North America Acetic Acid Market Share to Value at $2.5 bn by 2024
Posted: Aug 10, 2019
According to the Graphical Research new growth forecast report titled North America Acetic Acid Market By Application (Vinyl Acetate Monomer, Purified Terephthalic Acid, Acetate Esters, Acetic Anhydride), Bio-based Acetic Acid Industry Scope, Technology Insights, Commercialization, Addressable Market Potential Industry Analysis Report, Regional Outlook (U.S., Canada), Growth Potential, Price Trend, Competitive Market Share & Forecast, Estimated to surpass USD 2.5 billion by 2024.
Increasing carboxymethyl cellulose demand from the U.S. pharmaceutical industry in the preparation of drugs in the form of disintegrants will help drive the overall acetic acid market size by 2024. The product is used to produce monochloroacetic acid which is used to manufacture CMC. In 2017, the U.S. pharmaceutical industry was valued over USD 400 billion and is likely to grow with CAGR around 4.4% in the coming years. These trends will contribute a significant share to the overall acetic acid market size over the forecast spell.
Acetic acid is gaining acceptance from different market avenues. It has diverse applications such as manufacturing of vinyl acetate monomer, purified terephthalic acid, acetate esters, acetic anhydride. All these applications are pertaining to adhesives, films, paints, coatings, construction, textiles, etc. Rising residential and non-residential construction activities in the U.S. will also positively impact the product demand in the coming years. The construction industry exhibits around 7% year-to-year increase including a growth rate of around 10% in residential activities and nearly 7% in non-residential activities. Additionally, in 2018, the U.S. government released a budget of USD 1 trillion for infrastructure development. These activities will boost the product demand across North America acetic acid market in the next few years.
On the basis of application, acetate esters will generate revenue of around USD 550 million by 2024. The product is used in manufacturing of solvent including methyl acetate, ethyl acetate, isopropyl acetate, etc. which are widely used in paints, nail polish remover, tea, coffee, cigarette, etc. Strong product demand from the food industry in North America is likely to make noteworthy contribution to the overall acetic acid market size in the coming years
Major players for the acetic acid market include LyondellBasell Industries N.V., PetroChina, Svensk Etanolkemi AB (SEKAB), British Petroleum Plc, Daicel Corporation, Mitsubishi Chemical Corporation and Wacker Chemie AG
North America acetic acid market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Segments Covered in this Report:North America Acetic Acid Market Share, By Application
- Vinyl acetate monomer
- PVA (Polyvinyl Acetate)
- PVOH (Polyvinyl Alcohol)
- PTA (Terephthalic Acid)
- Acetate esters
- Acetic anhydride
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Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services.