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Global Acetic Acid Market worth USD 13.65 Billion and CAGR 8.5% by 2021
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The market growth of global acetic acid market has been accelerated by rising demand for vinegar owing to numerous health benefits associated with it. Increasing consumption of PTA in textile industry for polyester manufacturing coupled with increasing demand of VAM which is used as a precursor is expected to propel the growth of acetic acid market in coming years. Furthermore, growing textile & packaging industry is expected to fuel the growth of acetic acid market.In addition,being a chemical reagent and industrial chemical,it is used in production of cellulose acetate for photographic film, while polyvinyl acetate for synthetic fibersand fabrics.However, volatile prices of methanol and mature market of acetic anhydride may restrict the growth of market.Nonetheless,increasing demand for industrial application is likely to open growth opportunities for the market in the near future.
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Vinyl acetate monomer (VAM) segment dominated the acetic acid market with over 30% share of total volume consumption in 2015.Extensive use of VAM in adhesive and sealant industry are the major factors are expected to fuel the growth in forecast period.Acetate Esters is expected to be the strongest growth segment of the market due to growing demand from coating industry.Increasing demand of PET bottles on account of their light weight and recyclability is expected to propel growth of PTA segment.
In terms of geography, Asia Pacific is the largest market in terms of consumption and production. China holds more than 40% of production share in 2015. Rising manufacturing industries in Asia Pacific is expected to prompt the growth of acetic acid market in coming years. The North America is projected to grow with CAGR of 3.6%.
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Some of the key players include in acetic acid market such asEastman Chemical Company, Jiangsu Sopo Co. Ltd, Kingboard Chemical Holdings Ltd, LyondellBasell Industries N.V., BP Plc, SABIC, Sasol, Petro China, Daicel Corporation, Celanese Corporation and among others.
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