Rising Demand from Construction, Pharma and Textile Industries Fuels Growth
The global acetic acid market size is expected to reach USD 31.9 billion by 2030, registering a CAGR of 4.9%. The growth is attributed to the rising demand for products in various industries such as construction, pharmaceuticals, and textiles. It is used in the production of paints and coatings. Rising desires for elevating the aesthetics of houses are driving the demand for paints and coatings worldwide, thereby increasing the demand for the product. Acetic acid news are widely used in the food and beverage industry in North America. Increasing consumption of food in the region is directly influencing the demand for the product.
The major application of the product is Vinyl Acetate Monomer which captured 44.5% of the share in 2021. This is attributed to the rising demand for vinyl acetate monomers in industries such as paints and coating, paper coatings, and printed products. Acetic acid is considered an essential raw material for the production of vinyl acetate monomer, thereby directly increasing demand for the product.
The global product industry is highly competitive in the presence of multinationals in the industry. There are a few key players such as Eastman Chemical Company, SABIC, HELM AG, and Indian Oil corporations which are constantly investing in research and development activities to enhance their efficiency. These companies are involved in joint ventures and expansion of production capacities to gain a competitive edge.
Acetic Acid Market Report Highlights
1.Vinyl acetate monomer application witnessed the fastest growth rate with a CAGR of 5.33% globally. This is attributed to its wide utilization in the paints and coating industry. Acetic acid news are essential raw material for the production of vinyl acetate monomers. Hence, the increasing demand for vinyl acetate monomer is directly influencing the product demand.
2.The Asia Pacific dominated the market with a revenue share of 48.8% in 2021 and is predicted to remain on the top over the forecast period. This is attributed to the rising demand for the product in the pharmaceutical industry. Acetic acid news are widely consumed in the development of medicinal drugs such as aspirins to cure headaches. An increasing number of patients in the region is driving demand for medicines, which is directly impacting the product demand in the industry.
3.North America is the second largest region and captured 19.5% of the market in 2021. This is attributed to the increased demand for the product in the food and beverage industry in the region. Acetic acid is a less toxic and low-cost chemical that is widely used in the food industry. The market is anticipated to see significant growth owing to its increased demand in the food industry over the predicted years.
4.The COVID-19 outbreak impacted the industry negatively and severely impacted the supply chain across the globe. The market witnessed a decline in growth owing to the inconsistency of demand for products from end-use industries. However, the industry started getting better in the second half of 2020 with the re-opening of various industries globally.
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