Acetic Acid Market Synopsis
Acetic Acid Market Size Was Valued at USD 8.13 Billion in 2023, and is Projected to Reach USD 13.28 Billion by 2032, Growing at a CAGR of 5.6% From 2024-2032.
Acetic acid whose Chemical formula is CH3COOH is a class of compounds called organic substances, very well. It is one of the easily available α, and β unsaturated carboxylic acids and can be found almost everywhere. Acetic acid stands out among other chemicals due to its high odor perception and solubility in water. As a result, it is a multipurpose chemical that is used in maintenance of households, industries, and in various scientific applications.
- Vinegar is an element of nature that occurs in a very diluted form (acetic acid) as a result of the fermentation of ethanol by acetic acid bacteria. This is one of the reasons that tends to make vinegar a frequent element in cooking as a seasoning, preservative, and condiment. In an industrial setup, there are so many processes which are used in making acetic acid, e.g., methanol carbonylation, acetaldehyde oxidation, ethanol fermentation carried out by bacteria.
- Acetic acid plays a crucial role to the economy, more especially in the manufacturing sector of food, medicines, polymers, and textiles. Twofold as an alkali-acid buffer, in taste factor and as a preservative in the food industries. It is extensively used in pharmaceutical industry for the purpose of production of a variety organic chemicals as well as manufacture of drugs.
- The issue of acetic acid as well is indispensable in the production of synthetic fibers such as polyester and cellulose acetate. Its multiple uses ranging from home-based products to industrial uses as well as characterized by its affordability and low toxicity gives it a widespread acceptance throughout manufacturing and home settings.
Acetic Acid Market Trend Analysis
Increasing infiltration of ester solvent for coating industry
- As for the entering ester solvents to the coating industry which has been a critical factor in the development of acetic acid market. Of all options available today, ester solvents based on acetic acid give the best results, as they are safer, less volatile, and more environmentally friendly.
- This combination in harmony with the increased green requirements of the noteworthy sectors of coatings industries that are characterized as environmentally friendly and sustainable counts high. Not only this, acetic acid-based ester solvents are favourable because of their effective solvent action, which is perfect for dissolving resin bases and other coating materials making them more effective and professional looking.
- Moreover, customers will be attracted towards using solvents which are safer and eco-friendly and regulators are imposing stricter requirements which are fueling the transition toward esters. There are a category of solvents made from eco-friendly acetic acid, they are pretty good for those coating manufacturers who are legally required to use low presence volatile organic compound (VOCs) solvents that are proposed by government policies that are aiming to minimize VOC emissions.
- Implementing standard regulations, producers of coating systems have perfected the art of using acetic solvents with esters just to fulfill the requirements and to make possible painting with the best performance. We will see a growth in demand for the acetic acid fish coatings segment of the market in a couple of years, which will result the expansion of the acetic acid market in the coatings industry.
Increasing Vinyl Acetate Monomer (VAM) production
- An excellent value of acetic acid market is driven by the manufactured VAM (vinyl acetate monomer) use in manufacturing. The VAM stands for an important intermediary chemical, which is used in textiles manufacture, paints production, glue-making and so on.
- The demand of acetic acid, which is used in the process of VAM production, and thus increase in VAM production, scope, is thus directly related to the scope of VAM market. Their prospects for curb coal consumption are dependent on the increase in sectors, like construction, automotive, and packaging, which are all material based (on VAM-dependent products).
- Besides, the production of VAM from acetic acid is now more profitable and economical as for process improvement and new technologies. This has generated higher capacity as well as ascendant production costs for VAM makers, which confers them a market advantage in multiple application spots.
- This amounts to the fact that as the producers are trying to satisfy the growing appetites of downstream sectors with their increased output, the market of acetic acid is experiencing a stimulus which happens to be the unstoppable desire of VAM. Those who make acetic acid can broaden their client base by seeking customer orders which are derived from the global Acetic Acid market.
Acetic Acid Market Segment Analysis:
Acetic Acid Market is segmented based on Type, and Applications.
