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Acetic Acid Market Size, Share & COVID-19 Impact Analysis, By Application (Vinyl Acetate Monomer (VAM), Purified Terephthalic Acid (PTA), Ester Solvents, Acetic Anhydride, Others), and Regional Forecast, 2021-2028

Last Updated: May 06, 2024 | Format: PDF | Report ID: FBI103386



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The global acetic acid market size was USD 6.90 billion in 2020 and is projected to grow from USD 7.29 billion in 2021 to USD 10.54 billion in 2028 at a CAGR of 5.4% during the forecast period 2021-2028. Asia Pacific dominated the global market with a share of 54.05% in 2020.

The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. The global impact of COVID-19 has been unprecedented and staggering, with the product witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 3.9% in 2020.

Acetic acid, also known as ethanoic acid, is a colorless organic compound included under carboxylic acids. Development and growing applications in various industries, such as paints & coatings, adhesives & sealants, and textiles, will globally augment market growth. The consumption of Vinyl Acetate Monomer (VAM) is driven by the growing demand for paints and coatings across the globe, which fosters the market's growth.

Growing consumption of solvents such as VAM in the chemical industry application for paints & coatings, adhesives & sealants is driving the market size. Moreover, PTA is used for manufacturing polyester, and the increasing demand for polyester in the textile and packaging industries leads to the high consumption of PTA.

COVID-19 Outbreak to Highly Impact Acetic Acid Market

With the rapid spread of coronavirus, the global healthcare systems have faced challenges in treating many patient pools. This factor has resulted in the adoption of proper hygiene regulations by hospitals to stop the spread of the virus. The temporary closure of factories has caused a decrease in production, leading to a dwindling market scenario. This shutdown has also affected the market growth as end-users have decreased the demand for raw materials.

However, potential benefits and availability of ethanoic acid disinfection have appeared to be a promising adjunctive in the non-severe COVID-19 cases. This development acts as a market driver for the consumption of this acid. The surge in demand for sanitization to stop coronavirus spread has also led to an increase in the purchase of acetic acid. This chemical is further tested to be used in sanitizing products to support the ongoing health and safety concerns, positively affecting the ethanoic acid market growth.


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Increasing Infiltration of Ester Solvents for Coating Industry to Boost Market Development

Ester solvents are being used in the coatings industry because of excellent properties such as evaporation rate, leveling properties, blush resistance, solvent activity, solubility for coating resins, and good solvent release. These properties are used for products in the coating formulation. Coatings are further used in automobiles, infrastructure, and industrial applications.

The coating done through invention has the advantages of being environment-friendly, high-temperature resistance, strong chemical resistance, the long service life of the coated film, high mechanical strength, elastic strength, scrub resistance. Higher consumption of coatings is further leading to market growth.


Increasing Demand for Vinyl Acetate Monomer to Aid Growth

Vinyl Acetate Monomer (VAM) is an intermediate used to make resins and polymers for coatings, adhesives, films, paints, textiles, and other end-products. VAM is used in barrier resins for plastic bottles. It also has applications in adhesive due to adhesion properties to different substrates that include wood, paper, metals, and plastic films. Growth in the aforementioned industries is causing a rise in demand for vinyl acetate monomer.

The fastest-growing use of VAM in the manufacturing of ethylene vinyl alcohol (EVOH) is used as a barrier resin in food packaging, gasoline tanks, and other engineering polymers. Additionally, some other VAM derivatives, such as vinyl chloride-vinyl acetate copolymers, have applications in adhesives & sealants. Technological breakthroughs aiming to develop polymers and other products that use VAM as raw materials effectively increase the productacetic acid demand for vinyl acetate monomers, thus positively supporting the market growth.


