Acetic Acid Market Size
The acetic acid is a main component used in various industrial processes. It is also used as a feedstock for producing adhesives, surfactants, water treatment chemicals, and detergents. It has multiple applications in the food, textile, and industrial chemical industries, influencing its increasing registration in the global market.
The growing applications of acetic acid in several industries such as agriculture, chemical, electronics, and pharmaceuticals, for coatings, cleaners, neutralizers, catalysts, and more are playing a leading role in the growth of the acetic acid market. Moreover, the increasing demand for acetic acid from the automobile industry due to its qualities of reducing corrosion, increasing surface hardness, promoting adhesion, and enhancing abrasion resistance is also propelling the acetic acid market growth.
The rising penetration of acetic acid for its biodegradable and eco-friendly properties, upsurge in the use of alkalis, and rapid industrialization in the developed and developing economies are some of the other factors driving the acetic acid market growth. In addition, the increasing demand for acetic acid as a solvent in the coatings industry is expected to boost its market size.
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Acetic Acid Market Share
The Asia Pacific is expected to witness the highest growth rate of the acetic acid market due to the prevalence of the chemical industry in the region. The growth of the pharmaceutical and food & beverage industry in the Asia Pacific is expected to boost the demand for acetic acid in this region. The increase in demand for acetic acid for water treatment applications owing to the changing climatic conditions is also anticipated to add to the regional market growth.
North America held the largest share in the acetic acid market in 2020, due to the increasing demand for acetic acid for various applications in industrial chemical and pharmaceutical industries. The region is predominantly driven by the growing demand for acetic acid in several countries including the US and Canada. Additionally, the flourishing organic chemicals, pharmaceuticals, crop protection, and automobile industries have propelled the North American acetic acid market growth.
The European acetic acid market is expected to witness decent growth over the forecast period. The growth of the pharmaceutical industry in this region and the demand for acetic acid from various industries are likely to drive the regional market. Furthermore, the increasing production of gherkins and vinegar products in Europe is another factor stimulating the market growth in the region.
Major Industry Players Forecast
Some of the prominent companies operating in the global acetic acid market include BASF SE, Eastman Chemical Company, The Dow Chemical Company, BP plc, Mitsubishi Chemical Holdings Corporation, Daicel Corporation, INEOS Group AG, Celanese Corporation, SABIC, and Solvay S.A. The companies are focusing on expanding their production capacities to meet the rising global demand for acetic acid.
For instance, in November 2018, Celanese Corporation announced the expansion of its acetic acid production capacity by 1 million tons. This expansion is expected to double the company’s production capacity, increasing its market hold.
Other players in the acetic acid market are investing in expanding their product portfolio. For example, in April 2018, The Dow Chemical Company launched two new acetic anhydride products for formulating polyurethane adhesives and sealants. Such products are expected to boost the company’s market growth.
