Acetic Acid Market Report

Acetic Acid Market Size:

The global acetic acid market size reached USD 11.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 19.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.5% during 2024-2032. Rapid product utilization as a feedstock for various chemicals, the rising popularity of lightweight and recyclable PET bottles, and the growing sales of vehicles across the globe represent some of the key factors driving the market.

Acetic Acid Market Analysis:

• Major Market Drivers: The growing demand for acetic acid in the production of vinyl acetate monomer (VAM) and purified terephthalic acid (PTA) is a primary driver. Increasing usage in the food and beverage industry as a preservative and flavoring agent also boosts market growth. The rise in pharmaceutical applications, particularly for antibiotic production, further propels the market.
• Key Market Trends: The paradigm shift towards bio-based product variant due to environmental concerns and sustainability trends acts as a key market trend. Technological advancements in production methods are enhancing efficiency and reducing costs. Along with this, the increasing adoption of the product in the manufacturing of synthetic fibers and plastics is another significant trend which contributes to expanding the acetic acid market share.
• Geographical Trends: China dominates the market, driven by rapid industrialization and high demand. Along with this, North America is witnessing steady growth due to advancements in chemical manufacturing and significant consumption in the food and beverage sector. Europe also shows notable demand, especially in the pharmaceutical and textiles industries.
• Competitive Landscape: Some of the key market 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, among many others.
• Challenges and Opportunities: One of the major challenges in the market is the volatility in raw material prices which is impacting production costs. Environmental regulations regarding emissions and waste management pose compliance challenges for manufacturers. However, opportunities lie in the development of bio-based product variants and expansion into emerging markets with growing industrialization.

Acetic Acid Market Trends:

Increasing demand for acetic acid and strategic alliances

The replacement of PET bottles with glass bottles for alcoholic beverages is predicted to propel the product demand, which will benefit the sector in the coming years. Furthermore, the engagement of multinational corporations and their ongoing efforts to expand and form joint ventures related to this product are expected to bolster market growth in the foreseeable future. The presence of multinational firms actively engaged in R&D and strategic activities such as expansions and collaborations contribute to the growth of the market. These organizations try to strengthen their market position and meet worldwide acetic acid demand.

Rising demand for vinyl acetate monomers and PTA

The market is expected to expand over the forecast period due to the increased usage of the product in the production of several items, including pure terephthalate acid (PTA) and vinyl acetate monomers (VAM). Vinyl acetate monomers produced from acetic acid are frequently used to make resins and polymers used in the production of textiles, paints, coatings, films, and adhesives. Increased usage of VAM and other solvents in the chemical sector to produce resins and polymers for paints, coatings, films, textile adhesives, and other end products drives up market demand. VAM is also used as an adhesive to adhere to a wide range of substrates, including wood, plastic films, paper, and metals. Vinyl acetate monomers are witnessing a high demand as the industry expands, thereby bolstering the acetic acid market growth.

Growing utilization of ester solvents in the coating industry

Ester solvents are employed in the coatings industry due to their great qualities, which include evaporation rate, levelling properties, blush resistance, solvent activity, resin solubility, and good solvent release. These features are applied to coating formulation goods. Coatings are also employed in autos, infrastructure, and industrial settings. The coating achieved by innovation has numerous advantages, including environmental friendliness, high-temperature resistance, strong chemical resistance, long service life of the coated film, high mechanical strength, elastic strength, and scrub resistance. Increased use of these coatings is further driving the market expansion during the acetic acid market forecast period.

Acetic Acid Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2024-2032. Our report has categorized the market based on application and end-use.

Breakup by Application:

• VAM
• PTA
• Anhydride
• Ethyl Acetate
• Butyl Acetate
• Others
   

VAM dominates the market

The report has provided a detailed breakup and analysis of the market based on the application. This includes VAM, PTA, anhydride, ethyl acetate, butyl acetate, and others. According to the report, VAM represented the largest segment.