Harmful Effects of Acetic Acid to Hinder Market Growth

It can be a hazardous chemical if it is not used safely and appropriately. It is highly corrosive to human skin and eyes and must be handled with care. It is also damaging to internal organs if ingested or inhaled. Furthermore, the rising awareness about the hazardous effects of chemicals among consumers can impede its adoption, thus hampering market growth. Additionally, VAM is a mature market and will show gradual growth or decline, and it is also a major application of acetic acid. A decline in VAM consumption may affect market growth, thus acting as a restraining factor.


By Application Analysis

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Fuel Segment to Hold the Major Acetic Acid Market Share

Based on application, the market is segmented into Vinyl Acetate Monomer (VAM), Purified Terephthalic Acid (PTA), ester solvents, acetic anhydride, and others.

The Vinyl Acetate Monomer (VAM) segment held a major share in the market due to the growing demand for VAM for various applications in industries such as paints & coatings, paper, adhesive & sealants, and textiles. VAM is primarily used as a monomer to manufacture polyvinyl alcohol and polyvinyl acetate, further used in coating applications. Growing demand from various industries such as automobile, paper & pulp, and construction significantly affects market growth.

Furthermore, Purified Terephthalic Acid (PTA) is consumed in manufacturing polyester, including polyethylene Terephthalate (PET) bottles, polyester fiber, and polyester film. This polyester is further used in textiles and food & beverage containers. Some other PTA applications also include coatings & other composite materials. The rising population has increased the demand for food and beverages, thus leading to the high consumption of polyester containers & bottles. This factor further causes high demand for this type of acid globally.

Ester solvents segment includes acetic acid as an organic solvent for paints & varnishes, printing ink, constituent of perfumes, and essential oils. The rise in demand for these end-use products is leading to the consumption of the chemical. Moreover, acetic anhydride has a primary application as an acetylating agent in chemical reactions. The chemical is also used in the growing pharmaceutical industry as raw material for aspirin and acetaminophen.


Asia Pacific Acetic Acid Market Size, 2020 (USD Billion)

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The market in Asia Pacific stood at USD 3.73 billion in 2020 and is expected to hold the maximum share in the global market, which can be attributed to an increase in polymer formulations in the region. This chemical is a key raw material used to produce polymers in industries across Japan, China, and India. China is a major producer, and this caused new investment led by the government to improve productivity and support the local market growth in China and other projects planned in India and Japan.

The region is observing high construction industry growth due to increased mergers and acquisitions from various leading companies such as Celanese Corporation. The aforementioned factors are driving the acetic acid demand. Additionally, China's excess capacity further helps in the high production of this type of acid. According to Chemical Market Associates, Inc. (CMAI), 400,000 tons per year demand is in China, from the global average demand.

The market in North America may show favorable gains up to 2028. The growth in the chemical industry and rising demand from the end-use sectors such as the construction and textile industries are boosting the consumption of ethanoic acid in various applications. Growing investments and increasing production facilities from major companies such as Celanese and BP Plc have led to ethanoic acid market growth. Along with this, a growing consumer lifestyle and disposable income is causing an increase in construction activities and textile industry growth. The U.S. being major in the fashion industry leads to an incline in the textile industry, which supports the chemical’s consumption rate. These factors are anticipated to make significant growth in North America.

The market in Europe is experiencing a significant growth rate during the forecast period due to an increase in demand from end-use sectors and imports. This high demand has caused European producers to increase the prices up to 63 euros per ton. The dominant process, methanol carbonylation, which accounted for up to 65% of the world capacity and oxidation of acetaldehyde by German producer Wacker, is the major product application in the region. These applications are positively affecting the ethanoic acid market.

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Latin America and the Middle East & Africa are expected to have substantial growth during the forecast period. This growth can be attributed to the moderate increase in the industrial sector such as construction, textile, and others. Brazil is one of the major countries responsible for the high acetic acid consumption in the region. In the Middle East and Africa, the rise in the construction segment is supporting the market growth, where this acid has an application in the production of VAM, which is used in adhesives & sealants. Industrialization and the high disposable income of consumers are causing growth in the construction industry.


