16th July 2020 - The global Acetic Acid Market to reach $13.3 billion by 2022. Rising production of vinyl acetate monomer (VAM) as a result of growth in automotive and construction industries of emerging economies including China and India is expected to remain a key driving force.
Acetic acid finds applications as a precursor for the production of numerous compounds including camphor, mono chloroacetic acid, photographic chemicals and diketene require acetic acid. The aforementioned compounds are further processed to produce greases, adhesives, sealants and coatings. Growing importance of preventive maintenance in the manufacturing sector is expected to promote the usage of lubricating greases, protective coatings and sealing agents which thus, in turn, will have a positive impact.
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Growing demand for water-based paints & coatings in automotive and construction industries owing to rising awareness towards eco-friendly products is expected to promote the use of polyvinyl acetate, polyvinyl alcohol, and ethyl vinyl acetate. Furthermore, significant gains in VAM market as a result of increasing applications in construction, automobiles and furniture industries is projected to have a substantial impact.
PTA (Pure Terephthalic Acid) is used as a precursor along with mono-ethylene glycol for the production of PET, and processed for manufacturing carbonated soft drinks (CSD) bottles, automotive ancillaries, and electronic consumables. The increment in sales volumes of CSD in developed markets including the U.S. and Germany on account of new product launches such as Diet Coke is expected to fuel the demand for PTA, and thus, in, the turn will augment acetic market growth.
Over the past few years, vinegar has emerged as a culinary ingredient for the production of functional food. Rising awareness among consumers toward the health benefits of vinegar is expected to have a positive impact on industry.
Global Acetic Acid Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- VAM
- Acetic anhydride
- Acetate esters
- PTA
- Others
Competitive Insights:
Key acetic acid market participants include Eastman Chemicals, British Petroleum, Saudi International Petrochemicals, Celanese, DuPont, Wacker Chemie, Jiangsu Sopo (Group) Co., Ltd. In April 2016, AkzoNobel and Atul Limited announced the establishment of new mono chloroacetic acid manufacturing unit in Gujrat, India. This facility is expected to serve the food & beverage, pharma, and agriculture application segments and will open new markets over the forecast period.
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The acetic acid market in China was 5,391.4 kilo tons in 2015 and is expected to witness significant gains on account of strong foothold of VAM and acetate esters on a domestic level. Furthermore, the positive outlook towards packaging industry as a result of significant gains in application segments including food & beverage and pharma is expected to drive the market.
North America accounted for 15.9% of global volume share in 2015. Significant improvement in automotive sector of the Mexico as a result of new product launches in four wheeler segments by Nissan is expected to increase the consumption of VAM and thus, in turn, will fuel acetic acid demand in the near future.
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