IMARC Group has recently released a new research study titled “Acetic Acid Market Report by Application (VAM, PTA, Anhydride, Ethyl Acetate, Butyl Acetate, and Others), End-Use (Plastics and Polymers, Food and Beverage, Inks, Paints and Coatings, Chemicals, Pharmaceuticals, and Others), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
The global acetic acid market size reached US$ 11.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 19.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.5% during 2024-2032.
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Global Acetic Acid Market Trends:
The increasing adoption of acetic acid in the renewable energy sector, particularly in biofuel production, due to the shift towards sustainable energy sources is positively impacting the market growth. Furthermore, the development of green chemistry practices, prompting manufacturers to explore bio-based production methods for acetic acid while reducing dependency on fossil fuels and lowering carbon footprints, is enhancing the market growth.
Additionally, rapid advancements in microbial fermentation techniques that enable the production of acetic acid from renewable resources like agricultural waste and carbon dioxide are fueling the market growth.
Factors Affecting the Growth of the Acetic Acid Industry:
· Increasing Product Demand in the Food and Beverage (F&B) Industry:
The escalating demand for acetic acid in the food and beverage (F&B) industry is one of the major factors bolstering the market growth. In line with this, the growing product popularity as it is a critical ingredient in the production of vinegar, which is widely used as a preservative, flavor enhancer, and condiment, is enhancing the market growth.
Moreover, the ongoing shift towards healthier eating habits, leading to a significant increase in the consumption of vinegar-based products, including dressings, sauces, and pickles, is contributing to the market growth. Besides this, the rising consumer demand for natural preservatives over synthetic ones is bolstering the market growth.
Expanding Applications in the Chemical Industry:
The growing application of acetic acid as a vital raw material in the production of various chemicals, including acetic anhydride, acetate esters, and vinyl acetate monomer (VAM), is positively influencing the market growth. In line with this, VAM is a precursor for producing polyvinyl acetate and polyvinyl alcohol, which are essential in the manufacture of adhesives, paints, coatings, and textiles.
In addition to this, the ongoing demand for sustainable and environmentally friendly chemical processes, encouraging the use of acetic acid as a bio-based feedstock, is strengthening the market growth. Apart from this, rapid innovations in chemical synthesis and increased investment in research and development (R&D) that expand the applications of acetic acid are driving the market growth.
Rising Product Utilization in the Pharmaceutical and Healthcare Sectors:
The increasing utilization of acetic acid in the production of various pharmaceuticals, including antibiotics, where it serves as a solvent and a reactant, is contributing to the market growth. Along with this, the rising health awareness and the corresponding increase in pharmaceutical production are propelling the market growth. Moreover, acetic acid is used in medical applications, such as in antiseptics and disinfectants, due to its antimicrobial properties. Apart from this, the ongoing focus on hygiene and infection control, heightening the need for effective disinfectants, is boosting the market growth.
Additionally, acetic acid is employed in the production of certain medical-grade plastics and polymers, which are essential in medical devices and packaging.
Acetic Acid Market Report Segmentation:
By Application:
· VAM
· PTA
· Anhydride
· Ethyl Acetate
· Butyl Acetate
· Others
VAM accounted for the largest market share due to its extensive use in the production of adhesives, paints, coatings, and textiles.
By End-Use:
· Plastics and Polymers
· Food and Beverage
· Inks, Paints and Coatings
· Chemicals
· Pharmaceuticals
· Others
Inks, paints and coatings represented the largest segment, owing to the high demand for durable and high-quality finishes in various industries, including automotive and construction.
Regional Insights:
· China
· North America
· Western/Eastern Europe
· North East Asia
· South East Asia
· Middle East & Africa
China’s dominance in the acetic acid market is attributed to its significant industrial base, high production capacities, and increasing demand for acetic acid in diverse applications such as textiles, chemicals, and food processing.
Competitive Landscape With Key Players:
The competitive landscape of the acetic acid market size has been studied in the report with the detailed profiles of the key players operating in the market
Some of These Key Players Include:
· British Petroleum Plc
· Celanese Corporation
· Daicel Corporation
· Eastman Chemical Company
· GNFC Limited
· HELM AG
· LyondellBasell Industries N.V.
· Mitsubishi Chemical Corporation
· PetroChina
· SABIC
· Showa Denko K.K.
· Sinopec
· Svensk Etanolkemi AB (SEKAB)
· Wacker Chemie AG
Request to Get the Sample Report:
https://www.imarcgroup.com/request?type=report&id=591&flag=C
Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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