Acetic Acid Global Market Report 2024

Acetic Acid Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on acetic acid market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for acetic acid? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The acetic acid market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Sales Channel: Direct Company Sale; Direct Import; Distributors and Traders; Retailers
• 2) By Application: Vinyl Acetate Monomer; Acetic Anhydride; Acetate Esters; Purified Terephthalic Acid; Ethanol; Other Applications
• 3) By End-Use: Food and beverages; Paints and coating; Plastics and Polymers; Pharmaceutical; Chemicals; Other End-Uses
• Companies Mentioned: Eastman Chemical Company; LyondellBasell Industries NV; Daicel Corporation; Shanghai Huayi Group Corporation Limited; Celanese Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Acetic acid is an organic substance characterized by a strong odor and sour flavor. It is a carboxylic acid that consists of a carboxyl functional group connected to a methyl group, with the chemical formula CH3COOH. Typically, it is a by-product of fermentation processes.

The main types of sales channels for acetic acid include direct company sales, direct import, distributors and traders, and retailers. Direct company sales involve direct communication between a vendor and a customer, occurring outside of a retail setting. Acetic acid is also commonly sold through direct import by customers. The primary applications of acetic acid include its use in vinyl acetate monomer, acetic anhydride, acetate esters, purified terephthalic acid, ethanol, and other chemical processes. Major end-users of acetic acid span various industries, including food and beverages, paints and coatings, plastics and polymers, pharmaceuticals, chemicals, and others.

The acetic acid market research report is one of a series of new reports from The Business Research Company that provides acetic acid market statistics, including acetic acid industry global market size, regional shares, competitors with an acetic acid market share, detailed acetic acid market segments, market trends and opportunities, and any further data you may need to thrive in the acetic acid industry. This acetic acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The acetic acid market size has grown strongly in recent years. It will grow from $15.33 billion in 2023 to $16.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth observed in the historic period for acetic acid can be attributed to several factors, including the growth of the chemical industry, its use in textile and fiber production, applications in surface coating, widespread utilization in pharmaceuticals, involvement in paper and pulp processing, and an increase in the demand for water treatment solutions. These factors collectively contributed to the historical growth of acetic acid across various industries and applications.

The acetic acid market size is expected to see strong growth in the next few years. It will grow to $20.57 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated growth in the forecast period for acetic acid can be attributed to various factors, including the production of bio-based acetic acid, increasing demand for ethyl acetate, growth in the packaging industry, a focus on green chemistry practices, demand for acetic anhydride, and an expanding use of acetic acid in automotive coatings. Major trends expected in the forecast period include increased investments in research and development, consolidation through mergers and acquisitions, advancements in food preservation technologies, consideration of global economic trends and trade dynamics, and a rise in collaborations and partnerships within the industry.

The rising expansion of the textile sector is poised to drive the upward trajectory of the acetic acid market in the foreseeable future. The textile industry, encompassing research, design, manufacturing, and distribution of textiles, fabrics, and clothing, extensively employs acetic acid in the production of rayon, a majority of latex, artificial materials, and fabric dyeing. For instance, as per a 2022 report by Royale International, a Hong Kong-based logistics solutions provider, the global textile market size in 2021 stood at $993.6 billion, projected to grow to $1,032.1 billion in 2022. Hence, the burgeoning expansion within the textile sector acts as a catalyst for propelling the growth of the acetic acid market.

The escalating chemical production sector is anticipated to be a driving force behind the burgeoning acetic acid market. Chemical production, encompassing the manufacturing of chemicals for diverse applications spanning agriculture, pharmaceuticals, construction, and manufacturing, heavily relies on acetic acid as a versatile chemical reagent. This compound holds significant importance across chemical production and various industrial applications, utilized both synthetically and through bacterial fermentation. Acetic acid serves as a crucial raw material and solvent in the production of numerous chemical products. For example, according to a report by BASF SE, a German chemicals company, global chemical production (excluding pharmaceuticals) is projected to grow by 2.0% in 2023, with China, the largest chemical market globally, anticipating a growth of 5.9% in chemical production. Hence, the escalating chemical production sector is a pivotal driver fueling the expansion of the acetic acid market.

