Pune, India, Sept. 01, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™ The global acetic acid market size was USD 6.90 billion in 2020. The market is projected to grow from USD 7.29 billion in 2021 to USD 10.54 billion in 2028 at a CAGR of 5.4% during the 2021-2028 period.
This vital information is presented by Fortune Business Insights™, in its report titled, “Acetic Acid Market, 2021-2028.”
As per the research team, development and increasing applications in several industries such as adhesives & sealants, paints & coatings, and textiles is likely to amplify the market growth globally. The utilization of Vinyl Acetate Monomer (VAM) is powered by the rising demand for paints and coatings across the world, which nurtures the demand and growth of the market.
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COVID-19 Outbreak to Greatly Influence Market Growth
With the prompt spread of coronavirus, the universal healthcare systems have been confronting difficulties in curing a huge amount of patient pools. This has led to the implementation of appropriate hygiene guidelines by hospitals to evade the spread of the virus. Furthermore, provisional termination of factory units has resulted in a decline in production, therefore occasioning in a deteriorating market situation.
Nevertheless, latent profits and obtainability of ethanoic acid decontamination have raised to be an encouraging adjunctive in the non-adverse COVID-19 cases.
List of Key Players Covered in the Acetic Acid Market Report
- BP Plc (U.K.)
- Shanghai Huayi (Group) Company (China)
- LyondellBasell Industries (Netherlands)
- Daicel Corporation (Japan)
- Shandong Hualu-Hengsheng Chemical Co. Ltd. (China)
- Jiangsu Sopo (Group) Co. Ltd. (China)
- Kingboard Chemical Holdings Ltd. (Hong Kong)
- Eastman Chemical Company (U.S.)
- Lonza (Switzerland)
- Wacker Chemie AG (Germany)
- Celanese Corporation (U.S.)
- Other Key Players
Report Coverage
The market report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry trends and analyzes technologies deployed at a rapid pace at the global level. The report examines various paradigm shifts associated with the transformation of software.
It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the human capital management market.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 5.4% |
| 2028 Value Projection | USD 10.54 Billion |
| Base Year | 2020 |
| Acetic Acid Market Size in 2021 | USD 7.29 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 250 |
| Segments Covered | By Type, End-user and Regional Insights |
| Acetic Acid Market Growth Drivers | Growing Demand for Vinyl Acetate Monomer to Assist Market Growth |
| Synthetic Segment to Lead Global Market Due to Rising Application |
Segmentation
On the basis of application, the market is segregated into Vinyl Acetate Monomer (VAM), Purified Terephthalic Acid (PTA), ester solvents, acetic anhydride, and others. The vinyl acetate monomer (VAM) segment held principal share in the market.
Geographically, the global market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers and Restraints
Growing Demand for Vinyl Acetate Monomer to Assist Market Growth
VAM is a transition that is utilized for manufacturing resins and polymers for films, textiles, coatings, adhesives, paints, and other end-products. VAM is utilized in barrier resins for plastic bottles. It also has uses in adhesive owing to union properties to diverse substrates that involve wood, metals, paper, and plastic films.
Moreover, growth in the above-mentioned industries is resulting in a rise in demand for vinyl acetate monomer. This is further expected to bolster the acetic acid market growth during the forecast period.
Regional Insights
Asia Pacific was worth USD 3.73 billion in 2020 and is anticipated to hold the majority of the acetic acid market share which can be accredited to an upsurge in polymer formulations in the region.
North America is likely to display promising advantages up to 2028. The growth in the chemical industry and increasing demand from the end-use sectors such as construction and textile industries are occasioning in great utilization of ethanoic acid in numerous applications.
Europe is confronting a substantial growth rate during the forecast period owing to an upsurge in demand from end-use sectors and imports. This elevated demand has occasioned in European manufacturers to raise the cost up to 63 euros per ton.
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Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Acetic Acid Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Acetic Acid Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- By Application (Volume/Value)
- Vinyl Acetate Monomer (VAM)
- Purified Terephthalic Acid (PTA)
- Ester Solvents
- Acetic Anhydride
- Others
TOC Continued…!
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Industry Development
January 2021: INEOS procured BP’s global Aromatics & Acetyls business comprising of 15 sites which includes five in the America, two in Europe, and eight in Asia accompanied by ten principal joint ventures.
Competitive Landscape
Joint Ventures and Capacity Extensions are Chief Tactics Executed by Companies
Majority players functioning in the industry are BP Plc, Shanghai Huayi (Group) Company, and Lyondell Basell Industries, among others. Companies are engaged in novel product launch, facility extension, procurement, joint venture, and collaborations to gain a competitive advantage in the market.
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