Glacial Acetic Acid Market - Growth, Trends, and Forecasts (2020 - 2025)
The market for glacial acetic acid is expected to register a CAGR of more than 5% globally during the forecast period. Acetic acid that contains a very low amount of water (less than 1%) is called anhydrous (waterfree) acetic acid or glacial acetic acid. The reason why its called glacial is that it solidifies into solid acetic acid crystals at room temperature (16.7 °C). The growing demand from the PVC segment and packaging industry has been driving the market growth.
However, the corrosive nature and unfavorable conditions arising due to the COVID19 outbreak across the world are likely to hinder the growth of the studied market.
The R&D in catalysis of carbon aerogels used as electrode material in the electrical doublelayer capacitor using glacial acetic acid is likely to provide opportunities for the glacial acetic acid market over the next five years.
AsiaPacific dominated the market across the world, with the largest consumption in countries, such as China and India.
Key Market Trends
The Vinyl Acetate Monomer Segment to Dominate the Market
The vinyl acetate monomer segment stands to be the dominating segment, owing to its widespread consumption in various enduser industries, such as consumer goods, packaging, automotive, and construction.
Glacial acetic acid is witnessing an increase in consumption in a wide range of applications, such as preservative in food and beverages, pharmaceuticals, paints, coatings, inks, and vinegar, and in the production of terephthalic acid, synthetic camphor, aniline, propylene terephthalate, etc.
Vinyl acetate monomer is used in adhesives and sealant industries, and it can be commercially produced using glacial acetic acid. Demand for vinyl acetate monomer has been witnessing a substantial rise, owing to the rising consumption of adhesives and sealants over the world.
Vinyl acetate monomer is an intermediate used in the manufacture of a number of industrial polymers and resins for the production of adhesives, coatings, paints, films, and textiles, as well as wire and cable insulation which in turn, drives the market growth for glacial acetic acid.
In addition, glacial acetic acid is considered a major raw material for the production of purified terepthalic acid (PTA), which further finds application in the packaging industry. The growth of the packaging industry is anticipated to drive the market growth.
All the aforementioned factors are expected to drive the glacial acetic acid market during the forecast period.
The AsiaPacific Region to Dominate the Market
AsiaPacific was the largest market for glacial acetic acid, which is expected to grow, owing to the increasing demand for the product from countries, such as China, India, and Japan.
Glacial acetic acid is used as a buffering agent in dyeing the cloth with color, and it is used to print various designs on clothes in the textile industry. In addition, the production of acetic anhydride also seeks the use of glacial acetic acid as a condensing agent, which is further used in synthetic textiles and photographic films.
The prospering textile industry, owing to the exploding population in the AsiaPacific region, is expected to augment the demand for glacial acetic acid.
Furthermore, the application of glacial acetic acid as a flavoring agent in the food and beverage industry and increasing demand for special foods and beverages are expected to propel the glacial acetic acid demand in the Asian region over the forecast period.
Hence, all such market trends are expected to drive the demand for glacial acetic acid market in the region during the forecast period.
The global glacial acetic acid market is fragmented in nature with some major players dominating a significant portion of the market. Some of the major companies are Jubilant Life Sciences Limited, Celanese Corporation, Eastman Chemical Company, Daicel Corporation, and SABIC.
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