Global Acetic Acid Market Reached a Volume of 16.3 Million Tons in 2018

Acetic acid, also known as ethanoic acid, is a colourless liquid organic compound having a characteristic pungent smell and sour taste. It is prepared by bacterial fermentation or oxidation of ethanol.

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Acetic acid has been classified as a weak acid and has numerous applications in various industries like pharmaceutical, construction, water treatment, rubber, plastics, etc. Vinegar, which is dilute acetic acid, is used as a food ingredient in kitchen. Acetic acid is also used in the manufacture of vinyl acetate monomer (VAM), purified terepthalic acid (PTA), acetate esters, etc. According to a new report by Expert Market Research, the global acetic acid market reached a volume of 16.3 Million Tons in 2018 and is further expected to reach a volume of around 20.3 Million Tons by 2024.

The production of acetic acid has observed a significant growth during 2014-2018. VAM, the largest end-use industry of acetic acid, is used in manufacture of a number of polymers and resins for coatings, adhesives, paints, etc. As a result, the production of acetic acid is booming. Moreover, the rise in the production of other end-products such as PTA, ethylene-vinyl acetate (EVA) copolymers, ethyl acetate and butyl acetate, etc. involving the consumption of acetic acid has also led to an increase in its demand. Population growth, emerging markets and government policies are some of the other factors stimulating the market growth.

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Expert Market Research has analysed the global acetic acid market according to end-use, major regions and top players:

Market breakup by End-use:

• Vinyl Acetate Monomer (VAM)
• Purified Terephthalic Acid (PTA)
• Acetic Anhydride
• Ethyl Acetate
• Butyl Acetate

Market breakup by Region:

• Asia
• North America
• Europe
• Middle East & Africa

Top players:

• British Petroleum
• Celanese
• Shanghai Wujing
• Jiangsu Sopo
• Reliance

Key findings from the report:

• The end-use industries of acetic acid include Vinyl Acetate Monomer (VAM), Purified Terephthalic Acid (PTA), Acetic Anhydride, Ethyl Acetate and Butyl Acetate. Vinyl acetate monomer (VAM) is one of the most rapidly growing end-use industries which accounts for around 33 % of its total global consumption.
• Region-wise, Asia dominated the market with a share of more than two-fifth of the total global consumption. It was further followed by North America, Europe and Middle East and Africa.
• Being fragmented in nature, the global acetic acid market is surrounded by a number of players. Some of these players include British Petroleum, Celanese, Shanghai Wujing, Jiangsu Sopo, Reliance, Eastman, Lyondell Basell, Daicell, Sipchem, Kuraray.

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This release was published on openPR.