Press release
Acetic Acid Market Size, Share, Growth, Trends, Strategies, Opportunities And Forecast to 2033
Acetic Acid Market Size
Acetic Acid Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $16.64 billion In 2028 At A CAGR Of 6.4% :
The acetic acid market size has grown strongly in recent years. It will grow from $15.33 billion in 2023 to $16.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to chemical industry growth, textile and fiber production, surface coating applications, widespread use in pharmaceuticals, paper and pulp processing, rise in water treatment needs.
The acetic acid market size is expected to see strong growth in the next few years. It will grow to $20.57 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to bio-based acetic acid production, rising demand for ethyl acetate, growth in packaging industry, focus on green chemistry, demand for acetic anhydride, increasing use in automotive coatings. Major trends in the forecast period include investments in research and development, consolidation and mergers & acquisitions, advancements in food preservation technologies, global economic trends and trade dynamics, collaborations and partnerships.
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Acetic Acid Market Major Segments
The acetic acid market covered in this report is segmented -
1) By Sales Channel: Direct Company Sale, Direct Import, Distributors and Traders, Retailers
2) By Application: Vinyl Acetate Monomer, Acetic Anhydride, Acetate Esters, Purified Terephthalic Acid, Ethanol, Other Applications
3) By End-Use: Food and beverages, Paints and coating, Plastics and Polymers, Pharmaceutical, Chemicals, Other End-Uses
Key Driver - Textile Sector Expansion Fuels Growth In The Acetic Acid Market
Rising expansion in the textile sector is expected to boost the growth of the acetic acid market going forward. The textile industry involves research, design, development, manufacturing, and distribution of textiles, fabrics, and clothing. In the textile industry, acetic acid is used in producing rayon, the majority of latex, and artificial materials, as well as for fabric dyeing. For instance, according to the report published in 2022 by Royale International, a Hong Kong-based provider of logistics solutions and international courier services, the predicted size of the global textile market in 2021 was $993.6 billion. In 2022, that market was projected to grow to $1,032.1 billion. Therefore, the rising expansion of the textile sector is driving the growth of the acetic acid market.
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Prominent Trend - Acetic Acid Market Sees Growth Through Green Ethanol-Based Solutions
Major companies operating in the acetic acid market are focused on producing sustainable solutions, such as new green ethanol-based acetic acid, to drive their revenues in the market. Green ethanol-based acetic acid is a type of acetic acid that is produced from bio-based ethanol, adhering to the principles of green chemistry. For instance, in April 2022, Jubilant Ingrevia Limited, an India-based chemical company, announced the commissioning of its new green ethanol-based food-grade acetic acid plant at its manufacturing facility in India to cater to the increasing demand in the food preservative segment across the globe. The natural bio-based feedstock used to make green ethanol will be used in the product's manufacturing process. When it comes to food preservation needs, it will offer a more healthful choice than acetic acid made from petroleum.
Acetic Acid Market Players
Major companies operating in the acetic acid market report are Eastman Chemical Company, LyondellBasell Industries NV, Daicel Corporation, Shanghai Huayi Group Corporation Limited, Celanese Corporation, BP plc, Saudi Basic Industries Corporation (SABIC), HELM AG, Airedale Chemical Company Limited, Indian Oil Corporation Limited, Wacker Chemie AG, DuPont de Nemours Inc., Mitsubishi Chemical Corporation, Showa Denko K.K., Kingboard Chemical Holdings Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC), Jubilant Life Sciences Limited, China Petroleum & Chemical Corporation (Sinopec), PetroChina Company Limited, Jiangsu Danhua Group Co. Ltd., Chang Chun Group, Chongqing Chuandong Chemical (Group) Co. Ltd., China National Chemical Corporation, Yankuang Cathay Coal Chemicals Co. Ltd., Sinochem Group, Sichuan Vinylon Works, Shandong Yankuang Group Co. Ltd., Sasol Limited, Saudi International Petrochemical Company, Solvay SA, Kuraray Co. Ltd., The Procter & Gamble Company
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the acetic acid market analysis in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the acetic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Acetic Acid Market Report Structure
3. Acetic Acid Market Trends And Strategies
4. Acetic Acid Market - Macro Economic Scenario
5. Acetic Acid Market Size And Growth
…..
27. Acetic Acid Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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