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.