Overview
Acetic Acid Market size is expected to be worth around USD 35.2 billion by 2032 from
USD 21.8 billion in 2022, growing at a CAGR of 4.90% during the forecast period from
2022 to 2032.
The high-purity acetic acid market is set to grow significantly due to its crucial role as a
foundational element in the production of various chemicals and utilities across multiple
industries. This includes plastics, rubber, inks, and textiles, where acetic acid serves as an
essential building block.
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The anticipated growth in end-use industries such as plastics, textiles, and chemicals is
expected to drive demand for acetic acid in the forecast year. Additionally, the shift from PET
bottles to glass bottles for alcoholic beverages is projected to boost the demand for terephthalic
acid, positively impacting the acetic acid market.
The presence of multinational companies and their continuous expansion efforts and joint
ventures further support market growth. The product's designation as "food grade" when used
according to good manufacturing practices and compliance with the Food Chemical Code
emphasizes its safety for food applications, enhancing its appeal in the food industry.
The global acetic acid market is highly competitive, with numerous multinational companies
engaged in extensive research and development activities. These companies often pursue
expansion, collaboration, and joint venture initiatives to gain a competitive edge. As a result, the
competitive landscape is expected to remain intense throughout the forecast period. The
increasing demand for food and food safety also contributes to the anticipated growth of acetic
acid products.
Key Market Segments
Based on Application
● Vinyl Acetate Monomer (VAM)
● Purified Terephthalic Acid (PTA)
● Ester Solvents
● Acetic Anhydride
● Others
Based on End-User
● Food and beverages
● Paints and coating
● Plastics & Polymers
● Pharmaceutical
● Chemicals
● Others
Application Analysis:
In 2022, the vinyl acetate monomer application segment held a 44.5% market share due to
rising demand for printed goods, paints, coatings, and paper coatings. Acetic anhydride,
used in photographic films, cigarette filters, and pharmaceuticals, held the second largest
market share at 19%.
End-User Analysis:
The food and beverage segment leads the market, driven by acetic acid's use in
manufacturing plastic bottles, serving as a cleaning agent, and being a key ingredient in
vinegar for cooking and pickling.
Market Key Players
● Eastman Chemical Company
● Celanese Corporation
● LyondellBasell Industries Holding B.V.
● SABIC
● HELM AG
● Airedale Chemical Company Limited
● Indian Oil Corporation Ltd
● Gujarat Narmada Valley Fertilizers & Chemicals Limited
● Pentokey Organic
● Ashok Alco Chem Limited
● DAICEL CORPORATION
● The Dow Chemical Product
● DubiChem
● INEOS
● Other Key Players
Driving Factors:
The increasing demand for vinyl acetate monomer (VAM) is boosting the acetic acid market.
VAM is essential in producing resins and polymers for coatings, adhesives, films, paints, and
textiles. Its application as a barrier resin in PET bottles and its ability to adhere to various
substrates support market growth.
Restraining Factors:
The harmful effects of acetic acid, including its corrosiveness to skin and eyes and potential
internal damage if ingested or inhaled, pose significant safety concerns. Growing consumer
awareness of these risks may reduce chemical adoption, limiting market expansion.
Opportunities:
Technological advancements in developing polymers and products using VAM as a raw material
are driving demand. Innovations in the production of ethylene vinyl alcohol (EVOH) for food
packaging and other applications present significant growth opportunities.
Challenges:
The mature nature of the VAM market, with its fluctuating consumption patterns, poses a
challenge to sustained growth. Any decline in VAM usage can hinder the acetic acid market,
acting as a barrier to continuous expansion.