Acetic Acid Market Size, Share, Analysis, Growth, Current Trends, Industry Demand And Business Opportunities

Acetic acid has been one of the most sought-after industrial chemicals widely used in the manufacturing of polyesters, greases, coatings, and sealants, which are further consumed for a broad range of applications in textiles, automotive, electronics, and packaging industries. While these areas of application will remain the key revenue contributors to the global acetic acid market, momentous traction for polyethylene terephthalate (PET) bottles is especially projected as a strong factor driving acetic acid sales in the near future.

The lighter weight, and recyclability of PET bottles account for their surging demand for medical applications, as well as within the consumer products industry. An impressively rising rate of vinegar consumption is another significant booster to the progress of the acetic acid market. Moreover, acetic acid has been an extensively used as an organic chemical for a diverse range of feedstock, and production processes.

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VAM Continues to be Highly Sought-after

The global acetic acid consumption volume surpassed 16 MT in 2018, a third of which was accounted by vinyl acetate monomer (VAM). Fairfield Market Research forecasts that VAM will retain its dominance over other popular derivatives of acetic acid, including purified terephthalic acid (PTA), and acetic anhydride. While the former is consumed in the production of base resins worldwide, the latter two will most likely continue to garner traction among manufacturers of PET bottles, and plastics, respectively.

Continued preference for acetic anhydride as a raw material in manufacturing of drugs like acetaminophen, and aspirin further contributes to notable revenue generation in the market. Besides pharmaceuticals industry, as acetic acid continues to find major application in cosmetics, paints and coatings, and cosmetics industries, the growth outlook of the acetic acid market will remain promising throughout the period assessment.

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China Houses the Global Acetic Acid Hub

The world leader in acetic acid landscape, Asia Pacific will retain its top position in the global market in terms of both production, and consumption. China, being the global epicenter, will remain the mainstay for growing capacity additions in the regional, as well as the global acetic acid market. China is anticipated to reap the benefit of competitive pricing as it houses some of the largest coal-derived methanol production plants. The region's dominance is particularly expected to prevail on the back of ascending ethyl acetate production in addition to that of purified terephthalic acid, and vinyl acetate monomer to cater to a host of downstream applications. North America will also be an important market owing to the cost-competitive methanol production. The region continues to be among the leading net exporters of acetic acid.

Although momentary, the global COVID-19 pandemic took a heavy toll on the performance of acetic acid market through 2020. With all the end-use industries showcasing strong revival signs recently, acetic acid production, as well as consumption will mostly likely gather momentum in the near future. The report provides an in-depth analysis of the COVID-19 impact on the global acetic acid market. It also sheds light on the detailed profiles, and key growth strategies of the prominent competitors in the acetic acid market landscape.

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