Growing End-Use Industries Driving Acetyls Market

The global acetyls market is projected to attain a value of $34,283.2 million by 2022, growing with a CAGR of 6.9% during the forecast period (2016–2022). The market is witnessing growth due to the increasing demand for acetyls in Asia-Pacific (APAC), consumption of adhesives in key end-use industries, and surging consumption of acetic acid in the manufacturing of purified terephthalic acid (PTA) and ester solvents. In organic chemistry, compounds with the functional group, represented by the chemical formulae of CH3CO, are called acetyls.

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On the basis of product, the acetyls market is categorized into vinyl acetate monomer, ethyl acetate, acetic acid, acetic anhydride, and others. The largest share of the market was held by the category of acetic acid during the historical period (2012–2015), both in terms of value and volume. The category is further expected to retain its position during the forecast period, in terms of value and volume. This is because acetic acid is heavily utilized in the production of plastics, such as polyethylene terephthalate, as well as adhesives, perfumes, cosmetics, plastic films, and cigarette filters.

The increasing demand for acetic acid in the manufacturing of PTA and ester solvents is also a key driving factor of the acetyls market. The requirement for PTA is rising due to its wide applications in polyols for polyurethanes, waterborne polyester resins, and other purposes. In addition, ethyl acetate, which is an ester solvent, is used in adhesives, inks, and agrochemicals industry as well as in cosmetics due to its odor. Since acetic acid is used in manufacturing ester solvents and PTA, its demand is increasing due to their growing consumption.

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When geography is considered, the acetyls market was dominated by the Asia-Pacific (APAC) region during the historical period and is also predicted to grow at the fastest pace during the forecast period, in terms of volume and value, here. This is due to the rising demand for acetyls in the region, which is also a major driving factor of the market. The industrial sector in APAC is growing rapidly due to the increasing buying power of individuals, and since acetyls find application in various industries, their requirement is also increasing.

The growing consumption of adhesives in key end-use industries is also leading to the growth of the acetyls market. Various industries including construction & building, paints & coatings, paper & packaging, and automotive & transportation, make extensive use of adhesives. Furthermore, adhesives are also used for applications such as furnishing and in the wood/timber and leather goods industries. Acetyl products such as ethyl acetate and vinyl acetate are used to manufacture adhesives that produce stronger bonds and hence play a considerable role in the adhesives industry.

A major opportunity is created in the acetyls market by the increasing use of photovoltaic (PV) cells that are further boosting the demand for vinyl acetate monomer. In most PV modules, the top layer is glass, the encapsulant is ethylene-vinyl acetate (EVA), and the rear layer is solar film. EVA is becoming important in the solar industry because of its high durability, superior optical properties, and cross-linking bonding abilities. Attributed to this, the requirement for vinyl acetate monomer is increasing, as EVA is a copolymer of ethylene and vinyl acetate.

Thus, the rising consumption of adhesives, demand for acetyl derivatives from APAC, and increasing use of acetic acid for the manufacturing of ester solvents and PTA are leading to the growth of the market.

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