The robust industrialization across the globe is one of key factors slated to augment acetic acid market. This product is primarily used in various industrial sectors such as automotive, packaging, textiles, and electronics. It is also used to manufacture everyday chemicals such as vinegar, which is renowned to have high health benefits. Its increased consumption is thus, likely to fuel acetic acid industry size over the coming years. With the rapid expansion of the food market, the utilization of vinegar finds extensive scope, which will directly impact the market trends. This product also finds applications in ready-made textile manufacturing, and with the changing consumer dynamics toward high quality, ready-made fabric, acetic acid industry is sure to carve out a profitable growth chart.
Europe Acetic Acid Market size, by application, 2013 - 2024 (USD Million)
In recent times, the awareness among consumers regarding the hazardous impact of waste materials on environment has been increasing. Considering the recyclability and low weight factors, consumers have been giving preference to polyethylene terephthalate (PET) based battles. PET material basically consists of purified terephthalic acid, which is a sub-product of acetic acid. These bottles are extensively used to store medicinal chemicals, owing to the product’s capability to protect the bottle contents from sunlight. Surging use of medical devices pertaining to the increasing prevalence of cardiac and respiratory disorders among aging population will also fuel acetic acid market dynamics. Escalating usage of these bottles for consumer goods and medical applications will influence the industry share favorably as well. On these grounds, acetic acid market from purified terephthalic acid application will collect significant revenue by the end of 2024, having covered 25% of the industry share in 2016.
Most of the U.S. based companies such as Johnson & Johnson, Novartis, Gilead Sciences, Actavis, Roche, and Pfizer have been investing heavily to develop advanced medical devices. North America acetic acid industry consumed more than 1900 kilotons product in 2016 and will move forward at considerable annual growth rate over the years ahead. U.S. will be the prominent revenue contributor of this region, owing to the presence of a strong pharmaceutical base across this region. Other key participants in acetic acid market are DuPont, British Petroleum, Wacker Chemie, Mitsubishi Chemical Corp., Sinopec, Eastman Chemical Company, HELM AG, PetroChina, Jiangsu Sopo (Group), LyondellBasell Chemicals company, GNFC Limited, Saudi International Petrochemical Company, Celanese Corporation, and Daicel Corporation.
To attain a competitive edge over their rivals, manufactures are producing bio-based acetic acid products lately. Germany based Wacker Chemie Chemicals company, for instance, had constructed a plant of capacity 500 tons in 2010. Germany, Spain, and Italy are forecast to be the prime contributors of Europe acetic acid market, which will generate considerable revenue by 2024, owing to the presence of strong automotive hub across this region. Escalating use of structural adhesives in the automotive sector to bond various automobile components will propel the acetic acid industry growth notably. The derivative of vinyl acetate monomer, i.e., polyvinyl acetate is prominently used as an adhesive substrate for various material such as wood, plastic films, paper, and metals. On these grounds, acetic acid market share from VAM (Vinyl acetate monomer) applications is slated to exhibit substantial CAGR over the coming timeframe, in addition to the surging use of the product to manufacture polymers and resins for adhesives, paints, textiles, coatings, and films.
The requirement of paints and coatings is also witnessing a rise across APAC, pertaining to the ongoing infrastructural developments in the residential and commercial sectors. Acetic acid is extensively used in the production of paints and coatings, owing to which Asia Pacific acetic acid industry will collect considerable revenue by the end of 2024, recording a fairly modest CAGR over the coming seven years. The growing presence of manufacturing companies across this region will fuel the product demand. Japan, Vietnam, Thailand, Indonesia, Cambodia, and India will contribute significantly toward the regional growth. As per the Global Market Insights, Inc, “Worldwide acetic acid market was worth USD 8.6 billion in 2016 and will register a CAGR of 8.7% over the coming seven years.
Profitable initiatives taken by the industry giants to develop new and advanced medical devices will generate growth opportunities for the participants in acetic acid market. To comply with the regulatory norms enforced by governmental bodies, the rate of bio-based product manufacturing has considerably increased, thereby impelling bio-based acetic acid industry. Characterized by lucrative mergers and acquisitions, acetic acid market is thus predicted to register a massive valuation by 2024.