Newark, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The global acetic acid market is expected to grow from USD 10.25 billion in 2020 to USD 18.27 billion by 2028, at a CAGR of 7.85% during the forecast period 2021-2028. The market is witnessing a considerable growth owing to increasing demand for acetic acid from various end-user industries. Also, the rapid expansion of the textile industry is one of the key factors driving the growth acetic acid market.
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The Brainy Insights Launched a Study titled Acetic Acid Market by Form (Solid, Liquid), Manufacturing Process (Synthetic Route, Biological Route), Application, End-User Industry, Regions, and Global Forecast 2021-2028.
Key Findings of Acetic Acid Market
The liquid form segment led the acetic acid market and valued at USD 7.17 billion in 2020
The form segment is divided into a liquid and solid form. The liquid form segment led the acetic acid market and valued at USD 7.17 billion in 2020. It generally comes in the form of clear, colourless liquid, which has a strong and pungent smell. Liquid form acetic acid has many applications such as industrial use, medicinal uses, household, and food industry.
The synthetic route segment accounted for the largest market share and valued at USD 8.36 billion in 2020
The manufacturing process segment includes synthetic route and biological route. The synthetic route segment accounted for the largest market share and valued at USD 8.36 billion in 2020. About 75% of acetic acid used in the chemical industry is made by the carbonylation of methanol.
The vinyl acetate monomer held the major market share of 36.85% in 2020
The application segment includes vinyl acetate monomer, purified terephthalic acid, acetate esters, acetic anhydride, and other applications. The vinyl acetate monomer held the major market share of 36.85% in 2020. The vinyl acetate monomer used in polymer manufacture for adhesives and coatings. The increasing demand for these applications across the globe is likely to boost the growth of this segment over the forecast period.
Paints and coatings segment is anticipated to grow at the highest CAGR of 8.2% over the forecast period
The end-user industry segment is divided into plastics and polymers, food and beverage, inks, paints and coatings, chemicals, and others. Paints and coatings segment is anticipated to grow at the highest CAGR of 8.2% over the forecast period, owing to increasing demand need for acetic acid for the manufacturing of paints and coatings.
Report Scope & Segmentation
| Report Attribute | Details |
| Market size value in 2020 | USD 10.25 billion |
| Revenue forecast in 2028 | USD 18.27 billion |
| Growth Rate | 7.85 % |
| Base Year | 2020 |
| Historic Years | 2019-2021 |
| Forecast Years | 2022-2028 |
| Segments Covered | manufacturing process, application, end user industry, and regions |
| Regions Covered | Asia Pacific, Europe, South America, North America, and Middle East & Africa. |
| Number of Companies Covered | MitsubishiChemical Corporation,WackerChemie,Sinopec,GNFC Limited,DuPont,Saudi International Petrochemicals,Eastman Chemical Company,Jiangsu Sopo (Group),Daicel Corporation,LyondellBasell |
| Report Coverage | Market growth drivers, restraints, opportunities, regional segmentation analysis, Location Type Segment Analysis, Offering Segment Analysis, Vertical Segment Analysis |
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Regional Segmentation Analysis:
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region emerged as the largest market for the acetic acid market, with a 54.6% share of the market revenue in 2020. Asia Pacific region is the largest consumer of Acetic acid, owing to strong industrial base in the region. Textile industry is one of the primary consumers of acetic acid in the region, due to increased demand for the clothes across the region. Textile industry uses different types of chemicals that are made up of the acetic acid. The European regional market is projected to register the highest growth during the forecast period due to increasing investments in healthcare, along with growing concerns towards healthcare, coupled with the rising consumption of vinegar.
Competitive Analysis:
Major players in the global acetic acid market are Mitsubishi Chemical Corporation, Wacker Chemie, GNFC Limited, Saudi International Petrochemicals, DuPont, Eastman Chemical Company, Daicel Corporation, Jiangsu Sopo (Group), and LyondellBasell among others.
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About the report:
The market is analyzed based on value (USD Billion) and volume (k units). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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