The regional acetic acid market will witness a profitable growth over the years ahead, owing to its profound usage as raw material in the production of PTA
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The global acetic acid market is witnessing a major upswing with the growing utilization trend of this acid as a raw material to produce purified terephthalic acid (PTA) and vinyl acetate monomer (VAM). Acetic acid is used as an intermediate in formulating polyester, coatings, greases, and sealants which are widely used in textiles, automotive, packaging, paints & coatings, and electronic industries. The overall acetic acid market is certain to generate lucrative avenues, owing to its rising application scope in aforementioned industries. A report on Acetic Acid Market predicts the industry to register an annual growth rate of 8.7% over 2017-2024 and generate revenue over USD 16 billion by 2024.
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VAM has its applications in photovoltaic modules which will further augment the growth of the acetic acid market. The demand for food packaging films has also boosted the VAM industry which in turn will positively affect the product market. An important driver of acetic acid industry is the application of the product in polyethylene terephthalate (PET) bottles. The flourishing beverage industry is the key driver of the rising consumption of PET bottles. Premium packaging of certain products will propel the demand for the product.
Vinyl acetate monomer, acetate esters and acetic anhydride are some of the major applications of the product. The demand for the above-mentioned products in industries such as inks, textiles, etc. will upscale the market growth. PTA segment is anticipated to grow at a robust CAGR of above 7%, justified by the innovations in packaging industry. The revenue of acetic anhydride segment is anticipated to reach above 0.3 billion by 2024 owing to its increased application in agrochemicals, pharmaceutical and textile industries. Acetate esters segment is anticipated to show a rising trajectory, owing to their application in industrial solvents.
North America, led by US acetic acid industry, recorded a consumption of over 1900 kilotons in 2016. The pharmaceutical industry holds a strong foot in North America with the presence of major manufacturers such as Johnson & Johnson, Novartis, Roche Holding AG, and Gilead Sciences. This factor has led to increasing demand for medical devices and saline bottles which are made from polyethylene terephthalate (PET. The regional acetic acid market will witness a profitable growth over the years ahead, owing to its profound usage as raw material in the production of PTA.
Acetic acid market is quite consolidated and is likely to witness an increasingly growing trend of mergers and acquisitions. In 2011, the acetic acid product division of Sterling Chemicals was acquired by Eastman in order to support its growth strategy for the plasticizers and acetic acid product-line.
The manufacturers are aggressively involved in research and development activities to develop bio-based pathways for the complete replacement of fossil based raw materials. Bio-based acetic acid can be manufactured from fermenting sugar, ethanol, and corn starch. The product synthesis with bio-base material is gaining a wide acceptance among the consumers.
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Wacker Chemie, a well-known chemical company has recently established its bio-based acetic acid plant in Germany having an annual capacity of 500 tons. Bio-based acetic acid on grounds of addressing the hazardous environmental effects is poised to bring a paradigm shift in the global acetic acid industry landscape. Some of the major participants in this space include Saudi International Petrochemicals, DuPont, Celanese Corporation, Mitsubishi Chemical Holdings Corporation, Jiangsu Sopo (Group) Co., Ltd., Sinopec, Wacker Chemie, and British Petroleum (BP).
Major Key Points from Table of Content:
Chapter 4. Acetic Acid Market, By Application
4.1. Acetic acid market share by application, 2016 & 2024
4.2. Vinyl acetate monomer (VAM)
4.2.1. Market estimates and forecasts, 2013 – 2024
4.2.2. Market estimates and forecasts by region, 2013 – 2024
4.3. Purified terephthalic acid (PTA)
4.3.1. Market estimates and forecasts, 2013 – 2024
4.3.2. Market estimates and forecasts by region, 2013 – 2024
4.4. Acetate esters
4.4.1. Market estimates and forecasts, 2013 – 2024
4.4.2. Market estimates and forecasts by region, 2013 – 2024
4.5. Acetic anhydride
4.5.1. Market estimates and forecasts, 2013 – 2024
4.5.2. Market estimates and forecasts by region, 2013 – 2024
4.6. Others
4.6.1. Market estimates and forecasts, 2013 – 2024
4.6.2. Acetic acid market estimates and forecasts by region, 2013 – 2024
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