Acetic Acid Is Estimated To Witness High Growth Owing To Growing Applications In Vinyl Acetate Monomer Production
Market Overview:
Acetic acid, also known as ethanoic acid or methane carboxylic acid, is an organic compound with chemical formula CH3COOH. It is a colorless liquid that is soluble in water and ethanol. Acetic acid has a characteristic pungent sour smell. It is widely used as a building block in the production of chemical compounds, as a preservative in the food processing industry, and in household products like cleaning agents. Key applications of acetic acid include production of vinyl acetate monomer (VAM), which is used to produce polyvinyl acetate and polyvinyl alcohol. It also finds extensive usage in manufacture of purified terephthalic acid (PTA) and acetic anhydride.
Market Dynamics:
The acetic acid market is primarily driven by growing demand from vinyl acetate monomer production. VAM is widely used for production of paints, adhesives, textiles and films. According to the The Association of Synthetic Fibre Industry, global demand for polyvinyl acetate applications is growing at a CAGR of over 6%. Another key driver is increasing acetic anhydride demand from cellulose acetate production for cigarette filters and photographic films. Cellulose acetate consumption is rising with technological advancements in fiber and film manufacturing industries. However, fluctuating raw material prices owing to supply chain disruptions is a key challenge. Stringent regulations regarding emissions and wastewater disposal during acetic acid production also restrain market growth.
The global Acetic Acid Market Growth is estimated to be valued at US$ 14.63 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Acetic acid has wide applications in industries like food & beverages, pharmaceuticals, textiles etc. It has good solubility in water that makes it easy to handle. The market is dominated by large players that ensures stable supply.
Weakness: Volatile raw material prices affect the overall production cost of acetic acid. Stringent regulations regarding waste disposal and worker safety increase the compliance cost.
Opportunity: Growing demand for vinyl acetate monomer from construction sector offers new growth prospects. Increasing usage of acetic acid in production of aspirin, HER2 inhibitors and other drugs provides lucrative opportunities.
Threats: Availability of substitutes like lactic acid and propionic acid poses threat. Fluctuations in crude oil prices impact the supply of key feedstocks.
Key Takeaways
The global acetic acid market is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing demand from food & beverage industry. Acetic acid finds wide application in production of vinegars, sauces, salad dressings and other food items.
Regional analysis - Asia Pacific dominates the global market, accounting for over 40% share owing to strong vinyl acetate monomer demand from China, India and other Southeast Asian countries. North America and Europe are other major consumers on back of developed end use industries.
Key players operating in the acetic acid market are 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., PetroChina Co. Ltd., BASF SE
Read More: https://blogger-veritas.blogspot.com/2023/11/plant-based-foods-is-fastest-growing.html
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