Sellbyville, DE -- (SBWire) -- 05/19/2020 --Propelled by persistent demand from end use applications, including the production of vinyl acetate monomer (VAM) and polyethylene terephthalate (PET), global acetic acid market is slated to accrue noteworthy gains in the coming years. In terms of revenue, worldwide acetic acid market size is expected to surpass USD 17.9 billion by 2024. The 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.
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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.
Company profiled in the acetic acid market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Mitsubishi Chemical America
2. Kemira
3. Solvay
4. Evonik
5. Thai Peroxide Ltd.
6. PeroxyChem
7. SEITZ The fresher company.
8. Ecolab
9. Diversey
10. Enviro Tech Chemical Services
11. Loeffler Chemical Corporation
12. Hydrite
13. Acuro Organics Limited
14. Airedale Chemical
Vinyl acetate monomer is among the major applications of acetic acid. VAM is a versatile compound which is used in a wide spectrum of industrial applications. It is majorly used in the production of polyvinyl acetate (PVAs) and polyvinyl alcohol (PVOHs), both key ingredients of packaging and textile industries. Additionally, VAM is used to produce coatings and sealants, which further generates incremental demand from a myriad range of industries. For the record, acetic acid market share from VAM application was the largest in 2016 and the segment is likely to maintain the same growth momentum in the coming years. Towering VAM demand from end use industries such as automotive, construction, and food packaging is favoring acetic acid market tends.
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.
Main Features of the Global Market Research Report:
The report delivers the market valuation as well as the projected growth rate of the market spanning all years till 2025.
-The report also describes the major drivers of the market by considering as well as taking calculated risks, in tandem with identifying and testing new strategies.
-The research report endorses a detailed industry chain analysis. Also, it covers the production process of the market, upstream raw material supplier information, raw material costs, labor costs, manufacturing costs, marketing channels, as well as the downstream buyers of the market.
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-The report analyses the various market segments and also provides their contribution to the development of the global industry.
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