Acetic Acid Market to see 6% CAGR till 2024 | Top Companies are British Petroleum, DuPont, HELM AG, PetroChina, SABIC, Sinopec
Over the past few years, people’s diet patterns have been largely influenced by growing health concerns. With growing influence of social media, more and more people have started to discover the health benefits vinegar, which is expected to increase its consumption.
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Acetic anhydride is extensively used in the manufacturing of pharmaceuticals including aspirin and acetaminophen. In 2016, acetic anhydride had experienced an annual consumption of more than 1,400 kilo tons and is expected to witness a substantial growth in the forthcoming years.
Acetic anhydride represents a crucial industrial application of acetic acid as it is used in the production of modified starches. These starches possess high stability against heat and mild acids and are thus used as a food preservative in products such as mayonnaises, sauces and dressings, museli bars, ice cream, frozen cakes, cake mixes, and frozen foods.
Acetic acid market share is likely to observe a significant gain owing to sustained demand in the manufacturing of vinyl acetate monomer (VAM) and purified terephthalic acid (PTA). It is worth noting that acetic acid is highly sought-after in producing camphor, diketene, photographic chemicals and mono chloracetic acid.
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.
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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.
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.
Major key players profiled in the acetic acid market are British Petroleum Plc, Celanese Corporation, Daicel Corporation, DuPont, Eastman Chemical Company, GNFC Limited, HELM AG, LyondellBasell Industries N.V., Mitsubishi Chemical Corporation, PetroChina, SABIC, Showa Denko K.K., Sinopec, Svensk Etanolkemi AB (SEKAB), and Wacker Chemie AG.
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