinegar, fueling the market's overall expansion.
The market is primarily segmented based on application, end-use and region.
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PTA by application is expected to largest market share over the forecast period
Purified Terephthalic Acid (PTA) is used in the production of polyester products such as polyethylene terephthalate (PTE) bottles, polyester fiber, and polyester film. This polyester is also utilized in food and beverage containers and textiles. Coatings and other composite materials are examples of additional PTA uses. The growing demand for food and beverages has resulted in a significant usage of polyester containers and bottles. This reason contributes to the massive need for this type of acid worldwide.
The demand in North America is expected to witness significant growth
North America dominated the global industry in 2022 and is likely to maintain its dominance over the anticipated period. The need for acetic acid in the food and beverage sector is a significant market driver. The meat business makes extensive use of acetic acid to preserve the product. Acetic acid's use in the meat sector has increased significantly, making it one of the Region's most important application markets. The rising use of paints and coatings is another factor driving up demand for acetic acid in the area. These factors are anticipated to make significant growth in North America
Some of Major players operating in the global market of acetic acid market which include Eastman Chemical Company, Jiangsu SOPO (Group) Co. Ltd, Celanese Corporation, Gujrat Narmada Valley Fertilizers & Chemicals Limited, Indian Oil Corporation Ltd, Ashok Alco Chem Limited, DAICEL CORPORATION, DubiChem, INEOS.
- In January 2021 – The global Aromatics & Acetyls business of BP, which comprises 15 various production sites globally and ten joint ventures, was acquired by INEOS in order to broaden its geographic reach and diversify its product range.
- In March 2020 - To increase the capacity for acetic acid production at the South Korean facility, Lotte of South Korea and BP of the United Kingdom entered into a joint venture. With an increase in capacity of 100,000 t/y by May 2019, the expansion will cost roughly USD 175 million. Companies will be able to satisfy Korea's expanding demand thanks to this project.
Acetic Acid Market Report Scope
Market size value in 2024
USD 23.16 billion
Revenue forecast in 2032
USD 32.68 billion
4.4% from 2024 - 2032
2019 - 2022
2024 - 2032
Revenue in USD billion and CAGR from 2024 to 2032
By Application, By End Use, By Region
North America, Europe, Asia Pacific, Latin America; Middle East & Africa
Include Eastman Chemical Company, Jiangsu SOPO (Group) Co. Ltd, Celanese Corporation, Gujrat Narmada Valley Fertilizers & Chemicals Limited, Indian Oil Corporation Ltd, Ashok Alco Chem Limited, DAICEL CORPORATION, DubiChem, INEOS.
Acetic acid market size is expected to reach USD 32.68 Billion by 2032.
key players are include Eastman Chemical Company, Jiangsu SOPO (Group) Co. Ltd, Celanese Corporation, Gujrat Narmada Valley Fertilizers & Chemicals Limited, Indian Oil Corporation Ltd, Ashok Alco Chem Limited.
North America contribute notably towards the global acetic acid market.
The global acetic acid market expected to grow at a CAGR of 4.4% during the forecast period.
key segments are application, end-use and region.