New York , Jan. 18, 2024 (GLOBE NEWSWIRE) -- The global acetic acid market size is predicted to expand at 6% CAGR between 2023 and 2033. The market is projected to garner a revenue of USD 11 billion by the end of 2033, up from a revenue of USD 8 billion in the year 2022. This market growth is set to rise on account of rising textile production such as rayon. Approximately 5 million metric tonnes of rayon are produced annually in the globe. Hence, the demand for acetic acid is surging to grow.
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Furthermore, an important environmental victory-CA is thought to be biodegradable. According to one study, an acetate plastic cup deteriorated over 69% in an environment similar to sewage in only eighteen months. It lost approximately 59 percent of its weight in the water. The authors expected that it would break down far more quickly in a compost environment. Even if acetate doesn't deteriorate as quickly in the sun, adding titanium dioxid-a chemical additive used to whiten objects—would accelerate the process significantly. Hence, further with the growing demand for plastic glass, the market is set to grow vigorously.
Acetic Acid Market: Key Takeaways
- Market in North America region to propel the highest growth
- VAM segment to garner the highest growth.
- Market in the Asia Pacific region to grow at a notable rate
Growing Urban Population to Boost the Growth of Global Acetic Acid Market
By 2021, there are expected to be four billion individuals living in rural regions and 5 billion living in cities globally. In 1950, there were over 750 million people who considered cities to be their permanent residence. The population had almost doubled to over 5 billion by 2021, and it is expected to rise to over 7 billion by 2050, bringing an additional 3 billion people into metropolitan areas. Hence, with this demand for commodities is also growing which makes use of acetic acid. Furthermore, urban cities are regions where most waste is produced which is why the market is growing.
Acetic Acid industry: Regional Overview
The global acetic acid market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Disposable Income to Influence the Market Growth in North America
The North America market for acetic acid is set to gather the highest revenue by the end of 2033. This growth is set to be influenced by rising disposable income. Americans with average personal incomes may spend about USD 14 trillion in 2021. In that particular year, the personal disposable income per capita was approximately 45,342 USD. Hence, this has further increased the purchasing of people. People in this region with the surge in disposable have been observed spending heavily on textiles and cosmetics which is further estimated to influence the market revenue in this region.
Growing Population to Drive the Market Expansion in Asia Pacific
The Asia Pacific market for acetic acid is projected to have significant growth in the market over the coming years. This growth is estimated to grow on account of the rising population. Roughly 2.2 billion people, or 54% of the globe's metropolitan population, dwell in Asia. Asia's population living in cities has been estimated to increase by 50% by 2050, adding 1.2 billion new residents.
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Acetic Acid Segmentation by Application
- Vinyl Acetate Monomer (VAM)
- Purified Terephthalic Acid (PTA)
- Ester Solvents
- Acetic Anhydride
The vinyl acetate monomer (VAM) segment is estimated to generate the highest revenue in the market over the forecast period. This is set to be dominated by rising construction activities. In 2016, there were projected to be 794,431 built-up areas (BUAs) worldwide. This figure is projected to grow to around 849,406 people by 2022. Moreover, by 2050, it's anticipated that 2 million new buildings will be built.
Acetic Acid Segmentation by End-User
- Plastics & Polymers
- Food & Beverages
- Inks
- Paints & Coatings
- Chemicals
- Pharmaceuticals
The paints & coatings segment is projected to have notable growth in the market over the coming years. This could be on account of the growing production of automobiles. Across the world, approximately 84 million motor cars were produced in 2022—about 4% increase over 2021.
A few of the well-known market leaders in the global acetic acid market that are profiled by Research Nester are BP p.l.c., LyondellBasell Industries Holdings B.V., Daicel Corporation, Shandong Hualu-Hengsheng Chemical Co., Ltd., Jiangsu SOPO (Group) Co., Ltd, Kingboard Holdings Limited, Eastman Chemical Company, Lonza, Wacker Chemie AG, Celanese Corporation, and others.
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Recent Development in the Acetic Acid Market
- Together, BP plc and Lotte decided to increase the joint venture BP Lotte Chemical Company Limited's production capacity in Ulsan, South Korea. This is expected to add 100,000 tonnes of acetic acid capacity annually and quadruple the present 200,000 tonnes of vinyl acetate monomer (VAM) produced annually.
- On the US Gulf Coast, INEOS Capital Limited plans to construct a global acetic facility and related derivatives.
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