Ocean View, Delaware, July 03, 2017 (GLOBE NEWSWIRE) --
Global Acetic Acid Market is slated to reach USD 16 billion by 2024 according to a new research report by Global Market Insights, Inc. The acetic acid market will witness substantial gains due to increased demand in the manufacturing of purified terephthalic acid (PTA) and vinyl acetate monomer (VAM). It is majorly consumed in producing photographic chemicals, diketene, camphor, and mono chloroacetic acid that drives its market. Global chemical industry was above USD 5 trillion in 2013, its size has almost doubled in the last decade. This, positive outlook of chemical industry will boost product’s consumption.
Acetic acid is used as a raw material in an array of downstream chemicals. Vinegar is one such chemical, commonly used for cooking, and has recently developed as a food ingredient. Consumer awareness related to health benefits by consumption of vinegar in recommended quantity is rising its demand in food items. The global food market will grow at a CAGR of above 4% till 2024, escalating food industry and vinegar usage in these products will complement acetic acid market growth.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/1594
Certain health hazards and operational snags associated with the acid are irritation to skin, corrosive to metals, reduced performance at low temperature, and decreased compatibility with quarts. Further, fluctuating methanol prices, a major raw material for formulation of the acid leads to unstable acetic acid market price trend.
Acetic anhydride had a size of more than 1,400 kilo tons in 2016 in acetic acid market. Its extensive applications are in the production of medicines such as acetaminophen and aspirin. It is consumed in producing modified starches, that act as a food preservative as it is stable against mild acids and heat. These starches are ingredients of food products viz muesli bars, mayonnaises, sauces, flavored toppings, cake mixes, frozen cakes, ice-cream and frozen foods
China accounted above 35% share in terms of consumption in 2016 and will maintain its significance till 2024. China acetic acid market growth is attributed to its flourishing industrial sectors of polymers, food products, chemicals, and adhesives. The country exports the acid to a limited extent as major produce gets consumed domestically.
Browse key industry insights spread across 118 pages with 94 market data tables & 14 figures & charts from this 2017 report Acetic Acid Market in detail along with the table of contents at:
https://www.gminsights.com/industry-analysis/acetic-acid-market
Europe had a size of above USD 1.4 billion in 2016 in the acetic acid market. Flourishing frozen food market in Spain, Italy and Germany will increase compound’s demand as a food preservative.
The market is fragmented in nature with small and medium scale manufacturers including Saudi International Petrochemicals, Wacker Chemie, DuPont, Sinopec, PetroChina, LyondellBasell Industries, HELM AG, GNFC Limited, Daicel Corporation, and Mitsubishi Chemical. Major companies dominating the market are Sopo, Celanese, Eastman Chemicals and Bharat Petroleum.
Producers are developing bio-based acetic acid to achieve a competitive edge. For instance, In March 2010, Wacker Chemie started its bio-based acetic acid plant in Germany, having an annual capacity of 500 tons. It is indulged in developing new techniques of producing the product such as converting butanediol to ketone and ultimately acetic acid, or formulating acetate from biomass.
The industry will witness some consolidation in future owing to mergers and acquisition. For instance, In 2011, Eastman acquired Sterling Chemical’s acetic acid production division. Companies are indulged in purchasing shares of other organizations such as Saudi International Petrochemical Company planned to acquire equities of International Acetyl Company, Ikarus Petroleum Industries Company and International Vinyl Acetate Company.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/1594
Browse Related Reports:
- Lactic Acid Market Size 2016 – 2024
Lactic Acid Market size was above USD 1.65 billion in 2015 with gains expected at above 12.5%. Polylactic Acid (PLA) Market size was above 500 kilo tons in 2015 and is poised to grow at significant growth rate. Strong inclination towards recyclability, green packaging and should boost PLA market size growth. Growing application from industrial and personal care may promote lactic acid market size.
https://www.gminsights.com/industry-analysis/lactic-acid-and-polylactic-acid-market
- Itaconic Acid Market Size 2016 – 2024
Itaconic Acid Market size was over USD 75 million in 2015, with expected gains at over 16.8% CAGR from 2016 to 2024. Growing concerns over shrinking fossil fuel resources, innovation & developments are being made to produce chemicals from biomass feedstock. Readily biodegradability in soil and non-toxicity are key factor driving itaconic acid market growth.
https://www.gminsights.com/industry-analysis/itaconic-acid-market
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
Blog: https://www.gminsights.com/blogs
Connect with us: Facebook | Google+ | LinkedIn | Twitter