Global acetic acid market is currently witnessing a paradigm shift with regards to the production methods. The industry has resorted to the production of bio-based acetic acid, as a means to reduce carbon footprint, which is likely to open up a plethora of opportunities for market. For instance, in 2013, British Petroleum company came up with a new route of acetic acid production from syngas in order to safeguard their business from raw material price fluctuations. In addition, the key players are adopting a slew of other organic and inorganic growth strategies to gain an edge over their contemporaries.
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Propelled by persistent demand from end use applications, including the production of vinyl acetate monomer (VAM) and polyethylene terephthalate (PET), global acetic acid market is slated to accrue noteworthy gains in the coming years. In terms of revenue, worldwide acetic acid market size is expected to surpass USD 17.9 billion by 2024.
A SWOT analysis of the market has been presented in the report. The acetic acid market study also explores varied topics such as the regional market scope, products, suitable applications, market size pertaining to the individual product type, revenue and sales with respect to the region, manufacturing chain details, production cost analysis, an analysis of the parameters impacting the business, market size projection, etc.
The acetic acid market is likely to gain from the growing use of acetic anhydride in agrochemicals, textile, and pharmaceutical industries. Acetic acid industry share from acetic anhydride is likely to accumulate more than 0.3 billion by 2024.
Acetic Acid Market share from purified terephthalic acid [PTA] application contributes significantly to the overall share. Acetic acid market share from purified terephthalic acid application was close to that of VAM in 2016 and is expected to scale a valuation of more than USD 4 billion by 2024. Terephthalic acid is witnessing constant demand for the production of polyester fibers, polyester films, and PET bottles, which is impacting acetic acid market outlook positively. The PTA segment is expected to register a CAGR of above 7% over 2017-2024.
This advanced report on the acetic acid market includes an in-depth overview of this business sphere. Alongside, details of the present market size and status have been given. The report aims to provide substantial updates on the market, pertaining to the development status as well as the latest trends characterizing the market.
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Asia Pacific is a pivotal growth ground for acetic acid market. Availability of raw material in abundance, rising disposable income, flourishing construction & packaging industries, and aggressive infrastructural activities in the region are bolstering market growth prospects. China is deemed to be one of the key contributors to Asia Pacific market and is likely to achieve a CAGR of 6% over 2017-2024.
Elaborating further on the regional landscape, Europe and North America are other profitable acetic acid market growth pockets. Europe market growth can be mainly attributed to the escalating use of acetic anhydride in the frozen food industry as a preservative. In 2016, Europe acetic acid market share was over 12% of global share and is expected to capture a CAGR of 4% over 2017-2024. On the other hand, North America acetic acid market size is estimated to be primarily fueled by steady demand from the beverage industry.
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