As per the new report by Grand View Research Inc., the global Acetic Acid Market, estimated at USD 13.41 billion by 2027. It is expected to develop by a 5.2% CAGR from 2020 to 2027.
Great demand for the Vinyl Acetate Monomer (VAM), from diverse end user industries, such as paints & coatings, textiles and adhesives industries at a global scale is the most important aspect, boosting the development of the market for the acetic acid. The acetic acid is largely used in the Vinyl Acetate Monomer (VAM). Worldwide, the rate of construction remain high and this has resulted in the high demand for the Vinyl Acetate Monomer (VAM) in the market. It is mainly utilized in the manufacturing of paints & coatings wherein a larger part of the paints & coatings is utilized into the construction activities.
Taking into consideration the latest eruption of the virus, healthcare amenities are constructed in the Asian nations, such as India and China, similarly in Canada and the U.S. in North America and in almost all the places in the Europe. This has augmented the construction work, substantially, and ultimately have generated a greater demand for the Vinyl Acetate Monomer (VAM).Thus, globally, generating the greater demand for the acetic acid in the market.
An additional purpose of the acetic acid is in the preparation of Purified Terephthalic Acid (PTA). It is largely consumed to manufacture resins of polyester coating. These are extensively utilized for various end user business such as electrical appliances, coil coatings, automobiles and others. Additionally, the requirement for the polyester fibers manufactured using Purified Terephthalic Acid (PTA) is growing in the market, owing to the rising demand for the products to manufacture the fabrics, which are used in the apparel and the home furnishings. Ultimately, boosting the market for the acetic acid.
The important manufacturer of the acetic acid was China. It was followed by Western Europe and the U.S. But the situation in the manufacturing is expected to alter because of the latest eruption of Covid-19. Owing to the increasing demand of the product from the construction business, along with the sector of foodstuff & beverages processing in Saudi Arabia and UAE, the Middle East is expected to include numerous add-ons in the capacity by 2022.
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Effect of Covid-19:
Although, there is a growing demand for the particular chemicals, with tremendous use in the food and healthcare sector, the demand through the division of organic chemicals shall record a fall in the development. The global key trader of the chemicals, China, recorded a substantial drop in the manufacturing, due to the growth in the Covid-19 pandemic, during the first quarter of 2020. This has generated the discrepancy in the demand and supply, this situation has enforced the customers and the manufacturers to renegotiate the contracts of supply.
Key Takeaways from the report:
- Globally, British Petroleum and Celanese Corporation are the biggest manufacturers of acetic acid. Additionally, from the product development point of view, they are adopting various innovations.
- The healthcare industry, globally, is increasingly utilizing the product like a solvent for the formulations of antiseptic products; the application of Ethanol is estimated to observe a 7.8% CAGR, from 2020 to 2027, in terms of volume.
- A numerous global brands are present in every important economy, thus it is limiting the entry for the new players into this ecology.
- As a result of growing penetration of resin and polymer manufacturers in Indonesia, India, Vietnam, and China to provide coatings, paints, films and textile industries, the Asia Pacific is likely to record the speedy 5.0% CAGR, from 2020 to 2027, in terms of volume.
- Because of the rising demand for the product from adhesives, paints and coatings division, application of vinyl acetate monomer is estimated to view a 4.1% CAGR, from 2020 to 2027, in terms of volume.
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Some of the companies for Acetic Acid Market are:
- Indian Oil Corporation
- Pentoky Organy
- Gujarat Narmada Valley Fertilizers & Chemicals
- Lyondell Basell
- Eastman Chemical Company
- Dow Chemicals
- Helm AG
- Celanese Corporation
- British Petroleum
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Grand View Research has segmented the global acetic acid market on the basis of application and region:
Acetic Acid Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Vinyl Acetate Monomer
- Acetic Anhydride
- Acetate Esters
- Purified Terephthalic Acid
Acetic Acid Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- North America
- The U.S.
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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