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Key Growth driving factor for the Global Glacial Acetic Acid Market is its use in pharmaceuticals and food & beverage industry
Glacial acetic acid Market: IntroductionAcetic acid, also known as ethanoic acid, is a colorless liquid with a chemical formula CH3COOH. A glacial acetic acid is an anhydrous form of acetic acid and the purest form with less than 1% of water. Glacial acetic acid solidifies into acetic acid crystals at around 16.7oC. The most widely used manufacturing process for acetic acid is a methanol carbonylation process which accounts for more than 80% of the global acetic acid production.
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Glacial acetic acid finds a wide range of applications such as preservative in food & beverages, pharmaceuticals, paints, coatings, inks and vinegar. It is also used in the production of terephthalic acid, synthetic camphor, aniline, propylene terephthalate, etc. The global glacial acetic acid consumption is approximately around seven metric tons, out of which about 20%-25% is recycled every year.
Glacial Acetic Acid Market: Market Dynamics
The key growth driving factor for the global glacial acetic acid market is its use in pharmaceuticals and food & beverage industry. The global pharmaceutical industry is on the rise owing to consumer lifestyles, increasing spending power and disposable income of consumers.
This drives the demand for a number of pharmaceutical ingredients, of which glacial acetic acid is a part. Furthermore, the application of glacial acetic acid as a flavoring agent in the food & beverage industry is the key for demand growth of glacial acetic acid. Also, the growth of the glacial acetic acid market is projected by its application as an organic solvent widely used in paints & coating and pharmaceutical field.
Moreover, the majority of glacial acetic acid is consumed in the production of vinyl acetate monomer. The vinyl acetate monomer has a wide range of application in paints & coating, adhesives and textile processing. Thus, with the growing demand for vinyl acetate monomer worldwide, the demand for the glacial acetic acid market has increased globally.
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Glacial Acetic Acid Market: Segmentation
The global glacial acetic acid market is segmented on the basis of end-use industry and region.
Based on the grade, the global glacial acetic acid market is segmented as:
Food grade
Industrial grade
Pharmaceutical grade
Based on the end-use application, the global glacial acetic acid market is segmented as:
Food Additive
Solvent
Photographic Chemical
Paints & Coating
Textile
Cosmetics
Pharmaceutical Intermediate
Others
Chemical intermediate end-use application glacial acetic acid accounts for a share of around 30% - 35% in the global glacial acetic acid market. Photographic chemical will remain one of the emerging hotspots for glacial acetic acid in the long-term forecast.
Based on region, the global glacial acetic acid market is segmented as:
North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA
Glacial Acetic Acid Market: Regional Outlook
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Among the regions mentioned above, Asia is estimated to account for more than 35% of global glacial acetic acid consumption with key producers having their glacial acetic acid manufacturing facilities in the regions. Presence of emerging economies in the East Asia region such as China and India, the growth of the glacial acetic acid market in this region will be strong. Glacial acetic acid consumption in China will grow strongly in the forecast period, majorly due to strong demand for terephthalic acid in the region.
In North America, the demand is strongly driven by vinyl acetate monomer, followed by acetic anhydride and terephthalic acid. Hence, due to the steady consumption of vinyl acetate monomer in the U.S., the glacial acetic market in North America will witness moderate growth in the coming future. The Europe region will follow a similar trend. Other regions, such as the Middle East & Africa and Latin America will witness a steady growth in the forecast period.
Glacial Acetic Acid Market: Prominent market stakeholders
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Key market stakeholders in the global glacial acetic acid market are Celanese Corporation, LyondellBasell Industries Holdings B.V., Eastman Chemical Company, Dow, Lotte BP Chemcals Co. Ltd., BASF SE, Jiangsu Sopo (Group) Co., Ltd., Shanghai Wujing and Eurochem, amongst others. The glacial acetic acid market consists of well-diversified global and regional players with global vendors ruling the market.
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