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Acetic Acid Market Report 2024-2033 - Size, Trends, Growth, and Forecast
Acetic Acid Market Report
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According to The Business Research Company's, 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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Market Drivers and Trends:
Growing chemical production is expected to propel the growth of the acetic acid market going forward. Chemical production refers to the process of manufacturing chemicals for various applications, including agricultural, pharmaceutical, construction, and manufacturing. Acetic acid is a versatile chemical reagent that plays a significant role in chemical production and various industrial applications. It is produced both synthetically and by bacterial fermentation. Acetic acid is used as a raw material and solvent in the production of other chemical products. For instance, in February 2023, according to a report shared by BASF SE, a Germany-based chemicals company, global chemical production (excluding pharmaceuticals) is expected to grow by 2.0% in 2023. In China, the world's largest chemical market, chemical production is forecast to grow by 5.9%. Therefore, growing chemical production is driving the growth of the acetic acid market.
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.
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Major Key Players of the Market:
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
Acetic Acid Market 2024 Key Insights:
• 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%.
• Textile Sector Expansion Fuels Growth In The Acetic Acid Market
• Acetic Acid Market Sees Growth Through Green Ethanol-Based Solutions
• Asia-Pacific was the largest region in the acetic acid market analysis in 2023
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