Vancouver, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The global acetic acid market size was USD 12.43 Billion in 2022 and is expected to register a rapid revenue CAGR of 7.4% during the forecast period. Rising adoption of acetic acid in manufacturing various specialty chemicals is a key factor driving market revenue growth.
In addition, PVA is also used in manufacturing medicinal drugs, such as a low-dose 19 mg Hydrochlorothiazide (HCT) and 500 mg high dose paracetamol, which is another key factor driving revenue growth of the market. According to National Institute of Health (NIH), polyvinyl acetate is used in the manufacturing of Orally Disintegrating Tablets (ODT’s). The OTT possesses ultra-fast disintegration dynamics, with acceptable mechanical strength and a smooth mouth texture.
Moreover, PVA has the ability to retain water and also considered as an essential element to manufacture ophthalmic products such as soft contact lenses, eye drops, and hydrogels. According to the World Health Organization (WHO), globally around 2.2 billion people have a near or distance vision impairment.
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Furthermore, rising demand for acetic acids in textile industries is also expected to drive market revenue growth during the forecast period. Acetic acid is used in fabric dyeing, as well as used in the production of rayon, latex, and artificial fabrics. Acetate material is soft and silky and has tendency to dye well. Polyvinyl alcohol required to manufacture various skincare products such as moisturizers and cleansers.
In addition, several countries having stringent regulations regarding acetic acid production is another factor, which could restrain market revenue growth. For instance, Food and Drug Administration (FDA) approves the use of acetic acid as food grade, if it complies with the specification in Food Chemicals Codex. Moreover, Indian government introduced an Acetic Acid (Quality Control) order, due to which acetic acid must have the standard mark under the license approved by Bureau of Indian Standards (BIS).
Segment Insights
Product Insights:
On the basis of product, the global acetic acid market is segmented into synthetic and bio-based product. The synthetic based segment accounted for largest revenue share in the global acetic acid market in 2022. This is because synthetic acetic acid is produced industrially both synthetically and by bacterial fermentation. Synthetic acetic acid can be useful in reducing obesity and inflammatory problems.
Application Insights:
On the basis of application, the global acetic acid market is segmented into plastics and polymers, paints and coatings, F&B, pharmaceuticals, textile, and others. The plastics and polymers segment is expected to account for significantly large revenue share in the global acetic acid market during the forecast period. This is because acetic acid is an essential component in the production process of polymers, which are large molecules made up of repeating subunit monomers.
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Regional Insights:
Asia Pacific is considered as the major hub for textiles and garments owing to labor rates and other export benefits. According to research, China’s textile and apparel exports reached USD 323.5 billion, which increased by 0.2% year on year. According to Invest India, textile and apparel contributes approximately 2.3% to the nation’s GDP, 13% to industrial production and 12% to exports and is expected to achieve USD 250 billion textile production and USD 100 billion in exports by 2030.
The North America is expected to register fastest revenue growth rate in the global acetic acid market during the forecast period owing to increasing production of F&B in the U.S. Acetic acid is widely used in food because it works as a fermentation agent and acid helps to prevent the growth of bacteria and fungi. Canada’s. According to Agriculture and Agri-Food (AAFC), in 2022 F&B recorded USD 156.5 billion in terms of sales, and exports of processed F&B products were USD 54.3 billion in 2022
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 12.43 Billion |
| CAGR (2023–2032) | 7.4 % |
| Revenue Forecast To 2032 | USD 25.26 Billion |
| Base Year Of Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Products, derivative, application, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Celanese Corporation, Chang Chun Group, Daicel Corporation, Eastman Chemical Company, Gujarat Narmada Valley Fertilizers & Chemicals Limited, INEOS, Jiangsu SOPO (Group) Co., Ltd., Kingboard Holdings Limited, LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Corporation., Petrochina, Shandong Hualu-Hengsheng Chemical Co., Ltd., Sipchem Company, B.P.Chemicals., Wacker Chemie AG, Samsung fine chemicals, Shanxi Sanwei Group Co., Ltd., Qingdao Hisea Chem Co., Ltd Shanghai Huayi (Group) Company, and Hangzhou Verychem Science and Technology Co., Ltd. |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global acetic acid market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new acetic acid products and solutions. Some major players included in the global acetic acid market report are:
- Celanese Corporation
- Chang Chun Group
- Daicel Corporation
- Eastman Chemical Company
- Gujarat Narmada Valley Fertilizers & Chemicals Limited
- INEOS
- Jiangsu SOPO (Group) Co., Ltd.
- Kingboard Holdings Limited
- LyondellBasell Industries Holdings B.V.
- Mitsubishi Chemical Corporation.
- Petrochina
- Shandong Hualu-Hengsheng Chemical Co., Ltd.
- Sipchem Company
- B.P. Chemicals.
- Wacker Chemie AG
- Samsung fine chemicals
- Shanxi Sanwei Group Co., Ltd.
- Qingdao Hisea Chem Co., Ltd.
- Shanghai Huayi (Group) Company
- Hangzhou Verychem Science and Technology Co., Ltd.
Strategic Development
- On 9 May 2023, Celanese completed the construction of a new acetic acid plant in Texas with a capacity of 1.3million tonne per year. The new construction will benefit the company in optimizing energy and catalyst usage by running at optimal rates.
- On 28 April 2022, Jubilant Ingrevia announced the commissioning of its new Green Ethanol based food-grade Acetic Acid plant at its manufacturing facility in Uttar Pradesh, India. The food-grade acetic acid plant, has a rated capacity of 25,000 Tons Per Annum. The product will be manufactured from Green Ethanol, which is produced from natural bio-based feedstock.
- On 1 January 2021, INEOS Aromatics is a global leader in Purified Terephthalic Acid (PTA) and Paraxylene (PX) technology with 6 sites and supplies the global polyester business, which includes polyester fiber, film and Polyethylene Terephthalate (PET) packaging.
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For the purpose of this report, Emergen Research has segmented the global acetic acid market on the basis of products, route, cargo type, and region:
- Derivative Outlook (Revenue, USD Billion; 2019-2032)
- Vinyl Acetate Monomer (VAM)
- Purified Terephthalic Acid
- Ethyl Acetate
- Acetic Anhydride
- Others
- Product Outlook (Revenue, USD Billion; 2019-2032)
- Synthetic
- Bio-Based
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Plastics and Polymers
- Paints and Coatings
- F&B
- Pharmaceuticals
- Textile
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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