Press release
What are the trends driving Acetic Acid Market growth? BP, Wacker Chemie, DuPont, Mitsubishi Chemical Holdings America, Eastman Chemical Company, Saudi International Petrochemicals, Daicel Corporation
Acetic Acid Market
Paints & coatings industry will further drive the demand for VAM. The use adhesives and emulsions in end-use industries such as construction, packaging and furniture will lead to a rising demand for the product.
VAM has its applications in photovoltaic modules which will further augment the growth of the acetic acid industry. The demand for food packaging films has also boosted the VAM industry which in turn will positively affect the product market. An important driver of acetic acid industry is the application of the product in polyethylene terephthalate (PET) bottles. The flourishing beverage industry is the key driver of the rising consumption of PET bottles. Premium packaging of certain products will propel the demand for the product.
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Key Profiles:
• Vinyl Acetate Monomer [VAM]
• Purified Terephthalic Acid [PTA]
• Acetate Esters
• Acetic Anhydride
• BP
• Wacker Chemie
• DuPont
• Eastman Chemical Company
• Saudi International Petrochemicals
• Mitsubishi Chemical Holdings America
• Daicel Corporation
Bio-based acetic acid is gaining importance as there is a need for sustainable chemicals. Bio-based product will decrease dependence on fossil fuel imports which will leave a positive impact on the economies.
Volatile prices of raw material such as methanol can adversely affect the growth of the market. Fluctuating prices of crude oil is one of the key economic variables which can affect the product market.
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China accounted above 35% share in terms of consumption in 2016 and will maintain its significance till 2024. China acetic acid market growth is attributed to its flourishing industrial sectors of polymers, food products, chemicals, and adhesives. The country exports the acid to a limited extent as major produce gets consumed domestically.
Europe had a size of above USD 1.4 billion in 2016 in the acetic acid market. Flourishing frozen food market in Spain, Italy and Germany will increase compound’s demand as a food preservative.
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The market is fragmented in nature with small and medium scale manufacturers including Saudi International Petrochemicals, Wacker Chemie, DuPont, Sinopec, PetroChina, LyondellBasell Industries, HELM AG, GNFC Limited, Daicel Corporation, and Mitsubishi Chemical. Major companies dominating the market are Sopo, Celanese, Eastman Chemicals and Bharat Petroleum.
Producers are developing bio-based acetic acid to achieve a competitive edge. For instance, In March 2010, Wacker Chemie started its bio-based acetic acid plant in Germany, having an annual capacity of 500 tons. It is indulged in developing new techniques of producing the product such as converting butanediol to ketone and ultimately acetic acid, or formulating acetate from biomass.
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