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Acetic Acid Market in Europe to showcase significant growth till 2024

Author : Ravi Chawat | Published Date : 2021-04-21 

Acetic acid is an important raw material in the manufacturing of numerous downstream chemicals. Vinegar is one such chemical which is commonly used at home for cooking and in the food industry as an ingredient. With widespread use in the food processing industry, acetic acid market is likely to witness a notable demand in the future.

Acetic anhydride represents a crucial industrial application of acetic acid as it is used in the production of modified starches. These starches possess high stabili1ty against heat and mild acids and are thus used as a food preservative in products such as mayonnaises, sauces and dressings, museli bars, ice cream, frozen cakes, cake mixes, and frozen foods.

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DuPont, Celanese Corporation, British Petroleum Plc, Eastman Chemical Company, Mitsubishi Chemical Corporation, Sinopec, LyondellBasell Industries N.V., Showa Denko K.K., SABIC, PetroChina, HELM AG, GNFC Limited, and Daicel Corporation are some of the notable key players in the acetic acid market.

China has experienced one of the fastest growths in terms of industrial development in recent years and is a major producer of polymers, bulk and specialty chemicals, and food products. The country is also a leading exporter of acetic acid. China captured more than 35% share of the global acetic acid market in terms of consumption during 2016.

Meanwhile, the demand acetic acid in European countries is likely to be driven by a well-established food industry. The market for frozen foods has witnessed exponential growth across Germany, Spain, and Italy in recent years. Europe acetic acid market size was valued at US$1.4 billion in 2016.

 

Acetic acid is an important bulk organic chemical used in the production of purified terephthalic acid (PTA) and vinyl acetate monomer (VAM). It is also one of the most essential raw materials for the production of camphor, diketene, mono chloroacetic acid, and photographic chemicals. Over the past decade, the global chemicals industry size has almost doubled, creating a promising growth scenario for acetic acid market.

One of the most lucrative verticals within the bulk and specialty chemicals space, global acetic acid market size is estimated to exceed an annual valuation of US$16 billion by 2024, with growing use in chemicals manufacturing and food industry.

Browse More News:

https://www.globenewswire.com/news-release/2020/04/01/2010390/0/en/Titanium-Dioxide-Market-is-slated-to-surpass-27-billion-by-2026-Says-Global-Market-Insights-Inc.html

https://www.globenewswire.com/news-release/2016/10/18/880265/0/en/Specialty-Chemicals-Market-size-worth-1-273-billion-by-2024-Global-Market-Insights-Inc.html

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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