Acetic Acid Market 2021 Growth, Competitive Analysis, Future Prospects and Forecast to 2024
In terms of revenue, the global acetic acid market will surpass USD 17.9 billion by 2024.
Delaware, United States – August 9, 2021 /MarketersMedia/ —
Global acetic acid market size is expected to be influenced by rising trend for ethanol production in a slew of end-use industries. Both emerging and advanced economies are exhibiting strong demand for packaged foods, which in turn, will spur the demand for acetic acid. Recently, acetic acid is being used as an antimicrobial edible food coating agent as the demand to protect perishable products during the supply chain process has surged.
Amidst escalating environmental concerns over the use of petroleum-based feedstock, bio-based acidic acid will gain immense traction. Notably, organic acids will continue to add fillip to the industry growth owing to their low cost and well-known effectiveness.
The devastating impact of the COVID-19 had mixed influence on the acetic acid market outlook. Acetic acid could have potential upsides as an adjunctive therapy in cases of non-severe COVID-19. Acetic acid has witnessed an unprecedented popularity as a widely available disinfecting agent. Demand for acetic acid has gained profound traction through its usage in cleaning agents and soaring demand from the downstream vinyl acetate monomer (VAM) sector.
On the other hand, shutdown of plants in Europe and APAC curtailed the demand for acetic acids. For instance, plunge in automotive production and dip in paints and coatings demand affected the prospect for purified terephthalic acid (PTA), denting the business forecast.
Acetic acid manufacturers are expected to emphasize prevailing market trends in the VAM sector and purified terephthalic acid:
Vinyl acetate monomer to emerge as a major revenue pocket
Of late, vinyl acetate monomer has gained popularity in the cosmetics and industrial manufacturing sectors. End-users have invested in VAM to produce polyvinyl acetate and polyvinyl alcohol that are sought in water-soluble packaging, adhesives and coatings. Considering that acetic acid is the major feedstock to manufacture VAM, industry leaders will continue to invest in the application sector. Additionally, the polymer industry has shown profound interest for VAM in applications, including resins, emulsifiers and as intermediate in surface coating agent. The textile industry has also emerged as a viable end-user that seeks VAM to produce synthetic fibers.
Purified terephthalic acid to rise in prominence
The trend for PTA (purified terephthalic acid) in fiberglass reinforced plastics in saturated polyesters has become pronounced in the construction, coating and packaging industries. Given the trend for bottle and packaging in the e-commerce sector amidst the pandemic, PTA has further gained impetus. Besides, soaring demand for personal care products, robust manufacturing base of food & beverage and the construction sector will propel the demand for purified terephthalic acid, driving the global acetic acid market value.
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APAC to exhibit increased traction
Leading companies are vying to expand their foothold in Asia Pacific following the unprecedented growth of the packaging industries in China, India and Vietnam. While advanced economies such as Japan and Australia are witnessing increased construction activities. For instance, impressive demand for PTA and VMA suggests a considerable growth in the consumption of acetic acid in China.
The China acetic acid market could expand at a healthy CAGR of 6% through 2024. As world food purity law indicates that vinegar used in foods must be of biological origin, acetic acid will remain an indispensable platform chemical across the region. Moreover, APAC has also been home to prominent companies looking to expand their penetration in untapped areas.
Some of the key industry players across the value chain of the global acetic acid market are DuPont, Eastman Chemical Company, Mitsubishi Chemicals, Saudi Petrochemicals, Daicel Corporation, LyondellBasell and British Petroleum, among others. In January 2021, Dupont rolled out high performance yeast meant for the needs of ethanol producers. It could provide ethanol producers flexibility with reduced waste and high ethanol production.
Expanding packaging and industrial sectors will potentially create new market avenues for acetic acid suppliers with the rising trend for PTA and VAM.
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