WELLESLEY, Mass, Aug. 10, 2018 (GLOBE NEWSWIRE) -- The growth of vinyl acetate monomers in the food and beverage industry and increasing demand for polyvinyl acetates are two factors helping to grow the global acetic acid market, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 5.1% through 2023, when it is forecast to be worth more than $7.6 billion, according to the report Acetic Acid: Derivatives and Global Markets.
Major players in the market include Ashok Alco-Chem, BP, Celanese Corp., Chang Chun Petrochemical Co., Daicel, DowDuPont, Eastman Chemical, EuroChem, Gujarat Narmada Valley Fertilizers & Chemicals, Haohua Junhua Group, Jiangsu Sopo, Jubilant Life Sciences, Kanoria Chemicals & Industries, Kingboard Chemical Holdings, LyondellBasell Industries Holdings, Mitsubishi Chemical, Pentokey Organy, Ridhdhi Sidhdhi Chemicals, Shandong Hualu-Hengsheng Chemical Co., Saudi International Petrochemical Co., SEKAB BioFuels & Chemicals, Thana Acid and Chemical Co. and Yancheng City Chunzua Aroma Co.
Research Highlights
- Growth will be strongest in the Asia-Pacific region, which anticipates a CAGR of 5.4%, followed by North America (5.0%), Europe (4.7%) and South America (4.5%).
- By derivative, the market is led in growth by acetate esters, which anticipate a CAGR of 5.9%, followed by vinyl acetate monomer (5.4%) and purified terephthalic acid (4.9%).
- Poly vinyl alcohol will lead the VAM segment by size, with an estimated 2023 value of $882.9 million, followed by poly vinyl acetate, with an estimated 2023 value of $854.2 million. Poly vinyl acetate will lead by growth.
“Acetic acid, at present, is used widely in various industries, the major ones being the production of polymers, pharmaceuticals, as solvents, food additives, lubricants, soaps and detergents, agrochemicals, animal feed, textiles, plastics, lubricant, varnishes, resins, transparent adhesives, cosmetics, personal care products, coatings, rubber, and paint,” the report notes. “The global acetic acid market has grown significantly during the past few years and is expected to grow at a more rapid pace in the next five years, mainly driven by the growth of vinyl acetate monomer (VAM) in the food and beverage industry (food packaging, food preservatives).”
Market Challenge Includes Fluctuating Price of Methanol
Methanol is one of the raw materials used in the production of acetic acid, and its fluctuating price has led to an unstable acetic acid market price trend, the report adds. Methanol prices have seen drastic shifts both up and down. On average, since 2001, prices have increased 13% annually, although individual years have occasionally seen much higher increases.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.