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Acetic Acid Global Market Report 2022: Growing Demand for Vinyl Acetate Monomer Bolsters Growth
Global Acetic Acid Market
Dublin, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The "Acetic Acid Market Size, Share & Trends Analysis Report by Application (Vinyl Acetate Monomer, Acetic Anhydride, Acetate Esters, Ethanol), by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global acetic acid market size is expected to reach USD 31.9 billion by 2030, registering a CAGR of 4.9%. The growth is attributed to the rising demand for products in various industries such as construction, pharmaceuticals, and textiles. It is used in the production of paints and coatings. Rising desires for elevating the aesthetics of houses are driving the demand for paints and coatings worldwide, thereby increasing the demand for the product. Acetic acid is widely used in the food and beverage industry in North America. Increasing consumption of food in the region is directly influencing the demand for the product.
The major application of the product is Vinyl Acetate Monomer which captured 44.5% of the share in 2021. This is attributed to the rising demand for vinyl acetate monomers in industries such as paints and coating, paper coatings, and printed products. Acetic acid is considered an essential raw material for the production of vinyl acetate monomer, thereby directly increasing demand for the product.
The global product industry is highly competitive in the presence of multinationals in the industry. There are a few key players such as Eastman Chemical Company, SABIC, HELM AG, and Indian Oil corporations which are constantly investing in research and development activities to enhance their efficiency. These companies are involved in joint ventures and expansion of production capacities to gain a competitive edge.
The COVID-19 outbreak crippled numerous economies and severely impacted supply chains across the globe. The industry faced the shutdown of chemical firms across the globe. The consumption and production of the product are highly influenced by its demand from end-use industries. Fluctuation in demand from end-use industries impacted the overall demand for the product.
Acetic Acid Market Report Highlights
Vinyl acetate monomer application witnessed the fastest growth rate with a CAGR of 5.33% globally. This is attributed to its wide utilization in the paints and coating industry. Acetic acid is an essential raw material for the production of vinyl acetate monomers. Hence, the increasing demand for vinyl acetate monomer is directly influencing the product demand
The Asia Pacific dominated the market with a revenue share of 48.8% in 2021 and is predicted to remain on the top over the forecast period. This is attributed to the rising demand for the product in the pharmaceutical industry. Acetic acid is widely consumed in the development of medicinal drugs such as aspirins to cure headaches. An increasing number of patients in the region is driving demand for medicines, which is directly impacting the product demand in the industry
North America is the second largest region and captured 19.5% of the market in 2021. This is attributed to the increased demand for the product in the food and beverage industry in the region. Acetic acid is a less toxic and low-cost chemical that is widely used in the food industry. The market is anticipated to see significant growth owing to its increased demand in the food industry over the predicted years
The COVID-19 outbreak impacted the industry negatively and severely impacted the supply chain across the globe. The market witnessed a decline in growth owing to the inconsistency of demand for products from end-use industries. However, the industry started getting better in the second half of 2020 with the re-opening of various industries globally
Market Dynamics
Market Drivers
Growing Demand for Vinyl Acetate Monomer
Rising Product Demand in Asia-Pacific
Market Restraint Impacts
Potential Risk of Side Effects
Report Attribute | Details |
No. of Pages | 109 |
Forecast Period | 2022 - 2030 |
Estimated Market Value (USD) in 2022 | $21.39 Billion |
Forecasted Market Value (USD) by 2030 | $31.9 Billion |
Compound Annual Growth Rate | 4.9% |
Regions Covered | Global |
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope
Chapter 4 Acetic Acid Market: Application Estimates & Trend Analysis
Chapter 5 Acetic Acid Market: Regional Estimates & Trend Analysis
Chapter 6 Acetic Acid Market - Competitive Analysis
Chapter 7 Company Profiles
Companies Mentioned
Eastman Chemical Company
Celanese Corporation
Lyondellbasell Industries Holdings B.V.
Sabic
Helm AG
Airedale Chemical Company Limited
Indian Oil Corporation Ltd.
Gujarat Narmada Valley Fertilizers & Chemicals Limited
Pentokey Organy
Ashok Alco Chem Limited
Daicel Corporation
Dow
Dubichem
Ineos
For more information about this report visit https://www.researchandmarkets.com/r/n4embt-acid?w=12
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