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Acetic Acid Market to witness accelerated growth by 2024 from paints & coatings industry

Author : Rahul Sankrityayan | Published Date : 2019-04-12 

Global Market Insights, Inc. has launched a report on Acetic Acid Market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.

Increasing demand of vinyl acetate monomer (VAM) in end-use industries such as automotive, construction and furniture will propel the demand for the product. The product is extensively used in adhesives which will result into a rising curve of the product market growth.

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Paints & coatings industry will further drive the demand for VAM. The use adhesives and emulsions in end-use industries such as construction, packaging and furniture will lead to a rising demand for the product.

VAM has its applications in photovoltaic modules which will further augment the growth of the acetic acid industry. The demand for food packaging films has also boosted the VAM industry which in turn will positively affect the product market. An important driver of acetic acid industry is the application of the product in polyethylene terephthalate (PET) bottles.

The flourishing beverage industry is the key driver of the rising consumption of PET bottles. Premium packaging of certain products will propel the demand for the product.

Bio-based acetic acid is gaining importance as there is a need for sustainable chemicals. Bio-based product will decrease dependence on fossil fuel imports which will leave a positive impact on the economies.

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Volatile prices of raw material such as methanol can adversely affect the growth of the market. Fluctuating prices of crude oil is one of the key economic variables which can affect the product market.

Vinyl acetate monomer, acetate esters and acetic anhydride are some of the major applications of the product. The demand for the above-mentioned products in industries such as inks, textiles, etc. will upscale the market growth. PTA segment is anticipated to grow at a robust CAGR of above 7%, justified by the innovations in packaging industry.

The revenue of acetic anhydride segment is anticipated to reach above 0.3 billion by 2024 owing to its increased application in agrochemicals, pharmaceutical and textile industries. Acetate esters segment is anticipated to show a rising trajectory, owing to their application in industrial solvents.

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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.

Producers are developing bio-based acetic acid to achieve a competitive edge. 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.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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