Bio-acetic Acid Market Size, Share & Trends Analysis Report By Application (VAM, Acetic Anhydride, Acetate Esters, PTA, Ethanol), By Region, And Segment Forecasts, 2022 - 2030
New York, Nov. 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bio-acetic Acid Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2022 - 2030" - https://www.reportlinker.com/p06360868/?utm_source=GNW
Bio-acetic Acid Market Growth & Trends
The global bio-acetic acid market size is expected to reach USD 319.6 million by 2030. The market is projected to expand at a CAGR of 4.9% during the forecast period. This increase can be attributed to the need for bio-acetic acid in the food and beverages and construction industries.
Asia Pacific region was valued at USD 100.7 Million in 2021 and is estimated to grow by registering a CAGR of 5.45% by 2030. The growth can be attributed to the growing automotive industry in the region and the developing economies. The automotive industry in Asia Pacific is expected to witness substantial growth in the coming years owing to the presence of leading motor vehicle brands such as Toyota, Kia, Nissan, and Hyundai in the region.
According to the Association of Southeast Asian Nations Automotive Federation, Asia Pacific produced 3,538,396 units of motor vehicles and 3,144, 243 units of motorcycles and scooters in 2021.It sold over 2,791,307 and 3,550,848 units of motor vehicles and two-wheelers, respectively in the same year.
The rise in the production and sales of vehicles can be attributed to the increasing purchasing power of consumers and the growing population in the Asia Pacific. This factor is expected to contribute to the requirement for plastics and paints & coatings over the forecast period leading to market growth.
North America is another key region contributing to the industry’s growth due to the growing demand for paints and coatings in the region. It is estimated to reach USD 63.3 Million by 2030, registering a CAGR of 5.1% in the predicted years. The rising use of plastic is expected to positively influence the market, thus, driving the demand for Bio-acetic acid in the region in the forecast period. Some top plastic manufacturers in North America, such as Continental Structural Plastics Ltd., Nifco America Corp, and Sixarp LLC, produce plastics in large quantities and thus, highly rely on Bio-Acetic anhydride for the production of plastics which is anticipated to fuel the demand for Bio-acetic acid in the region over the coming years.
Another major factor influencing the growth of the industry is the increasing preference for bio-based products by end users owing to the rising disposable income of consumers.Manufacturers are constantly upgrading their product portfolios to meet the increasing requirements of end users, thereby leading to the surged consumption of VAM and related products.
The growing global population and the ongoing urbanization and industrialization in emerging economies such as India have led governments of different countries across the world to increase their manufacturing expenditure to cater to the rising demand for bio-acetic acid.
The increasing use of bio-acetic acid in numerous end-use industries such as construction, automotive, packaging, and coatings is anticipated to create lucrative growth opportunities for the industry across the world, especially in the Asia Pacific.VAM is expected to witness significant market penetration globally owing to its increasing usage in the manufacturing of polymers, coatings, and adhesives.
It is also widely used in films, textiles, and paints.Surging global demand for VAM is anticipated to positively impact the demand for bio-acetic acid worldwide.
In addition, the increasing consumption of green chemicals globally is expected to fuel the utilization of bio-acetic acid.
The market is competitive owing to the presence of several players such as Cargill, Inc., Novozymes A/S, LanzaTech, and Afyren SAS. These players have strong distribution networks worldwide.
Bio-acetic Acid Market Report Highlights
• Vinyl Acetate Monomer (VAM) application segment dominated with USD 91.9 Million in 2021. VAM is used for the production of packaged films, paints, and coatings, which is the major end-use industry
• Asia Pacific dominated the market due to factors like the presence of global multinational companies in the region with high demand from end-use markets such as food & beverages, and paints & coatings
• Companies such as Afyren are set to launch new brands for their biobased products to offer another level of sustainable solutions. This strategy is expected to attract more customers and investors who are seeking more green method solutions
• The COVID-19 pandemic positively influenced the growth of the industry, due to the increasing consumption of paracetamol for treating high fever
Read the full report: https://www.reportlinker.com/p06360868/?utm_source=GNW
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