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Acetic Acid Market | Celanese corporation, British petroleum, Eastman chemical company

08-05-2021 01:55 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Coherent market insights

Acetic Acid Market

Acetic Acid Market

Acetic acid is a liquid chemical compound that is colorless in nature. Acetic acid is also referred to as ethanoic acid. It is produced by the methanol carbonylation process. Acetic acid is widely used as a key intermediate in the production of chemical products such as Purified Terephthalic Acid (PTA), Vinyl acetate monomer (VAM), and others. Pharmaceutical, rubber, plastics, construction and paints &coatings are some of the key end-user of acetic acid.

The global acetic acid market was estimated to be valued more than US$ 10,551.4 million in terms of revenue in 2019 and is predicted to grow at a CAGR of 9.5% during the forecast period (2020 to 2027).

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Detailed Segmentation:

Global Acetic Acid Market, By Application:
Vinyl acetate monomer
PTA
Acetate esters
Acetic anhydride
Others

Among the application, vinyl acetate monomer segment held dominant position in the global Acetic Acid market in 2019 and is also expected to retain its dominance during the forecast period. This is owing to its high use in the applications such as packaging films, thickeners, and photosensitive coatings. This trend is further expected to foster demand for acetic acid during the forecast period.

Among regions, Asia Pacific is expected to account for a significant market share during the forecast period (2020-2027), owing to high number of manufacturing units of fibers and paints and coating products which will increase the overall acid products demand. Acetic Acid is primarily used in various applications and various end-user industry as it is chemical reagents, mainly used in the manufacturing of cellulose acetate, wood glue and synthetic fibers and fabric. Such trends in Asia Pacific is expected to boost demand for Acetic Acid in this region during the forecast period.

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Rapid industrialization and urbanization around the globe is projected to offer lucrative market opportunities over the forecast period. Rise in construction industries coupled with the growing demand for high-performance plastic from the end-user industry due to their durability is again expected to foster the market growth. Moreover, increasing automobiles production across the developing region is further projected to raise demand for plastic and rubber products which in turn again fostering the market growth over the forecast period..

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About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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