Acetic Acid Market – How the Business Will Grow by 2024? | Growth Analysis by comparative key players BP, Wacker Chemie, DuPont, Mitsubishi Chemical Holdings America, Eastman Chemical Company, Saudi International Petrochemicals, Daicel Corporation
Increasing demand of vinyl acetate monomer (VAM) in end-use industries such as automotive, construction and furniture will propel the demand for the product. The product is extensively used in adhesives which will result into a rising curve of the product market growth.
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.
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• British Petroleum Plc
• Wacker Chemie
• Eastman Chemical Company
• Saudi International Petrochemicals
• Mitsubishi Chemical Holdings America
• Daicel Corporation
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.
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.
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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.
Vinyl acetate monomer, acetate esters and acetic anhydride are some of the major applications of the product. The demand for the above-mentioned products in industries such as inks, textiles, etc. will upscale the market growth. PTA segment is anticipated to grow at a robust CAGR of above 7%, justified by the innovations in packaging industry.
The revenue of acetic anhydride segment is anticipated to reach above 0.3 billion by 2024 owing to its increased application in agrochemicals, pharmaceutical and textile industries. Acetate esters segment is anticipated to show a rising trajectory, owing to their application in industrial solvents.
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Asia Pacific is expected to witness high gains from the product market due to the thriving construction and infrastructure in developing countries. In Europe, the market value is estimated to cross USD 2 billion by 2024, owing to the increased use of acetic anhydride as a preservative in frozen food. The market in North America will witness steady demand for PET bottles in wine industries which will fuel the product market.
The product market is fragmented with various small scale and large scale manufacturers. Some of the major competitors are DuPont, Wacker Chemie, Eastman Chemical Company, Saudi International Petrochemicals, British Petroleum, Mitsubishi Chemical Corporation, GNFC Limited, Jiangsu Sopo (Group) Co., Ltd., Celanese Corporation, Daicel Corporation, LyondellBasell Industries N.V., Sinopec, PetroChina, HELM AG, etc.
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