According to the acetic acid market report, VAM represents the largest segment since it is a crucial component used in the production of polymers and resins for textiles, paints, films, coatings, and adhesives. It is also used to manufacture ethylene vinyl alcohol (EVOH), a barrier resin for plastic bottles, food packaging, and petrol tanks. VAM is used as a barrier resin for plastic bottles. It can also be used as an adhesive due to its excellent adhesion characteristics to various substrates such as wood, paper, metals, and plastic films. Substantial growth in the aforementioned industries is leading to a rise in the demand for vinyl acetate monomers. Some other VAM derivatives, such as vinyl chloride-vinyl acetate copolymers, are used in the formulation of adhesives and sealants. Technological developments aimed at developing polymers and other products that employ VAM as raw materials effectively improve product demand for vinyl acetate monomers, therefore contributing to the acetic acid market revenue.

Breakup by End-Use:

• Plastics and Polymers
• Food and Beverage
• Inks, Paints and Coatings
• Chemicals
• Pharmaceuticals
• Others
   

Inks, paints, and coatings hold the largest share in the market

A detailed breakup and analysis of the market based on the end-use have also been provided in the report. This includes plastics and polymers, food and beverage, inks, paints, and coatings, chemicals, pharmaceuticals, and others. According to the report, inks, paints, and coatings accounted for the largest market share.

According to the report, inks, paints, and coatings held the largest market share due to the rising demand for automotive paints. Furthermore, increased demand for the product in the digital printing, packaging, and labeling sectors, which are used to make printing inks, is creating a positive acetic acid market outlook. When VAM is polymerized to produce polyvinyl acetate or other important components of the paint industry, paint and coating formulations require a large amount of the resulting vinyl acetate monomer. Acetic acid is a primary raw ingredient used in the synthesis of vinyl acetate monomer, which is then used to produce polyvinyl acetate. Polyvinyl acetate is also utilized in the production of paint and coatings. Consumer lifestyle changes, as well as an increase in house renovations and redecorating, are bolstering demand for paints and coatings, which in turn influences the product demand and by extension is resulting in a favorable acetic acid market overview.

Breakup by Region:

• China
• North America
• Western/Eastern Europe
• North East Asia
• South East Asia
• Middle East & Africa
   

China leads the market, accounting for the largest acetic acid market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include China, North America, Western/Eastern Europe, North East Asia, South East Asia, and the Middle East & Africa. According to the report, China represents the largest regional market for acetic acid.

According to the report, China is the largest global market. The increasing use of the product in chemical and other industries represents one of the major factors supporting the market growth in China. Moreover, the growing investments in chemical and petrochemical projects due to the recent boom of shale gas and oil slates are influencing the market positively in the country. Besides this, the rising adoption of the product in the packaging and film industries is strengthening the market growth in the country and offering numerous acetic acid market recent opportunities.

Competitive Landscape:

• The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the major market players in the acetic acid industry 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), and Wacker Chemie AG.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Major players operating in the industry are involved in new product launches, capacity expansion, acquisition, joint ventures, and partnerships to gain a competitive edge in the market. For instance, Celanese, one of the reliable acetic acid companies, has increased the production capacities of various facilities for the product in recent years to improve its presence in the market and support the high demand for acetic acid. Some of the market players are also acquiring other companies to expand their market presence. They are also implementing sustainable practices, such as using bio-based feedstocks and reducing environmental impact, to appeal to environmentally conscious consumers and meet regulatory requirements. Additionally, leading manufacturers are investing in research and development (R&D) activities to lower overall operating costs and ensure increased production efficiency, which is leading to acetic acid market recent developments.

Acetic Acid Market News:

• February 15, 2024: The U.S. Department of Energy has approved Celanese Corporation as a vendor for low-carbon acetic acid products under the ECO-CC name. These products are made using carbon capture and utilization technology, resulting in significant reductions in greenhouse gas emissions. Celanese's ECO-CC solutions offer significant reductions in greenhouse gas emissions and present opportunities for eligible U.S. government entities to decrease their carbon footprint in various applications.
• September 28, 2023: Eastman Chemical Company announced that it has entered into a definitive agreement to sell its Texas City Operations, located in Texas City, Texas, to INEOS Acetyls, owned by the INEOS Group, a global manufacturer and supplier of acetic acid and related chemicals.

Acetic Acid Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the acetic acid market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global acetic acid market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the acetic acid industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.