Global Acetic Acid Market Is Estimated To Witness High Growth Owing To Increasing Demand from the Textile and Food & Beverage Industries
The global acetic acid market is estimated to be valued at US$ 13.34 billion in 2022 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Acetic acid is an organic compound widely used in various industries such as textiles, food & beverages, chemicals, and pharmaceuticals. It is primarily used as a chemical reagent and solvent, as well as in the production of vinyl acetate monomer (VAM) and purified terephthalic acid (PTA). Additionally, acetic acid is used in the manufacturing of various food products such as sauces, dressings, and pickles. The growing textile and food & beverage industries are expected to drive the demand for acetic acid during the forecast period.
Market Dynamics:
The acetic acid market is primarily driven by two major factors. Firstly, the increasing demand from the textile industry for the production of acetate fiber and textile finishes is expected to boost market growth. Acetate fiber is widely used in the production of clothing, home furnishings, and industrial fabrics. Secondly, the growing food & beverage industry, specifically the demand for vinegar and food preservatives, is anticipated to positively impact market growth. Acetic acid is widely used in the production of vinegar, which is extensively used in the food industry for various culinary purposes. Additionally, acetic acid acts as a natural food preservative, thereby extending the shelf life of perishable food products. These factors are expected to drive the growth of the acetic acid market in the coming years.
SWOT Analysis:
Strength: The acetic acid market has a strong demand due to its wide range of applications in industries such as textiles, plastics, and adhesives. Additionally, the market is driven by the increasing use of acetic acid in the production of vinegar and as a preservative in the food and beverage industry.
Weakness: One weakness of the acetic acid market is the volatility in raw material prices, especially in the case of methanol, which is a key ingredient in acetic acid production. Another weakness is the environmental concerns associated with the production and disposal of acetic acid, as it can be harmful to aquatic life.
Opportunity: The growing demand for acetic acid in emerging economies, particularly in the Asia Pacific region, presents a significant opportunity for market growth. Additionally, the increasing use of acetic acid in the production of photovoltaic cells and adhesives for the electronics industry creates new opportunities for market expansion.
Threats: One threat to the acetic acid market is the availability of substitutes such as citric acid and formic acid, which can be used in similar applications. Another threat is the strict regulations regarding emissions and waste management, which may increase production costs and hinder market growth.
Key Takeaways:
The Global Acetic Acid Market is expected to witness high growth, exhibiting a CAGR of 9.7% over the forecast period of 2023-2030, due to increasing demand from various industries such as textiles, plastics, and food and beverage.
In terms of regional analysis, the Asia Pacific region is the fastest-growing and dominating region in the acetic acid market, driven by the strong presence of manufacturing industries and the increasing consumption of vinegar and preservatives in the food and beverage sector.
Key players operating in the acetic acid market include Celanese Corporation, British Petroleum, Eastman Chemical Company, Jiangsu Sopo (Group) Co., Ltd., China Petroleum & Chemical Corporation (Sinopec), Lyondell Basell Industries, Saudi Basic Industries Corporation (SABIC), Mitsubishi Chemical Company, PetroChina Co. Ltd., and BASF SE. These key players contribute to the market growth through strategies such as mergers and acquisitions, product innovations, and collaborations to expand their market presence and meet the growing demand for acetic acid.
Read More:
English
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian