PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1347127
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1347127
Bio-acetic Acid Market size was valued at USD 227.8 million in 2022, expected to reach USD 415.4 million in 2030 with a CAGR of 7.8% for the forecast period between 2023 and 2030. Bio-based products are prominently gaining attention and companies like food and beverage, personal care, and pharmaceuticals are willing to facilitate the extensive usage of their products. Bio-acetic acid is progressively replacing many conventional petrochemicals in a variety of products. Bio-based acetic acid is frequently used in food products as a preservative and acid regulatory. Stringent regulations framed by numerous government entities have forced the chemical industry to reduce the usage of conventional organic acids, which is the main factor driving the bio-acetic acid market globally.
Production of petroleum-based acetic acid through the carbonylation process uses excessive amount of fossil fuels which is substantially replaced by biomass technology to produce acetic acid reducing the global warming potential (GWP). Companies are implementing "Green Principles Chemistry" to manufacture acetic acid from various bio-based compounds. Bio-based acetic acid has a carbon footprint which is significantly around 80% less than that of conventional-based acetic acid and can contribute to reducing the concern of climatic change. Environmentally friendly bio-acetic acid can be used in various applications such as feed industries, can be used as primary chemical reagents. Accounting to all effective applications the bio-acetic market has enormous global potential to create multiple opportunities.
Bio-based acetic acid is anticipated to deliver a prominent role in propelling the acetic acid market, especially in regulations with sustainable goals. Generally, the production of acetic acid is accompanied by conventional petrochemical processes e.g., methanol carbonylation, acetaldehyde oxidation, etc. The raised concerns about producing acetic acid using these processes are due to a shortage of fossil resources and imposed regulations to reduce fossil carbon dioxide emissions. Bio-acetic acid are progressively utilized in various applications comprising similar properties as the conventional one but with lesser environmental impact.
Biomass fast pyrolysis using the aqueous phase of pyrolysis liquid consecutively contains a certain amount of acetic acid. It could become a renewable source for the generation of bio-acetic acid. Furthermore, bio-acetic acid can be recovered using nanofiltration, reactive extraction, and reverse osmosis membranes. Advertently minimizing the conventional fossil-based acetic acid usage and focusing on additional bio-acetic acid will significantly aid in developing a more sustainable bio-based industry.
The chemical industry is transforming towards greener and adopting significant sustainable practices. Bio-based acetic acid can successively be produced, offering a renewable and eco-friendly alternative. Major chemical-producing companies and innovative startups are progressively collaborating in developing new technologies such as extraction, to produce bio-acetic acid. Novel advanced technologies such as metabolic engineering and genetically modified microorganisms are being incorporated in producing new and more effective bio-based acetic acids.
Bio-acetic acids are frequently used in manufacturing various prominent chemicals such as vinyl acetate monomer, purified terephthalic acid, acetate esters, which are extensively being used in the consumer industry. Vinyl acetate monomer, a major intermediate in the reaction, is used to generate resins and polymers for coatings, adhesives, paints, and textiles. AFYREN are successfully producing 100% bio-based natural acetic acid where the company's proprietary technology corresponds to "zero waste," and the obtained acetic acid are COSMOS and ECOCERT approved. The significant development in bio-acetic acid is encouraging more companies to develop using greener solutions and creating global market opportunities to expand incredibly.
The prevailing impact of COVID-19 pandemic was a serious concern for global market as the outbreak has caused severe devastation. The circulated quantity of acetic acid gradually declined due to disruptions and the shutdown of various manufacturing units. Suppliers' priority was only to deliver to their contractual customers with a limited amount of acetic acid and landed in difficulty while meeting the surplus global need. During the prolonged COVID-19 impact, acetic acid supplies were tightened in Western countries. After the pandemic, companies put tremendous effort into increasing the production of bio-acetic acid by implementing advanced technologies.
The annexation of Russia and Ukraine has had an unprecedented impact across the globe, leading to uneased political and economic uncertainty. European Union countries and the United States are severely impacted due to disruptions in trade dynamics. The application of bio-acetic acid in various products is significantly huge, exacerbated by the ongoing conflicts. The implications for demand-supply balances, instability in price variations, and other parameters in bio-acetic acid trading accounted for economic devastation in various regions. The continuous efforts by European countries through implementing regulations to recover from the economic crises and ease trade of bio-acetic acid has possibly increased the bio-acetic acid applications.
Chemical companies are effectively creating innovations to produce bio-based acetic acid. Lenzing AG has produced bio-based acetic acid as a bio-refinery product by their trademark brand from beech wood. The product undergoes several purification steps to develop high-quality food grade along with a characteristic fruity smell, making it suitable for consumers. Bio-based acetic acid leaves a carbon footprint over 85% lower than fossil-produced acetic acid. Imperatively, the importance of high-purity bio-based acetic acid is considered in raw materials across different industries.
All segments will be provided for all regions and countries covered:
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.