The acetic acid market size is projected to grow from USD 7.41 Billion in 2021 to USD 13.21 Billion in 2028 at a CAGR of 8.9% during the 2021-2028 period. The research report provides in-depth research studies for strategy development and implementation depending on the client’s needs. Also, the statistical survey elaborates detailed commentary on changing market dynamics that includes market growth drivers, roadblocks and challenges, future opportunities, and influencing trends to better understand the Acetic Acid Industry outlook. The global acetic acid market size was USD 6.90 billion in 2020.
The utilization of Vinyl Acetate Monomer (VAM) is powered by the rising demand for paints and coatings across the world, which nurtures the demand and growth of the market. As per the research team, development and increasing applications in several industries such as adhesives & sealants, paints & coatings, and textiles is likely to amplify the market growth globally.
List of Key Players Covered in the Acetic Acid Market Report
- Shandong Hualu-Hengsheng Chemical Co. Ltd. (China)
- Jiangsu Sopo (Group) Co. Ltd. (China)
- Kingboard Chemical Holdings Ltd. (Hong Kong)
- BP Plc (U.K.)
- Shanghai Huayi (Group) Company (China)
- LyondellBasell Industries (Netherlands)
- Daicel Corporation (Japan)
- Eastman Chemical Company (U.S.)
- Lonza (Switzerland)
- Wacker Chemie AG (Germany)
- Celanese Corporation (U.S.)
- Other Key Players
On the basis of application, the market is segregated into Vinyl Acetate Monomer (VAM), Purified Terephthalic Acid (PTA), ester solvents, acetic anhydride, and others. The vinyl acetate monomer (VAM) segment held principal share in the market.
Drivers and Restraints
Growing Demand for Vinyl Acetate Monomer to Assist Market Growth
VAM is a transition that is utilized for manufacturing resins and polymers for films, textiles, coatings, adhesives, paints, and other end-products. VAM is utilized in barrier resins for plastic bottles. It also has uses in adhesive owing to union properties to diverse substrates that involve wood, metals, paper, and plastic films.
Moreover, growth in the above-mentioned industries is resulting in a rise in demand for vinyl acetate monomer. This is further expected to bolster the acetic acid market growth during the forecast period.
Asia Pacific was worth USD 3.73 billion in 2020 and is anticipated to hold the majority of the acetic acid market share which can be accredited to an upsurge in polymer formulations in the region.
North America is likely to display promising advantages up to 2028. The growth in the chemical industry and increasing demand from the end-use sectors such as construction and textile industries are occasioning in great utilization of ethanoic acid in numerous applications.
Europe is confronting a substantial growth rate during the forecast period owing to an upsurge in demand from end-use sectors and imports. This elevated demand has occasioned in European manufacturers to raise the cost up to 63 euros per ton.