Rising adoption of acetic acid in manufacturing various specialty chemicals is a key factor driving market revenue growth.

VANCOUVER, BRITISH COLUMBIA, CANADA, June 6, 2024 /EINPresswire.com/ -- The global acetic acid market size was USD 12.43 Billion in 2022 and is expected to register a rapid revenue CAGR of 7.4% during the forecast period.  The global acetic acid market is experiencing notable growth, fueled by its rising adoption in the manufacturing of various specialty chemicals and industrial applications. Acetic acid is a crucial component in the production of Polyvinyl Acetate (PVA), Vinyl Acetate Monomer (VAM), ethyl acetate, and numerous other derivatives, which are essential in producing adhesives, paints, polymers, and more.

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Key Drivers of Market Growth

PVA, in particular, is gaining traction due to its applications in 3D printing, offering easy dissolution and enabling the development of complex geometric parts. This compound is also pivotal in the pharmaceutical industry, being used in the production of Orally Disintegrating Tablets (ODTs) with ultra-fast disintegration dynamics and acceptable mechanical strength. Additionally, PVA’s water retention properties make it vital for manufacturing ophthalmic products such as soft contact lenses, eye drops, and hydrogels, addressing the needs of the 2.2 billion people globally who suffer from vision impairment, according to the World Health Organization (WHO).

The textile industry also heavily relies on acetic acid for fabric dyeing and the production of rayon, latex, and artificial fabrics. The soft, silky nature of acetate materials and their ability to dye well are significant factors driving demand in this sector. Moreover, PVA is utilized in skincare products, including moisturizers and cleansers, further broadening its application spectrum.

Market Restraints

However, environmental concerns and stringent government regulations pose challenges to market growth. The production of acetic acid emits greenhouse gases, including carbon monoxide and carbon dioxide, impacting the environment. Higher concentrations of acetic acid can also be harmful to plants, animals, and aquatic life. Regulatory frameworks, such as those from the Food and Drug Administration (FDA) and the Bureau of Indian Standards (BIS), impose strict guidelines on acetic acid production and usage, which could limit market expansion.

Segment Insights

The acetic acid market is segmented into synthetic and bio-based products. The synthetic segment, which accounted for the largest revenue share in 2022, is expected to maintain its dominance due to its widespread industrial production and applications in reducing obesity and inflammation. Synthetic acetic acid, the main component of vinegar, is noted for its potential to prevent metabolic syndrome by reducing obesity, as per the National Institute of Health (NIH).

The bio-based segment is anticipated to register moderate growth. Known for its sour taste and pungent smell, bio-based acetic acid is produced from lignocellulosic biomass and finds applications in food and beverages, chemicals, solvents, and pharmaceuticals. These versatile applications are expected to drive growth in this segment during the forecast period.

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Application Insights

Among various applications, the plastics and polymers segment is projected to hold a significant market share. Acetic acid is essential in producing polymers, crucial for packaging and consumer products. The United Nations Environment Programme (UNEP) estimates that 36% of all plastics produced are used in packaging, with global production expected to reach 1,100 million tonnes by 2050. Rising consumer income and demand for plastics are key factors driving this segment’s growth.

The food and beverage sector is also poised for steady growth, primarily due to the use of acetic acid in vinegar production, which is vital for preserving canned foods and preventing bacterial growth in dressings, sauces, cheese, and pickles. Technological advancements in food technology are expected to further enhance this segment’s growth prospects.

Acetic Acid Top Companies and Competitive Landscape

The global acetic acid market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new acetic acid products and solutions.

Some major players included in the global acetic acid market report are:

Celanese Corporation

Chang Chun Group

Daicel Corporation

Eastman Chemical Company

Gujarat Narmada Valley Fertilizers & Chemicals Limited

INEOS

Jiangsu SOPO (Group) Co., Ltd.

Kingboard Holdings Limited

LyondellBasell Industries Holdings B.V.

Mitsubishi Chemical Corporation.

Petrochina

Shandong Hualu-Hengsheng Chemical Co., Ltd.

Sipchem Company

P. Chemicals.

Wacker Chemie AG

Samsung fine chemicals

Shanxi Sanwei Group Co., Ltd.

Qingdao Hisea Chem Co., Ltd.

Shanghai Huayi (Group) Company

Hangzhou Verychem Science and Technology Co., Ltd.

Acetic Acid Latest Industry News

On 9 May 2023, Celanese completed the construction of a new acetic acid plant in Texas with a capacity of 1.3million tonne per year. The new construction will benefit the company in optimizing energy and catalyst usage by running at optimal rates.

On 28 April 2022, Jubilant Ingrevia announced the commissioning of its new Green Ethanol based food-grade Acetic Acid plant at its manufacturing facility in Uttar Pradesh, India. The food-grade acetic acid plant, has a rated capacity of 25,000 Tons Per Annum. The product will be manufactured from Green Ethanol, which is produced from natural bio-based feedstock.

On 1 January 2021, INEOS Aromatics is a global leader in Purified Terephthalic Acid (PTA) and Paraxylene (PX) technology with 6 sites and supplies the global polyester business, which includes polyester fiber, film and Polyethylene Terephthalate (PET) packaging.

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Acetic Acid Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global acetic acid market on the basis of products, route, cargo type, and region:

Derivative Outlook (Revenue, USD Billion; 2019-2032)

Vinyl Acetate Monomer (VAM)

Purified Terephthalic Acid

Ethyl Acetate

Acetic Anhydride

Others

Product Outlook (Revenue, USD Billion; 2019-2032)

Synthetic

Bio-Based

Application Outlook (Revenue, USD Billion; 2019-2032)

Plastics and Polymers

Paints and Coatings

F&B

Pharmaceuticals

Textile

Others

Regional Outlook (Revenue, USD Billion; 2019-2032)

North America

U.S.

Canada

Mexico

Europe

Germany

France

UK

Italy

Spain

Benelux

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

UAE

South Africa

Turkey

Rest of Middle East & Africa

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