Global Acetic Acid Market Drivers Forecast 2024 - 2033
16 May, 2024
The acetic acid market has demonstrated robust growth, ascending from $15.33 billion in 2023 to $16.26 billion in 2024, with a CAGR of 6.1%. This growth is attributed to expansion in the chemical industry, increased demand in textile and fiber production, surface coating applications, extensive utilization in pharmaceuticals, paper and pulp processing, and the rising need for water treatment. Forecasts suggest continued strong growth, with the market projected to reach $20.57 billion by 2028, driven by bio-based acetic acid production, heightened demand for ethyl acetate, expansion in the packaging industry, a focus on green chemistry, growing demand for acetic anhydride, and increased usage in automotive coatings. Major trends expected in the forecast period include investments in research and development, consolidation through mergers and acquisitions, advancements in food preservation technologies, global economic trends, trade dynamics, and collaborations and partnerships.
Major Driver In The Acetic Acid Market
Expansion in the textile sector is set to propel the growth of the acetic acid market. Acetic acid plays a crucial role in textile production, including the manufacturing of rayon, latex, artificial materials, and fabric dyeing. The textile industry's projected growth from $993.6 billion in 2021 to $1,032.1 billion in 2022, as reported by Royale International in 2022, is expected to drive the demand for acetic acid. The market size for acetic acid witnessed notable expansion in 2023, supported by the burgeoning demand from the textile industry, with sustained growth anticipated in 2024 and 2028 driven by the continued expansion of the textile sector globally.
Request A Free Sample Of The Global Acetic Acid Market ReportAcetic Acid Market Competitive Landscape
Eastman Chemical Company, LyondellBasell Industries NV, Daicel Corporation, Shanghai Huayi Group Corporation Limited, Celanese Corporation, BP PLC, Saudi Basic Industries Corporation (SABIC), HELM AG, Airedale Chemical Company Limited, Indian Oil Corporation Limited, Wacker Chemie AG, DuPont de Nemours Inc., Mitsubishi Chemical Corporation, Showa Denko K.K., Kingboard Chemical Holdings Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC), Jubilant Life Sciences Limited, China Petroleum & Chemical Corporation (Sinopec), PetroChina Company Limited, Jiangsu Danhua Group Co. Ltd., Chang Chun Group, Chongqing Chuandong Chemical (Group) Co. Ltd., China National Chemical Corporation, Yankuang Cathay Coal Chemicals Co. Ltd., Sinochem Group, Sichuan Vinylon Works, Shandong Yankuang Group Co. Ltd., Sasol Limited, Saudi International Petrochemical Company, Solvay SA, Kuraray Co. Ltd., The Procter & Gamble Company
Key Acetic Acid Market Trend
In the acetic acid market, major companies are directing their efforts towards producing sustainable solutions, such as new green ethanol-based acetic acid, to bolster their revenues. Green ethanol-based acetic acid, derived from bio-based ethanol in accordance with green chemistry principles, represents a significant innovation in the sector. For instance, in April 2022, Jubilant Ingrevia Limited, an Indian chemical company, announced the inauguration of its new green ethanol-based food-grade acetic acid plant at its manufacturing facility in India. This initiative aims to meet the rising demand for food preservatives globally, utilizing natural bio-based feedstock in the production process and offering a healthier alternative to petroleum-derived acetic acid for food preservation needs.
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Acetic Acid Market Segmentation
The global acetic acid market covered in this report is segmented –
1) By Sales Channel: Direct Company Sale, Direct Import, Distributors and Traders, Retailers
2) By Application: Vinyl Acetate Monomer, Acetic Anhydride, Acetate Esters, Purified Terephthalic Acid, Ethanol, Other Applications
3) By End-Use: Food and beverages, Paints and coating, Plastics and Polymers, Pharmaceutical, Chemicals, Other End-Uses
By Geography:The regions covered in the acetic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the acetic acid market analysis in 2023.
The Acetic Acid Global Market Report 2024 furnishes information about the global acetic acid market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.