Acetic Acid Market to Reach a Valuation of USD 29.05 Billion by 2032; Increasing Applications in Various Industries Drives Market Growth

The global acetic acid market size was valued at USD 16.13 billion in 2023. The market is projected to grow from USD 17.20 billion in 2024 to USD 29.05 billion by 2032, exhibiting a CAGR of 6.8% during the forecast period.

Fortune Business Insights™ presents this information in its report titled, “Acetic Acid Market Size, Share & Industry Analysis, By Application (Vinyl Acetate Monomer (VAM), Purified Terephthalic Acid (PTA), Ester Solvents, Acetic Anhydride, and Others), By End-use Industry (Plastics & Polymers, Food & Beverages, Adhesives, Paints, and Coatings, Textile, and Others) and Regional Forecast, 2024-2032”.

Acetic acid is a colorless organic compound in the carboxylic acids. The increasing development and rising applications in different industries, including adhesives and sealants, paints and coatings, and textiles, are anticipated to propel market expansion globally.

The increased benefits and availability of ethanoic acid for sanitization during the COVID-19 pandemic to stop the spread of the COVID-19 virus, which led to increased product purchases, propelled the market expansion.

INEOS Agreed to Purchase Eastman Chemical Company’s Texas Site to Support Business Growth

In September 2023, INEOS agreed to purchase Eastman Chemical Company’s Texas for USD 490 million. This purchase will propel INEOS’s global ambition of supporting its acetyls business. The deals involve the production plant of acetic acid, having a capacity of 600,000 metric tons, along with all the site’s third-party activities.

Surging VAM Utilization in Ethylene Vinyl Alcohol (EVOH) Production Augment Market Expansion

The surge in the utilization of VAM to manufacture Ethylene Vinyl Alcohol (EVOH), which is used as a barrier resin in gasoline tanks, food packaging, and several other engineering polymers, augments the acetic acid market growth. The increasing technological breakthroughs, which are focused on developing polymers and several other products using VAM as raw materials, effectively raise the demand for acetic acid for VAMs.

Moreover, the surging awareness related to the hazardous effects of chemicals among consumers may impede market growth.

Key Players are Launching New Products to Gain Competitive Edge

In terms of the competitive landscape, BP Plc, LyondellBasell Industries, and others are focusing on new product launches, partnerships, capacity expansion, and joint ventures to maintain a competitive edge. To support the mounting demand for acetic acid leading organizations are establishing newer manufacturing plants.

Notable Industry Development

• January 2021 – Celanese revealed the expansion of its acetic acid manufacturing capacity in Clear Lake, Texas. The expansion is expected to allow the company to meet the surging demand from the market, further resulting in a substantial increase in product revenues.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/acetic-acid-market-103386

List of the Companies Profiled in the Report:

• Mitsubishi Chemical Group Corporation (Japan)
• Shanghai Huayi (Group) Company (China)
• LyondellBasell Industries (Netherlands)
• Daicel Corporation (Japan)
• Jiangsu Sopo (Group) Co. Ltd. (China)
• Airedale Group (U.K.)
• Eastman Chemical Company (U.S.)
• Gujarat Narmada Valley Fertilizers & Chemicals Limited (India)
• Wacker Chemie AG (Germany)
• Celanese Corporation (U.S.)
• INEOS (U.K.)

Further Report Findings:

• Asia Pacific accounted for USD 9.05 billion in 2023 and is anticipated to hold the largest acetic acid market share during the forecast period, owing to significant investments supported by the governments to enhance productivity.
• North America is expected to witness significant growth during the forecast period. The growth is attributed to the increasing demand from the end-use industries, such as construction and textile industries.
• Europe is witnessing substantial growth during the projected period owing to the surged demand from the end-use industries and imports.
• The Middle East & Africa and Latin America are anticipated to grow significantly during the projected period, owing to the surge in the industrial sectors, including textile, construction, and others.
• The plastic & polymers segment dominated the market in 2023 in terms of share owing to the rising building and construction industry globally raising the demand for paints & coatings and adhesives.

Table of Segmentation: