Acetic Acid Market Size to Grow USD 14560 Million by 2028 with a CAGR of 3.8% | Valuates Reports
BANGALORE, India, Nov. 18, 2022 /PRNewswire/ -- The Global Acetic Acid Market is Segmented by Type (Acetic Acid(36% to 38%), Glacial Acetic Acid(More than 98%), by Application (Vinyl Acetate Monomer, Purified Terephthalic Acid, Acetic Anhydride): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Chemicals Industry Category.
Due to the COVID-19 pandemic, the global Acetic Acid market size is estimated to be worth USD 11640 Million in 2022 and is forecast to a readjusted size of USD 14560 Million by 2028 with a CAGR of 3.8% during the review period.
Major factors driving the growth of the Acetic Acid market:
The primary uses for acetic acid include the manufacturing of vinegar, acetic anhydride, vinegar, and vinyl acetate monomer. It is a crucial chemical reagent and industrial chemical used in the production of synthetic fabrics, films, and fibers. As a result of the rise of the textile industry, the acetic acid market is expanding.
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TRENDS INFLUENCING THE GROWTH OF THE ACETIC ACID MARKET
Increasing Demand for Vinyl Acetate Monomer is expected to drive the growth of the Acetic Acid market. The intermediate vinyl acetate monomer (VAM) is used to create resins and polymers for textiles, films, paints, coatings, and other finished goods. Barrier resins for plastic bottles use VAM. Due to its ability to adhere to a variety of substrates, including wood, paper, metals, and plastic films, it also has applications in the adhesive. Demand for vinyl acetate monomers is rising as a result of expansion in the aforementioned industries. The application of barrier resin in food packaging, gas tanks, and other engineering polymers is the VAM application that is expanding the fastest in the production of ethylene vinyl alcohol (EVOH).
The chemical reagents for textiles, photographic films, paints, and volatile organic esters are made from acetic acid, also known as ethanoic acid, vinyl acetate, and metal acetate. In the textile business, acetic acid is frequently used in the printing and dyeing of fabrics. Vinyl acetate monomer is used in the textile industry to create synthetic fibers. As a result, the demand for textiles is rising internationally, fueling the acetic acid market growth.
Rapid population expansion and the adoption of a healthy, sustainable diet have increased food production globally, which has led to an increase in demand for food goods. Vinegar is a component of marinades, salad dressings, and pickling solutions. It also reduces the risk of salmonella contamination in meat and poultry products. Food preservation is another use for acetic acid and its sodium salts. As a result of the rise in the use of vinegar in the food industry, the market for acetic acid is expanding. This will further drive the acetic acid market growth.
Polyester, including polyethylene terephthalate (PET) bottles, polyester fiber, and polyester film, is produced using purified terephthalic acid (PTA). Additional applications for this polyester include textiles and food and beverage containers. Coatings and other composite materials are some other PTA applications. Population growth has increased the need for food and drink, which has resulted in high demand for polyester bottles and containers. This factor also contributes to the acetic acid market expansion.
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ACETIC ACID MARKET SHARE
Due to the increasing demand for VAM in sectors like paints & coatings, paper, glue & sealants, and textiles, the Vinyl Acetate Monomer (VAM) segment maintained a significant market share. In order to make polyvinyl alcohol and polyvinyl acetate, which are also employed in coating applications, VAM is predominantly used as a monomer. Market growth is largely impacted by rising demand from numerous industries, including automotive, paper & pulp, and construction.
Based on region, Acetic Acid Market is expected to be the most lucrative. Due to the U.S. dominating the fashion sector, the rate of chemical consumption is supported by an increase in the textile industry. There will likely be a considerable increase in North America as a result of these factors.
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Key Companies:
- Celanese
- Bp
- Eastman
- Daicel
- Lyondellbasell
- Jiangsu Sopo
- Shanghai Huayi
- Kingboard Chemical
- Shandong Hualu-Hengsheng
- Yankuang Cathay Coal Chemicals
- Chongqing Yangtze River Chemical.
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SIMILAR REPORTS:
- Purified Terephthalic Acid (PTA) Market
- Vinyl Acetate Monomer (VAM) Market
- Ethylene Vinyl Alcohol Market
- Polyethylene Terephthalate (PET) Foam Market
- Polychlorinated Biphenyl (PCB) Waste Management Market
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