By Derivative, the Vinyl Acetate Monomer (VAM) is expected to dominate the market during the forecast period
- Acetic acid derivatives overall and vinyl acetate monomers (VAM) in particular constitute the market lider for acetic acid. In fact, VAM constitutes an intermedium chemical that is consumed in production of varied commodities, through various manifestations like textiles, adhesives, paints, coatings and packaging materials.
- One key connection the acetic acid demand, a vital commodity in the VAM production, has to the VAM business is that the demand is directly linked with the expansion of the market size. The usage of acetic acid and VAM is mainly propelled forward by the development of industries such as household goods, automotive, and building, which in most cases are based on the processes involving VAM.
- What reinforces VAM's supremacy on the acetic acid sidestream is the fact that it can now be produced in a more cost-efficient and performing method through the use of newer technologies and efficient processes.
- Along with this VAM applications are very vast and it have demand in a large number of industries which is another factor of VAM to get supremacy in acetic acid market. The production of smart apparel is critical to numerous industries because their inherent characteristics include cohesiveness, adaptability, and durability.
- Being quite versatile, VAM derivatives will make a contribution in crafting such items as adhesives, paints, printing inks, coatings, textiles, and packaging. It is also safe to predict that VAM production will remain at the top of the que since industrial companies continue to innovate in order to develop their products further and hence the need to upgrade and manufacture the new materials which will in turn bolster the production of VAAMs.
By Applications, the adhesives, paints, and coatings segment held the largest share in 2023
- The proceeds of sale coming from adhesives, paint and coating industry are usually the largest among the listed segments in the acetic acid market. Superior solvent qualities enable acetic acid to be an vital part for adhesives, paintings, and coatings because of their ability to dissolve various ingredients as resins and pigments.
- They are in ample use all over the world in the forming of goods belonging to the manufacturing sector such as consumer goods, automotive, aerospace and construction just to list a few. In adhesives’ industry, acetate acid-based adhesive has the high strength bond and are used on an extensive way in packaging as well as woodworking.
- Similarly, acetic acid assists the paints and coatings manufacturers to produce formulations in order to provide desired finishes like good adhesion, wear and tear resistance, as well as, environmental protection. Consistency of this sector mainly in the acetic acid market is because large quantities of adhesives, paints, and coatings is being consumed from various industries.
- Besides, acetic acid as a highly diversified product comes through which it stands out. Its use in the adhesives, paints, and coatings market is not out of place. Acetic acid-premised formulations that are better for the environment and less toxic compared with alternatives have started to enter the picture as manufacturers sustainability and regulatory compliance becomes vital.
- Moreover, advancements in acetic formulation and technology contribute to the development of an assortment of acetic acid-based products accessible in this market. Hence, the current market share is predominantly supported by the acetic acid that is used for adhesives, paints and coatings. This particular industry still remains as a major driving force of acetic acid demand.
Acetic Acid Market Regional Insights:
Asia Pacific is Expected to Dominate the Market Over the Forecast period
- What Asia-Pacific has presented the largest market for acetic acid is the case today. Thanks to the strong support base provided by its industrial sector, which is optimistic about the largest market that is likely to be global, would be Asia- Pacific region for industries like textile, food and beverage, adhesive and paint and coating.
- A solvent is utilized in various industries, including electronics, automotive, textile, and packaging sectors, in applications such as greases, coatings, polyesters and sealants. The fact that in the Asia-Pacific area these industries tend to show a widespread growth pattern can be viewed as one of the key success factors fueling market expansion in the Asia-Pacific area.
- The World Coatings and Paint Industry Association estimate that the paint and coatings industry in the Asia-Pacific region will be worth $ 63 billion in the year 2022. Market in the neighborhood is a expanding market that grows by a CAGR of 5 percentage every year. The last decade showed an increase of about 8% which is dominated (glasested) by China. 5 percent ROI accurately determined the Chinese market expansion. 7% in 2022. Estimating from the current increase, in 2022, China's sales of paints and coatings would be over USD 45 billion, which is the 78 percent of the market share in East Asia.