Joint Ventures and Capacity Expansion are Key Strategic Initiatives Implemented by Companies

Major key players operating in the industry are BP Plc, Shanghai Huayi (Group) Company, LyondellBasell Industries, and others. Companies are involved in new product launches, capacity expansion, acquisition, joint venture, and partnership to gain a competitive edge in the market. For example, over the years, Celanese has increased the production capacities of many facilities for acetic acid to improve its presence in the market and support the high demand for acetic acid.

Jiangsu Sopo (Group) Co. Ltd. is one of the major providers of glacial acetic acid in China, with a capacity of 12,000 kt per annum.

LyondellBasell launched a comprehensive portfolio for value-added chemical technologies that produce a wide range of high-growth chemical products for various end-use industries.


  • BP Plc (U.K.)

  • Shanghai Huayi (Group) Company (China)

  • LyondellBasell Industries (Netherlands)

  • Daicel Corporation (Japan)

  • Shandong Hualu-Hengsheng Chemical Co. Ltd. (China)

  • Jiangsu Sopo (Group) Co. Ltd. (China)

  • Kingboard Chemical Holdings Ltd. (Hong Kong)

  • Eastman Chemical Company (U.S.)

  • Lonza (Switzerland)

  • Wacker Chemie AG (Germany)

  • Celanese Corporation (U.S.)


  • January 2021 – INEOS acquired BP’s global Aromatics & Acetyls business consisting of 15 sites, including 5 in the Americas, 2 in Europe, and 8 in Asia, along with 10 leading joint ventures. This development will support the company in extending its position in global petrochemicals and provide scope for integration and expansion with the existing business.

  • March 2020 – South Korea’s Lotte and U.K. energy and chemicals group BP had a joint venture to expand the capacity for acetic acid production at the South Korea plant. The investment costs are around USD 175 million, with an addition in the capacity of 100,000 t/y by May 2019. This venture will allow companies to meet Korea’s growing demand.


An Infographic Representation of Acetic Acid Market

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The global acetic acid market research report provides a detailed market analysis and focuses on crucial aspects such as leading companies, sources, applications, and products. Also, the report offers insights into market trends, and dynamics and highlights vital industry developments and market outlook. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation



Study Period


Base Year


Forecast Period


Historical Period



Value (USD Billion); Volume (Million Ton)


By Application, and By Geography

By Application

  • Vinyl Acetate Monomer (VAM) 

  • Purified Terephthalic Acid (PTA) 

  • Ester Solvents 

  • Acetic Anhydride 

  • Others

By Geography

  • North America (By Type, By Application)

    • U.S. (By Application)

    • Canada (By Application)

  • Europe (By Type, By Application)

    • France (By Application)

    • Germany (By Application)

    • U.K. (By Application)

    • Spain (By Application)

    • Rest of Europe (By Application)

  • Asia Pacific (By Type, By Application)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Taiwan (By Application)

    • Singapore (By Application)

    • Rest of Asia Pacific (By Application)

  • Latin America (By Type, By Application)

    • Brazil (By Application)

    • Rest of Latin America (By Application)

  • Middle East & Africa (By Type, By Application)

    • South Africa (By Application)

    • Rest of Middle East & Africa (By Application)

Frequently Asked Questions

Fortune Business Insights says that the global market worth was USD 6.90 billion in 2020 and is projected to reach USD 10.54 billion by 2028.

In 2020, the market size stood at USD 6.90 billion.

Growing at a CAGR of 5.4%, the market will exhibit steady growth during the forecast period (2021-2028).

The Vinyl Acetate Monomer (VAM) segment is expected to be the leading material.

The rise in demand from various end-use industries is expected to drive market growth.

BP Plc, Shanghai Huayi (Group) Company, LyondellBasell Industries are the top players in the market.

Asia Pacific dominated the global market in 2020.

The growing paints & coatings industry is a major driving factor for the market.

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