Acetic Acid Market to reach US$ 21,734.46 Mn by end of 2027, Says Coherent Market Insights

Acetic Acid Market to reach US$ 21,734.46 Mn by end of 2027, Says Coherent Market Insights

PR Newswire

SEATTLE, Dec. 17, 2021

SEATTLE, Dec. 17, 2021 /PRNewswire/ -- According to Coherent Market Insights, The global acetic acid market is estimated to account for 21,734.46 Mn in terms of value witnessing a CAGR 5.1% by the year 2021 to 2027.

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Acetic acid is an industrial chemical that is widely used in many industries. It is an important reagent in the production of nylon, polyvinyl acetate, and polyethylene terephthalate. In the chemical industry, it is a common food additive. It is a disinfectant and an antimicrobial. It can kill bacteria, fungi, and microbes. This substance is used to manufacture several plastics, including bottles, and can also be found in cleaning solutions. Despite its high level of acidity, acetic acid is not toxic for humans. It is the most common solvent in the world. It is often used in detergents, cosmetics, and pharmaceutical products. It is also a preservative. Moreover, it can be added to foods to prevent the growth of mold. The smallest dose of acetic acid can be as high as 1% of the pH of the environment. It can dissolve elements and chemicals. Whether a substance is organic or inorganic, acetic acid is a common household chemical. It has a moderate dielectric constant of 6.2. The chemical is also corrosive and can smear, smother, and burn. Further, acetic acid is a hydrophilic protic solvent. Its low dielectric constant makes it highly soluble in water.

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Market Drivers

1.  Rapid growth of the textile and packaging industry is expected to drive growth of the global acetic acid market during the forecast period

Textile and packaging industries in both developed and emerging economies have expanded significantly in the recent past. According to the India Brand Equity Foundation (IBEF), the domestic textile and apparel market was valued at US$ 100 billion in 2019. Acetic acid is typically used in the garment industry for dyeing purposes. Furthermore, acetic acid is also used in the packaging industry in the production of cellulose acetate for photographic film and polyvinyl acetate for wood glue as well as synthetic fibers and fabrics.

2.  Increasing penetration of ester solvents in the coating industry is expected to propel the global acetic acid market growth over the forecast period

The industrial coatings are essentially applied on various surfaces to protect them from rusting as well as to provide aesthetics to the object. Over the years, ester solvents have gained significant traction across the coating industry. An ester solvent is a chemical substance that is used in corrosion prevention paints. These types of coatings are used across the marine industry, shipping industry, etc.

Market Opportunities

1.  Technological advancements in acetic acid can present lucrative growth opportunities

Key companies in the market are focused on research and development activities, in order to launch novel products. For instance, in June 2020, AkzoNobel launched Interpon Redox, high performance primers for providing protection against corrosion. This new coating can provide protection from swimming pools to chemical plants and high humidity to highly corrosive areas.

2.  Rising construction activities in Asia Pacific can provide business prominent business opportunities

With growing urbanization, the building and construction sector across emerging economies in Asia Pacific such as India and China has expanded massively. According to the India Brand Equity Foundation (IBEF) suggests, India is expected to become the world's third-largest construction market by 2022, for which it will require US$ 777.73 billion investment across infrastructure for sustainable development. As a result of this, the demand for corrosion and all-weather coatings has increased significantly in the recent past.

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Market Trends

1.  Asia Pacific Trends

Asia Pacific is expected to witness significant growth in the global acetic acid market during the forecast period. This is owing to rapid growth of end-use industries and the high demand for plastics and plastic products across India and China. Moreover, increasing demand for coatings from the construction industry is expected to boost the regional market growth over the forecast period.

2.  North America Trends

North America is expected to witness significant growth in the global acetic acid market during the forecast period. This is owing to rapid growth of the automotive industry across the U.S.

Competitive Section

Major players operating in the global 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., and BASF SE.

For instance, in July 2020, Nippon Paint India launched Protec, a range of industrial paints for OEMs and bus bodybuilders.

Market Segmentation:

By Application: 

Vinyl acetate monomer PTA

Acetate esters

Acetic anhydride

Others

By Region:

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