- EU estimated China which has almost 10 thousand coatings manufacturers. In Chinese manufacturing, there are the global top performing paint manufacturers, e.g. in Nippon Paint, AkzoNobel, Chugoku Marine Paints, PPG Industries, BASF SE and Axalta Coatings. The production of paints and coatings has been the major focus area companies that run industries in the country. As part of an expansion of its existing facility in Guangdong, South China, BASF added its new car refinish coating production capacity in July 2022. The facilities of the enterprise will have capacity for annual production of 30,000 metric tons of goods.
- As mentioned, the Ministry of Economy, Trade, and Industry (METI) of Japan outlines that the country produced 1. Recognizing that 21 million metric tons synthetic resin paints was more than enough paint production in 2021, we see that this is a significant amount. There was a total of about one thousand four hundred and twenty eight million liters of paint produced in 2021. By 2014, the yearly potato crop in the USA was recorded at 53 million metric tons, an increase from the previous year. Decrease in around 50 million metric tons as compared to last year.
- In addition to this, the Ministry of Chemical and Fertilizers in India, which is responsible for the process control order (PCO) for acetic acid, aniline, morpholine, and methanol. This PCO was enforced on January 2022, and the deadline extension for implementing these regulations led to delaying the implementation time. Its scope of work encompasses the rules and standards which has to be followed to produce acetic acid.
- Cleaning sector includes chemicals industries and fertilizers department that published notes revealing that there was a drop in production of fertilizers by 41 percent volume wise. In the period of 2013-14 has total production of 1306 lakh metric tons against 1222 lakh metric tons produced in the previous year 2012-13, the leading chemical production in India has increased by 5%. 73% to 43. Last year 15 million tons in July 2022–2023.
- During this prognosis there are going to be noted high demands for intermediates from this industry because raw materials such as acetic acid are used in the production of various chemicals mostly because of expanding global need.
- The above discussed points will indeed drive up the market of acetic acid in the region albeit its constant rise during the forecast period.
Active Key Players in the Acetic Acid Market
- Celanese Corporation (Dallas, Texas, USA)
- Chang Chun Group (Taipei, Taiwan)
- Daicel Corporation (Osaka, Japan)
- Eastman Chemical Company (Kingsport, Tennessee, USA)
- GNFC Limited (Gujarat, India)
- INEOS (London, United Kingdom)
- Jiangsu SOPO (Group) Co. Ltd. (Nanjing, China)
- Kingboard Holdings Limited (Hong Kong)
- LyondellBasell Industries Holdings BV (Houston, Texas, USA)
- Mitsubishi Chemical Corporation (Tokyo, Japan)
- PetroChina Company Limited (Beijing, China)
- Sabic (Riyadh, Saudi Arabia)
- Shandong Hualu-Hengsheng Chemical Co. Ltd. (Weifang, China)
- Shanghai Huayi Holding Group Co. Ltd. (Shanghai, China)
- Sipchem Company (Al Khobar, Saudi Arabia)
- Svensk Etanolkemi AB (SEKAB) (Örnsköldsvik, Sweden)
- Tanfac Industries Ltd. (Tamil Nadu, India)
- Yankuang Group (Jining, China), and Other Key Players
Key Industry Developments in the Acetic Acid Market:
- In January 2023, The entire text of the environmental impact study is accessible through the following link. State that, Hebei Kingboard Energy Development Co., LTD., a firm's unit, will send "Environmental Impact Report of Hebei Kingboard Energy Development Co., LTD. Acetic Acid Expansion and Change Project " to obtain approval.
- In June 2022, Of the Hebei Kingboard Energy Development Co. Ltd. was starting the construction of a 29,80-ton-per-year acetic acid unit. The original 71398 kg a day project of carbon capture and use was the starting point for the 237. A US$ 3. 6 billion 20 billion project, which means the creation of low-carbon development and less-low-carbon chemical materials production to create a high quality–added carbon neutrality demonstration park.
