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Ethanoic acid, is the most essential of the carboxylic acids. Ethanoic acid or acetic acid is a colourless liquid with a strong distinctive smell. Ethanoic acid is often developed by carbon dioxide and methanol. Ethanoic acid is carboxylic organic acid with antibacterial and antifungal properties.
Growing demand for the acetic acid from worldwide producers of Vinyl Acetate Monomer (VAM) is expected to drive the market growth. VAM cosumes a majority of the worldwide generated ethanoic acid. VAM is produced through the reaction of ethanoic acid with ethylene and oxygen in presence of catalyst. VAM is used to manufacture various resins, films, coatings, textiles and paints, henceforth leading the market growth. However, the volatility in the price of the raw material acts as a limiting factor in the growth of ethanoic acid market.
Based on application, the market for global ethanoic acid is segmented into acetic anhydride, vinyl acetate monomer, acetate esters and purified terephthalic acid. On the basis of end-use industry, the market is classified into Paints and Coatings, Food & Beverages and Pharmaceuticals. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Market Driver -
The growing use of ethanoic acid in the manufacturing of vinyl acetate monomers is driving the growth of the market.
Key Market Restraint -
The volatility in raw material prices is hindering the market growth.
The global ethanoic acid market is fairly fragmented, with number of players operating in the global markets. Some of the key players in the global ethanoic acid include British Petroleum Plc, Celanese Corporation, Daicel Corporation, DuPont, Eastman Chemical Company, GNFC Limited, HELM AG, LyondellBasell Industries N.V., Mitsubishi Chemical Corporation, PetroChina, SABIC, Showa Denko K.K., Sinopec, Svensk Etanolkemi AB (SEKAB), Wacker Chemie AG and others.
Asia-Pacific is projected towards the development of emerging applications and shifts in company investments. Rising population in Asia Pacific is increasing demand for functional foods. Moreover, competitive pressures in the food packaging sector have contributed to the positive growth of the ethanoic acid market and consumption of acaetic acid in the region. North America accounted for a significant market share. In the forecast period, the U.S. is expected to indicate an exceptional growth in the global ethanoic acid market due to growing investments, expanding population, favorable reimbursement policies, steadily growing demand from various sectors and expanding industries in the region. Europe is expected to register increased ethanoic acid consumption due to increasing health problems combined with rising healthcare spending. Thus boosting deand for ethanoic acid in the region. Latin America, Middle East & Africa are anticipated to increase the consumption for ethanoic acid coupled with the increasing demand for vinyl acetate monomer.
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By End Use Industry
In 28 January, 2019, Celanese Corporation, a global chemical and specialty materials company, declared to undertake the restructuring of its global acetic acid store network via strong value formation. The company planned to undertake global efficiency initiatives for acetic acid networks with extension in the U.S. and rationalization in Asia. This expansion helps the company in gaining a competitive share in the market.
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