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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, 2020-2027

Region : Global | Format: PDF | Report ID: FBI103386

 

KEY MARKET INSIGHTS

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The global acetic acid market size was USD 8.34 billion in 2019 and is projected to reach USD 13.79 billion by 2027, exhibiting a CAGR of 8.4% during the forecast period.

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This report covers COVID-19 impact analysis on acetic acid market

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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. Rising demand for vinyl acetate monomer (VAM) applications is driven by the growing paints & coatings industry across the globe, which fosters the growth of the market.


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 is leading to the high consumption of PTA.


COVID-19 Outbreak to Highly Impact the Acetic Acid Market


With the rapid spread of coronavirus, the global healthcare systems have been facing challenges in treating a large number of patient pools. This has resulted in the adoption of proper hygiene regulations by hospitals to stop the spread of the virus. Temporary closure of factories has caused a decrease in production, thus 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 ethanoic acid consumption. The surge in demand for sanitization to stop the spread of coronavirus has also led to an increase in the purchase of acetic acid that is further tested to be used in sanitizing products to support the ongoing health and safety concerns, which will positively affect the market growth.


LATEST TRENDS


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Increasing Infiltration of Ester Solvents for Coating Industry is a Key Trend


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 also used in automobiles, infrastructure, industrial, and other industries.


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 the market growth for ethanoic acid.


DRIVING FACTORS


Increasing Demand for Vinyl Acetate Monomer to Aid Growth


Vinyl acetate monomer (VAM) is an intermediate that is used for making 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 is in the manufacturing of ethylene vinyl alcohol (EVOH), which 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 which use VAM as raw materials are effectively increasing the product demand for vinyl acetate monomers thus positively supporting the market growth.


RESTRAINING FACTORS


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 the market. Additionally, VAM is a mature market and will show gradual growth or decline, and is also a major application of ethanoic acid. A decline in the VAM consumption may affect ethanoic acid consumption thus acting as a restraining factor.


SEGMENTATION


By Application Analysis


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Fuel Segment to Hold the Major Share in the Market


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 dominated the market due to growing demand for VAM for various applications in industries such as paints and coatings, paper, adhesive & sealants, textiles, and others. VAM is primarily used as a monomer in the manufacturing of polyvinyl alcohol and polyvinyl acetate, which are further used in coating applications. Growing demand from various industries such as automobile, paper & pulp, and construction is significantly affecting the market growth.


Furthermore, nearly purified terephthalic acid (PTA) is consumed in the manufacturing of polyester that includes polyethylene terephthalate (PET) bottle, polyester fiber, polyester film, and others. This polyester is further used in textiles and food and beverage containers. Some other PTA applications also include coatings & other composite material. The rising population has increased the demand for food & beverages thus causing high consumption of polyester containers & bottles. This further causes high demand for acetic acid in the market.


REGIONAL INSIGHTS


Asia Pacific Acetic Acid Market Size, 2019 (USD Billion)

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Asia Pacific is expected to hold the maximum in the global acetic acid market share which can be attributed to an increase in polymer formulations in the region. This chemical is a key raw material used for the production of 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 an increase in the mergers and acquisitions from various leading companies such as Celanese. The aforementioned factors are driving the ethanoic acid demand and supporting the growth of the market. Additionally, China's excess capacity further helps in the high production of ethanoic acid. According, to Chemical Market Associates, Inc. (CMAI) 400,000 tons per year demand is in China, from the global average demand.


The North American market may show favorable gains up to 2027. The growth in the chemical industry and rising demand from the end-use sectors such as construction and textile industries are causing high consumption of acetic acid in various applications. Growing investments and increasing production facilities from major companies such as Celanese and BP Plc have led to market growth of ethanoic acid. 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 thus leads to an incline in the textile industry, which in turn supports the ethanoic acid consumption rate. These factors are anticipated to make significant growth in the North American market.


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 is methanol carbonylation, which has accounted for up to 65% of the world capacity and other process oxidation of acetaldehyde by German producer Wacker are the major applications of ethanoic acid in the region, thus positively affecting this 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 consumption of ethanoic acid in the region. In the Middle East & Africa, the rise in the construction segment is supporting the market growth, where ethanoic acid has an application in the production of VAM which is used in adhesives & sealants. Industrialization and highly disposable income of the consumers are causing growth in the construction industry.


KEY INDUSTRY PLAYERS


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


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


LIST OF KEY COMPANIES PROFILED:



  • BP Plc (UK)

  • Shanghai Huayi (Group) Company (China)

  • LyondellBasell Industries (The 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)

  • Other Key Players


KEY INDUSTRY DEVELOPMENTS:



  • July 2018 – BP and Eastman have come together for a sales agreement that covers the Texas production unit. The company BP will sell acetic acid produced at the unit and buy all the material produced at the plant till December 2031.

  • March 2020 – South Korea’s Lotte and UK energy and chemicals group BP had a joint venture that will expand the capacity for acetic acid production at the South Korea plant. The investment costs are around $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.


REPORT COVERAGE


An Infographic Representation of acetic acid market

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The acetic acid market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, sources, applications, and products. Also, the report offers insights into market trends and highlights vital industry developments. 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










































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion); Volume (Million Tons)



Segmentation



  Application; and Geography



By Application


 




  • Vinyl Acetate Monomer (VAM) 

  • Purified Terephthalic Acid (PTA) 

  • Ester Solvents 

  • Acetic Anhydride 

  • Others



By Geography


 




  • North America (By Application and By Country)



    • The U.S. (By Application)

    • Canada (By Application)




  • Europe (By Component; By Product Type ; By Storage Solution, By Deployment, By End-User and By Country)



    • UK (By Application)

    • France (By Application)

    • Germany (By Application)

    • Spain (By Application)

    • Rest of Europe (By Application)




  • Asia Pacific (By Component; By Product Type ; By Storage Solution, By Deployment, By End-User and By Country)



    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Singapore (By Product Type)

    • Taiwan (By Application)

    • Rest of Asia Pacific (By Application)





  • Latin America (By Component; By Product Type ; By Storage Solution, By Deployment, By End-User and By Country)



    • Brazil (By Application)

    • Rest of Latin America (By Application)




  • The Middle East & Africa (By Component; By Product Type; By Storage Solution, By Deployment, By End-User and By Country)

    • South Africa (By Application)

    • Rest of Middle East & Africa (By Application)





Frequently Asked Questions

Fortune Business Insights says that the global market size for acetic acid was USD 8.34 billion in 2019 and is projected to reach USD 13.79 billion by 2027.

In 2019, the market stood at USD 8.34 billion.

Growing at a CAGR of 8.4%, the market will exhibit steady growth in the forecast period (2020-2027).

The Vinyl Acetate Monomer (VAM) is expected to be the leading segment under the type segment in this market during the forecast period.

Technological advancement and rising end-use applications are key factors driving the market growth.

BP Plc, Shanghai Huayi (Group) Company, and LyondellBasell Industries are a few of the leading players in the global market.

Asia Pacific dominated the global market in 2019.

The continuous growth in textile, plastics, construction applications is expected to drive product demand.

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