Global Acetic Acid Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 8.13 Bn. |
Forecast Period 2024-32 CAGR: |
5.6% |
Market Size in 2032: |
USD 13.28 Bn. |
Segments Covered: |
By Type |
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By Applications |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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- INTRODUCTION
- RESEARCH OBJECTIVES
- RESEARCH METHODOLOGY
- RESEARCH PROCESS
- SCOPE AND COVERAGE
- Market Definition
- Key Questions Answered
- MARKET SEGMENTATION
- EXECUTIVE SUMMARY
- MARKET OVERVIEW
- GROWTH OPPORTUNITIES BY SEGMENT
- MARKET LANDSCAPE
- PORTER’S FIVE FORCES ANALYSIS
- Bargaining Power Of Supplier
- Threat Of New Entrants
- Threat Of Substitutes
- Competitive Rivalry
- Bargaining Power Among Buyers
- INDUSTRY VALUE CHAIN ANALYSIS
- MARKET DYNAMICS
- Drivers
- Restraints
- Opportunities
- Challenges
- MARKET TREND ANALYSIS
- REGULATORY LANDSCAPE
- PESTLE ANALYSIS
- PRICE TREND ANALYSIS
- PATENT ANALYSIS
- TECHNOLOGY EVALUATION
- MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
- Geopolitical Market Disruptions
- Supply Chain Disruptions
- Instability in Emerging Markets
- ECOSYSTEM
- PORTER’S FIVE FORCES ANALYSIS
- ACETIC ACID MARKET BY TYPE (2017-2032)
- ACETIC ACID MARKET SNAPSHOT AND GROWTH ENGINE
- MARKET OVERVIEW
- VINYL ACETATE MONOMER (VAM)
- Introduction And Market Overview
- Historic And Forecasted Market Size in Value (2017 – 2032F)
- Historic And Forecasted Market Size in Volume (2017 – 2032F)
- Key Market Trends, Growth Factors And Opportunities
- Geographic Segmentation Analysis
- PURIFIED TEREPHTHALIC ACID (PTA)
- ETHYL ACETATE
- ACETIC ANHYDRIDE
- OTHER DERIVATIVES
- ACETIC ACID MARKET BY APPLICATIONS (2017-2032)
- ACETIC ACID MARKET SNAPSHOT AND GROWTH ENGINE
- MARKET OVERVIEW
- PLASTICS AND POLYMERS
- Introduction And Market Overview
- Historic And Forecasted Market Size in Value (2017 – 2032F)
- Historic And Forecasted Market Size in Volume (2017 – 2032F)
- Key Market Trends, Growth Factors And Opportunities
- Geographic Segmentation Analysis
- FOOD AND BEVERAGE
- ADHESIVES, PAINTS, AND COATINGS
- TEXTILE
- MEDICAL
- OTHER APPLICATIONS
- COMPANY PROFILES AND COMPETITIVE ANALYSIS
- COMPETITIVE LANDSCAPE
- Competitive Positioning
- ACETIC ACID Market Share By Manufacturer (2023)
- Industry BCG Matrix
- Heat Map Analysis
- Mergers & Acquisitions
- CELANESE CORPORATION (DALLAS, TEXAS, USA)
- Company Overview
- Key Executives
- Company Snapshot
- Role of the Company in the Market
- Sustainability and Social Responsibility
- Operating Business Segments
- Product Portfolio
- Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
- Key Strategic Moves And Recent Developments
- SWOT Analysis
- CHANG CHUN GROUP (TAIPEI, TAIWAN)
- DAICEL CORPORATION (OSAKA, JAPAN)
- EASTMAN CHEMICAL COMPANY (KINGSPORT, TENNESSEE, USA)
- GNFC LIMITED (GUJARAT, INDIA)
- INEOS (LONDON, UNITED KINGDOM)
- JIANGSU SOPO (GROUP) CO. LTD. (NANJING, CHINA)
- KINGBOARD HOLDINGS LIMITED (HONG KONG)
- LYONDELLBASELL INDUSTRIES HOLDINGS BV (HOUSTON, TEXAS, USA)
- MITSUBISHI CHEMICAL CORPORATION (TOKYO, JAPAN)
- PETROCHINA COMPANY LIMITED (BEIJING, CHINA)
- SABIC (RIYADH, SAUDI ARABIA)
- SHANDONG HUALU-HENGSHENG CHEMICAL CO. LTD. (WEIFANG, CHINA)
