Acetic Acid Market to Surpass USD 16 billion by 2024
The acetic acid market will witness substantial gains due to increased demand in the manufacturing of purified terephthalic acid (PTA) and vinyl acetate monomer (VAM). It is majorly consumed in producing photographic chemicals, diketene, camphor, and mono chloroacetic acid that drives its market. Global chemical industry was above USD 5 trillion in 2013, its size has almost doubled in the last decade. This, positive outlook of chemical industry will boost product’s consumption.
Acetic acid is used as a raw material in an array of downstream chemicals. Vinegar is one such chemical, commonly used for cooking, and has recently developed as a food ingredient. Consumer awareness related to health benefits by consumption of vinegar in recommended quantity is rising its demand in food items. The global food market will grow at a CAGR of above 4% till 2024, escalating food industry and vinegar usage in these products will complement acetic acid market growth.
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Certain health hazards and operational snags associated with the acid are irritation to skin, corrosive to metals, reduced performance at low temperature, and decreased compatibility with quarts. Further, fluctuating methanol prices, a major raw material for formulation of the acid leads to unstable acetic acid market price trend.
Acetic anhydride had a size of more than 1,400 kilo tons in 2016 in acetic acid market. Its extensive applications are in the production of medicines such as acetaminophen and aspirin. It is consumed in producing modified starches, that act as a food preservative as it is stable against mild acids and heat. These starches are ingredients of food products viz muesli bars, mayonnaises, sauces, flavored toppings, cake mixes, frozen cakes, ice-cream and frozen foods
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China accounted above 35% share in terms of consumption in 2016 and will maintain its significance till 2024. China acetic acid market growth is attributed to its flourishing industrial sectors of polymers, food products, chemicals, and adhesives. The country exports the acid to a limited extent as major produce gets consumed domestically.
Europe had a size of above USD 1.4 billion in 2016 in the acetic acid market. Flourishing frozen food market in Spain, Italy and Germany will increase compound’s demand as a food preservative. The market is fragmented in nature with small and medium scale manufacturers including Saudi International Petrochemicals, Wacker Chemie, DuPont, Sinopec, PetroChina, LyondellBasell Industries, HELM AG, GNFC Limited, Daicel Corporation, and Mitsubishi Chemical. Major companies dominating the market are Sopo, Celanese, Eastman Chemicals and Bharat Petroleum.
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Producers are developing bio-based acetic acid to achieve a competitive edge. For instance, In March 2010, Wacker Chemie started its bio-based acetic acid plant in Germany, having an annual capacity of 500 tons. It is indulged in developing new techniques of producing the product such as converting butanediol to ketone and ultimately acetic acid, or formulating acetate from biomass.
The industry will witness some consolidation in future owing to mergers and acquisition. For instance, In 2011, Eastman acquired Sterling Chemical’s acetic acid production division. Companies are indulged in purchasing shares of other organizations such as Saudi International Petrochemical Company planned to acquire equities of International Acetyl Company, Ikarus Petroleum Industries Company and International Vinyl Acetate Company.
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