Major companies operating in the acetic acid market are focused on producing sustainable solutions, such as new green ethanol-based acetic acid, to drive their revenues in the market. Green ethanol-based acetic acid is a type of acetic acid that is produced from bio-based ethanol, adhering to the principles of green chemistry. For instance, in April 2022, Jubilant Ingrevia Limited, an India-based chemical company, announced the commissioning of its new green ethanol-based food-grade acetic acid plant at its manufacturing facility in India to cater to the increasing demand in the food preservative segment across the globe. The natural bio-based feedstock used to make green ethanol will be used in the product's manufacturing process. When it comes to food preservation needs, it will offer a more healthful choice than acetic acid made from petroleum.

Prominent enterprises in the acetic acid sector are strategically investing in the production of bio-based acetic acid, aiming to curtail carbon emissions and gain a competitive advantage within the market. This investment involves directing resources, capital, and substantial research and development endeavors toward the manufacturing of acetic acid derived from renewable sources like agricultural waste, forestry residues, and cellulosic materials. For instance, in May 2023, Sekab, a Swedish green chemical enterprise, unveiled an expanded production line dedicated to bio-based acetic acid, envisioning a reduction in carbon emissions by up to 50%. Their primary product, Acetic Acid Pure, stands as a significant milestone in sustainability efforts. This product boasts a 100% physical bio-based composition, allowing businesses to notably decrease their carbon dioxide emissions. Sekab's Acetic Acid Pure has undergone extensive certification in adherence to ISCC+ requirements, ensuring exclusive sustainability and traceability. Notably, the production facility responsible for this zero unexpected downtime product is renowned for its expertise in bio-based chemical production. Sekab's recent investments in enhanced production capabilities are poised to facilitate larger and faster deliveries.

In a significant move in January 2021, INEOS Group Limited, a UK-based specialist in specialty chemicals, oil products, and petrochemicals, acquired BP Plc's global aromatics and acetyls business for $5 billion. This strategic acquisition is instrumental in INEOS Group Limited's strategic aim to fortify its portfolio and broaden its global presence within the aromatics and acetyls sector, offering substantial support to the global polyester industry. BP PLC, another UK-based conglomerate renowned for its provision of fuel, energy, lubricants, and petrochemicals, including acetic acid, was the previous owner of the aromatics and acetyls business acquired by INEOS Group Limited.

Major companies operating in the acetic acid market report are Eastman Chemical Company, LyondellBasell Industries NV, Daicel Corporation, Shanghai Huayi Group Corporation Limited, Celanese Corporation, BP PLC, Saudi Basic Industries Corporation (SABIC), HELM AG, Airedale Chemical Company Limited, Indian Oil Corporation Limited, Wacker Chemie AG, DuPont de Nemours Inc., Mitsubishi Chemical Corporation, Showa Denko K.K., Kingboard Chemical Holdings Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC), Jubilant Life Sciences Limited, China Petroleum & Chemical Corporation (Sinopec), PetroChina Company Limited, Jiangsu Danhua Group Co. Ltd., Chang Chun Group, Chongqing Chuandong Chemical (Group) Co. Ltd., China National Chemical Corporation, Yankuang Cathay Coal Chemicals Co. Ltd., Sinochem Group, Sichuan Vinylon Works, Shandong Yankuang Group Co. Ltd., Sasol Limited, Saudi International Petrochemical Company, Solvay SA, Kuraray Co. Ltd., The Procter & Gamble Company

Asia-Pacific was the largest region in the acetic acid market analysis in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the acetic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the acetic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The acetic acid market consists of sales of acetic acid that is used to produce metal acetates, cellulose acetate and volatile organic esters. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.