- SHANGHAI HUAYI HOLDING GROUP CO. LTD. (SHANGHAI, CHINA)
- SIPCHEM COMPANY (AL KHOBAR, SAUDI ARABIA)
- SVENSK ETANOLKEMI AB (SEKAB) (ÖRNSKÖLDSVIK, SWEDEN)
- TANFAC INDUSTRIES LTD. (TAMIL NADU, INDIA)
- YANKUANG GROUP (JINING, CHINA)
- COMPETITIVE LANDSCAPE
- GLOBAL ACETIC ACID MARKET BY REGION
- OVERVIEW
- NORTH AMERICA
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Type
- Historic And Forecasted Market Size By Applications
- Historic And Forecasted Market Size By Country
- USA
- Canada
- Mexico
- EASTERN EUROPE
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest Of Eastern Europe
- WESTERN EUROPE
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Germany
- United Kingdom
- France
- The Netherlands
- Italy
- Spain
- Rest Of Western Europe
- ASIA PACIFIC
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New-Zealand
- Rest Of APAC
- MIDDLE EAST & AFRICA
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- SOUTH AMERICA
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Brazil
- Argentina
- Rest of South America
- INVESTMENT ANALYSIS
- ANALYST VIEWPOINT AND CONCLUSION
- Recommendations and Concluding Analysis
- Potential Market Strategies
Global Acetic Acid Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 8.13 Bn. |
Forecast Period 2024-32 CAGR: |
5.6% |
Market Size in 2032: |
USD 13.28 Bn. |
Segments Covered: |
By Type |
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By Applications |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Frequently Asked Questions :
The forecast period in the Acetic Acid Market research report is 2024-2032.
Celanese Corporation (Dallas, Texas, USA), Chang Chun Group (Taipei, Taiwan), Daicel Corporation (Osaka, Japan), Eastman Chemical Company (Kingsport, Tennessee, USA), GNFC Limited (Gujarat, India), INEOS (London, United Kingdom), Jiangsu SOPO (Group) Co. Ltd. (Nanjing, China), Kingboard Holdings Limited (Hong Kong), LyondellBasell Industries Holdings BV (Houston, Texas, USA), Mitsubishi Chemical Corporation (Tokyo, Japan), PetroChina Company Limited (Beijing, China), Sabic (Riyadh, Saudi Arabia), Shandong Hualu-Hengsheng Chemical Co. Ltd. (Weifang, China), Shanghai Huayi Holding Group Co. Ltd. (Shanghai, China), Sipchem Company (Al Khobar, Saudi Arabia), Svensk Etanolkemi AB (SEKAB) (Örnsköldsvik, Sweden), Tanfac Industries Ltd. (Tamil Nadu, India), Yankuang Group (Jining, China) and Other Major Players.
The Acetic Acid Market is segmented into Derivatives, Applications, and region. By Derivative, the market is categorized into Vinyl Acetate Monomer (VAM), Purified Terephthalic Acid (PTA), Ethyl Acetate, Acetic Anhydride, Others. By Applications, the market is categorized into Plastics and Polymers, Food and Beverage, Adhesives, Paints, and Coatings, Textile, Medical, Others. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Acetic acid is a colorless liquid chemical substance that has a strong stench. It is typically found in vinegar and has numerous applications in industries such as food, medicines, and textiles. Acetic acid is well-known for its versatility and wide range of applications.
Acetic Acid Market Size Was Valued at USD 8.13 Billion in 2023, and is Projected to Reach USD 13.28 Billion by 2032, Growing at a CAGR of 5.6% From 2024-2032.