The global acetic acid market was valued at US$7.929 billion in 2018 and is projected to grow at a CAGR of 3.66% during the forecast period. By volume, the acetic acid market is estimated to reach 20.000 million metric tonnes by 2024. Acetic Acid belongs to the organic acid family that is majorly used as a feedstock to produce products like Vinyl Acetate Monomer (VMA), PTA, and other products that are widely used in adhesives, paints and coatings, dyes and other industries. The demand for acetic acid, also known as Ethanoic Acid, is primarily driven by the textile, chemical, and pharmaceutical industry. Rapid industrialization along with growing investment in building and infrastructure is playing a crucial role in the increased demand for acetic acid. The burgeoning demand for bottled water on account of the growing consciousness among the population regarding safe drinking water is leading to an increased PET bottles production which in turn is impacting the acetic acid demand positively in the plastic industry.
Rising Investment in building and infrastructure
Burgeoning demand for bottled water across the globe
Presence of substitutes
In May 2018, Celanese Corporation has invested in expanding acetic acid production capacity by 2020 so as to keep pace with the growing need of the industries.
The major players profiled in the global acetic acid market include Celanese Corporation, Eastman Chemical Company, DAICEL CORPORATION, LyondellBasell Industries Holdings B.V., DuPont de Nemours, Inc., Wacker Chemie AG, Mitsubishi Chemical Corporation, BP p.l.c., PetroChina Company Limited, and GNFC.
The global acetic acid market has been analyzed through the following segments:
Vinyl Acetate Monomer (VAM)
Purified Terephthalic Acid (PTA)
By Industry Vertical
Middle East and Africa