Sellbyville, DE -- (SBWire) -- 06/19/2020 --The acetic acid market is likely to gain from the growing use of acetic anhydride in agrochemicals, textile, and pharmaceutical industries. Acetic acid industry share from acetic anhydride is likely to accumulate more than 0.3 billion by 2024.
Global acetic acid market is currently witnessing a paradigm shift with regards to the production methods. The industry has resorted to the production of bio-based acetic acid, as a means to reduce carbon footprint, which is likely to open up a plethora of opportunities for market. For instance, in 2013, British Petroleum company came up with a new route of acetic acid production from syngas in order to safeguard their business from raw material price fluctuations. In addition, the key players are adopting a slew of other organic and inorganic growth strategies to gain an edge over their contemporaries.
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With the development of vinegar as one of the chemicals that has developed itself as a food ingredient and is used for cooking, consumer awareness pertaining to health benefits by consuming vinegar in appropriate quantity has augured well for the acetic acid market size expansion. The global food market is expected to expand at a growth rate of over 4% through 2024 and is in line with the increase in demand for vinegar in food industry.
Profound use of acetic anhydride in medicine production, including aspirin and acetaminophen has instilled confidence among stakeholders. Application of acetic anhydride in producing modified starches act as a food preservative given that they are stable against heat and mild acids. Prominently, these starches are said to be the ingredients of mayonnaises, muesli bars, flavored toppings, sauces, frozen cakes, frozen foods, ice-cream and cake mixes. It is worth mentioning that acetic anhydride size in 2016 was pegged at over 1,400 kilo tons.
That being said, acetic acid market share from purified terephthalic acid [PTA] application also contributes significantly to the overall share. Acetic acid market share from purified terephthalic acid application was close to that of VAM in 2016 and is expected to scale a valuation of more than USD 4 billion by 2024. Terephthalic acid is witnessing constant demand for the production of polyester fibers, polyester films, and PET bottles, which is impacting acetic acid market outlook positively. The PTA segment is expected to register a CAGR of above 7% over 2017-2024.
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Asia Pacific is a pivotal growth ground for acetic acid market. Availability of raw material in abundance, rising disposable income, flourishing construction & packaging industries, and aggressive infrastructural activities in the region are bolstering market growth prospects. China is deemed to be one of the key contributors to Asia Pacific market and is likely to achieve a CAGR of 6% over 2017-2024.
Elaborating further on the regional landscape, Europe and North America are other profitable acetic acid market growth pockets. Europe market growth can be mainly attributed to the escalating use of acetic anhydride in the frozen food industry as a preservative. In 2016, Europe acetic acid market share was over 12% of global share and is expected to capture a CAGR of 4% over 2017-2024. On the other hand, North America acetic acid market size is estimated to be primarily fueled by steady demand from the beverage industry.
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