Acetic Acid Market Size, Covid-19 update, Future Growth 2024 | Key Players are British Petroleum, DuPont, HELM AG, PetroChina, SABIC, Sinopec

The market is likely to gain from the growing use of acetic anhydride in agrochemicals, textile, and pharmaceutical industries. Acetic acid market share from acetic anhydride is likely to accumulate more than 0.3 billion by 2024.

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Acetic acid is an important raw material in the manufacturing of numerous downstream chemicals. Vinegar is one such chemical which is commonly used at home for cooking and in the food industry as an ingredient. With widespread use in the food processing industry, acetic acid is likely to witness a notable demand in the future.

With the development of vinegar as one of the chemicals that has developed itself as a food ingredient and is used for cooking, consumer awareness pertaining to health benefits by consuming vinegar in appropriate quantity has augured well for the acetic acid market size expansion. The global food market is expected to expand at a growth rate of over 4% through 2024 and is in line with the increase in demand for vinegar in food industry.

Profound use of acetic anhydride in medicine production, including aspirin and acetaminophen has instilled confidence among stakeholders. Application of acetic anhydride in producing modified starches act as a food preservative given that they are stable against heat and mild acids. Prominently, these starches are said to be the ingredients of mayonnaises, muesli bars, flavored toppings, sauces, frozen cakes, frozen foods, ice-cream and cake mixes. It is worth mentioning that acetic anhydride size in 2016 was pegged at over 1,400 kilo tons.

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Asia Pacific acetic acid market size is likely to soar in the next five years in the wake of robust demand for acetic acid emanating from China. Notably, acetic acid market growth has been linked to thriving industrial sectors including food products, polymers, adhesives and chemicals. With China accounting for over 35% share with respect to consumption in 2016, the trend is expected to continue through 2024.

Stakeholders are expected to invest in Europe as flourishing frozen food industry in Italy, Spain, and Germany instills confidence among the forward-looking companies. Europe acetic acid market size was pegged at over US$ 1.4 bn in 2016 and will continue to show similar growth trajectory during the forecast period.

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