Market Overview:
Acetic acid is a colorless liquid organic compound with pungent sour taste and vinegar-like odor. It is soluble in water and miscible with organic solvents. Acetic acid has applications in production of vinyl acetate monomer, purified terephthalic acid and acetate esters. It is widely used as a preservative and flavoring in food processing industries.
Market key trends:
Rising demand for plant-based foods is a major factor driving growth of the acetic acid market. Production of plant-based meat alternatives such as tofu, tempeh and seitan involves coagulation process which requires acetic acid. Increasing health concerns have boosted consumer preference for vegan and vegetarian diets which favors adoption of plant-based food products. Moreover, acetic acid prevents microbial growth in food products thus enhancing their shelf life. Rapid expansion of food and beverage industry worldwide has augmented consumption of acetic acid as a preservative.
The global Acetic Acid Market Growth is estimated to be valued at US$ 14.63 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global acetic acid market is segmented into natural and synthetic. The synthetic segment dominates the market and accounted for over 80% of the global share in 2023. This is because synthetic acetic acid is more cost effective and offers better purity levels as compared to natural acetic acid. Synthetic acetic acid is produced via carbonylation of methanol process.
Key Takeaways
The global acetic acid market is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing demand from vinyl acetate monomer (VAM) production. Europe dominated the acetic acid market in 2023 and accounted for more than 30% of the global acetic acid consumption. Asia Pacific market is expected to grow at the fastest rate during the forecast period on account of rising demand from countries like China, India and Japan.
Key players operating in the acetic acid market include Celanese Corporation, British Petroleum, Eastman Chemical Company, Jiangsu Sopo (Group) Co., Ltd., China Petroleum & Chemical Corporation (Sinopec), Lyondell Basell Industries, Saudi Basic Industries Corporation (SABIC), Mitsubishi Chemical Company, PetroChina Co. Ltd., PetroChina Co. Ltd., BASF SE. Celanese Corporation is one of the largest producers of acetic anhydride in the world.
Read More: https://www.pressreleasebulletin.com/the-growth-of-acetic-acid-market-size-and-share-analysis/
