Smart Materials Market Development Status and SWOT Analysis by Key Players like Daicel Corporation, Eastman Chemical Company, LyondellBasell Industries N.V., Shandong Hualu-Hengsheng Chemical Co. Ltd.

Acetic acid is basically an organic compound having the molecular formula CH3COOH, which serves as a precursor for the production of different chemicals used in areas such as textiles manufacturing, inks formulation, and rubbers and plastics manufacturing.

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Based on region, the acetic acid market is categorized into Europe, North America, Asia-Pacific, Latin America, and the Middle East and Africa. Among all these regions, Asia-Pacific held a significant share in the market during the historical period. This can be majorly attributed to the rapidly advancing industrial sector in countries such as China and India. Moreover, APAC countries such as China, Japan, India, and Vietnam are the major hubs for the production of different chemicals and textile products, which are the major end-use industries for the acid.

Based on application, the acetic acid market is categorized into vinyl acetate monomer, purified terephthalic acid, acetate esters, and acetic anhydride. The market demand for the acid was the highest for vinyl acetate monomer application in 2017. The monomer serves as a major raw material for the production of water-based adhesives, which in particular is a popular form of adhesive in automotive and construction industries. The acetate esters are another leading category in the market. The demand for acetate esters is majorly driven by their high consumption in coatings industry.

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The acetic acid market is expected to witness significant growth in emerging nations. These countries are witnessing rapid growth in the economy characterized by large scale expansion of chemicals, textile, and coatings manufacturing facilities. The growth in the development of these projects, therefore, offer huge growth prospect in the demand for acetic acid.

The major driver identified in the acetic acid market is the rapid expansion of textile industry. Globally, the textile industry continues to witness rapid growth, owing to the rising income levels in the developing countries, increased standard of living, and changing fashion trends and customer preferences. One of the major regions witnessing rapid growth in textile industry is the Asia-Pacific region, owing to vast market for textiles in China and India.

The acetic acid market is characterized by the presence of multinational corporations, which have presence in more than one country. Some of the major companies operating in the global market are BP Plc, Celanese Corporation, Shanghai Huayi (Group) Company, Daicel Corporation, Eastman Chemical Company, LyondellBasell Industries N.V., Shandong Hualu-Hengsheng Chemical Co. Ltd., Jiangsu Sopo (Group) Co. Ltd., Yankuang Cathay Coal Chemicals Co. Ltd., and Kingboard Chemical Holdings Ltd.

The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.

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