Global Acetic Acid Market - Segmented by End-user Industry, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global acetic acid market is expected progress at a CAGR of 4.30% during the forecast period, (2018 – 2023). The Asia-Pacific region is estimated to lead the market, due to its rapid growth in the global textile market.
Acetic acid is a key building block in the production of various chemicals, such as, vinyl acetate monomer (VAM), purified terephthalic acid (PTA), acetate esters, and acetic anhydride that are further used by a wide range of end-user industries, including synthetic fibers, textiles, inks, and pesticides. VAM is used to produce a variety of polymer and adhesives, while polyethylene terephthalate (PET), being a derivative of terephthalic acid, is predominantly used to produce polyester for textiles and plastic bottles.
Soaring Demand in Textile Market
The global textile market is expected to witness a significant growth during the forecasted period, attributed to factors, such as, increasing disposable income and standard of living of the people. The Asia-Pacific market is anticipated to be the largest market for textile industry, due to the strong industrial base of the region. The adoption of innovative and path-breaking technologies is providing a competitive edge to the companies, to enhance their profit margins. Furthermore, increasing population, improving economic condition such as rising GDP and disposable income of the people, drives the market in the region and blooming manufacturing sector
Vinyl Acetate Monomer (VAM) to Dominate the Market
Among all the acetic acid derivatives, VAM led the market with the highest global consumption in 2017. VAM is a key raw material in the manufacturing of water-based adhesives, which accounts for significant use in the global adhesive and sealants market. The increasing demand from Asia-Pacific is expected to boost the demand for acetic acid, during the forecast period. Additionally, the acetate esters segment is expected to be the fastest growth segment of the market, which is primarily driven by the growing demand from the coatings industry.
Asia-Pacific to Lead the Market
Asia-Pacific is the largest consumer of acetic acid in the market, and accounts a share of 34% of the total global demand, followed by North America, in 2017. The growing population coupled, with improving economic conditions, such as, the rising GDP and disposable income of the people, are some of the factors contributing to the growth of the Asia-Pacific market. China is the biggest consumer, and is among the fastest-growing markets of manufacturing sector of this region.
Notable Developments in the Market
Jan 2018: Celanese Corporation, a global chemistry and specialty materials company, delivered technical expertise and engineering support to enable the art of material selection.
Oct 2017: PetroChina maintained a stable improvement in the operational efficiency, in the first three quarters, achieving results that were better than expected.
Major Players: British Petroleum, Celanese Corporation, DuPont Corporation, Eastman Chemical Co., PetroChina, and Showa Denko K.K, among others.
Reasons to Purchase the Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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