Acetic Acid Market Size, Industry Trends and Forecast, 2015 – 2022

The global acetic acid market will be valued at more than $13 billion in 2022. Growing demand for applications like Purified Terephthalic Acid (PTA) and Vinyl Acetate Monomer (VAM) will contribute to this growth. PTA is increasingly being consumed for manufacturing polyester, which is an important constituent of the textile and packaging industries. PTA is expected to witness the fastest growth with a CAGR of more than 4.9% from 2015 to 2022. The total global acetic acid demand for PTA was more than 2,450 kilo tons in 2014, which is likely to rise to more than 3,750 kilo tons in 2020.

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VAM is utilized in the manufacture of chemicals like EVA and EVAC. There is growing consumption of these chemicals in the solvents and adhesives industry, leading to rising demand for VAM. Demand for acetic acid in VAM was more than 3,500 kilo tons in 2014. This application segment is expected to grow at a CAGR of more than 3.9% from 2015 to 2022. VAM will be increasingly demanded by developing economies like China, India and Brazil, consequently leading to growth of acetic acid market in future.

Hexa Research observed that China led the global acetic acid market in 2012 with a share of more than 39% of volumes. A strong manufacturing base and possible expansion of the same in future will contribute to China retaining its market leadership. Asia Pacific followed China in terms of market share, with key demand emerging from India and Japan. The acetic acid industry in Asia is likely to grow at a CAGR of more than 10% from 2015 to 2022.

Hexa Research identifies Celanese, BP, DuPont, Eastman Chemicals, BASF, Wacker Chemie and Jiangsu Sopo (Group) Co., Ltd., among others, to be the key participants in the global acetic acid market. The industry showcases a fragmented nature with several manufacturers operating at varied levels of capacities.

Asia Pacific was the leading regional market in 2013, and the trend is expected to continue over the next six years. Rapid industrialization and growth in construction industry is expected to drive the regional market over the foreseeable period. Growing automotive industry has led to an increasing demand for sealants and adhesives. In addition cheap labour cost coupled with low prices raw material is expected to be the major factor driving the global acetic acid market over the next six years. Growing food additive demand on account of increasing population in India, Japan, and China is likely to propel the market growth in this region over the forecast period. Europe and North America acetic acid market was the second major market over the recent past. However, U.S. acetic acid market is expected to experience stagnant growth owing to stringent government regulation regarding use of synthetic products over the forecast period. Increasing environmental concern coupled with government support in form of tax benefits and subsidiaries over the use of bio-based products is likely to have negative impact on acetic acid market in Europe.

Global acetic acid is highly dominated by global players. The market is highly concentrated by large number of companies focusing on technological advancement. Some major companies operating in global market include Celanese Corporation, Jiangsu Sopo, British Petroleum, Eastman Chemicals, BASF, SABIC, DuPont, Petrochina, LyondellBasell, Yancon Cathay Chemicals among others.

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Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe.