Study Predicts Growth in Acetic Acid Market
SAN FRANCISCO – The global acetic acid market is expected to reach $13.31 billion by 2022, according to a new study by Grand View Research Inc. Increasing consumption of PTA for manufacturing polyester coupled with the rising application scope of polyester in the textile industry is likely to fuel acetic acid market growth over the next seven years. Growing demand for vinyl acetate monomer (VAM), which is used as a precursor for manufacturing EVA and EVAc, coupled with an increasing consumption of these downstream chemicals in the formulation of solvents and adhesives are expected to drive the acetic acid market. Acetic acid is also used as a key ingredient in vinegar. Rising demand for vinegar owing to numerous health benefits associated with it is expected to augment market growth over the forecast period.
Acetic acid demand for manufacturing VAM exceeded 3,600 kilo tons in 2014, and the segment is projected to grow at a CAGR of over 4 percent from 2015 to 2022. VAM is used in the production of various adhesives and water-based paints. Rising demand for industrial coatings and paints due to growing infrastructure, specifically in emerging economies including China, Brazil and India, is a key factor for the growth of VAM over the forecast period.
The study reports that China was the largest market for acetic acid in 2014 alone, accounting for over 40 percent of the global volume demand. The presence of a robust manufacturing hub in the region has been one of the primary factors for the high demand of acetic acid over the past few years. In addition, a positive outlook regarding expansion of the manufacturing industry in the region is expected to maintain dominance of China within the global acetic acid market over the forecast period.
The study finds that Asia-Pacific was the second-largest market for acetic acid, with India and Japan dominating the regional market. The acetic acid market in Asia is projected to grow at a CAGR of over 10 percent over the forecast period and is estimated to reach a value of over $3.0 billion by 2022.
PTA is expected to be the fastest-growing application segment within the global acetic acid market, owing to the increasing demand for polyester from the textile and packaging end-use industries. Global acetic acid demand for PTA exceeded 2,500 kilo tons in 2014 and is expected to be over 3,800 kilo tons by 2020, growing at a CAGR of over 5 percent from 2015 and 2022.
Key players in the global acetic acid market include Celanese, Jiangsu Sopo (Group) Co., BP, Eastman Chemicals, DuPont, BASF and Wacker Chemie. The market is highly fragmented in nature owing to the presence of numerous manufacturers with various scales of production capacities.
For additional information about the report, Acetic Acid Market Analysis And Segment Forecasts To 2020, visit http://www.grandviewresearch.com/industry-analysis/acetic-acid-market.
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