Acetic Acid Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Acetic Acid Market is segmented by Derivative (Vinyl Acetate Monomer, Purified Terephthalic Acid, Ethyl Acetate, Ester Solvents, Acetic Anhydride, and Other Derivatives), End-user Industry (Plastics and Polymers, Food and Beverage, Adhesives, Paints and Coatings, Textile, Medical, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa). The report offers market size and forecasts for the acetic acid market in volume in kilo tons for all the above segments.

Market Snapshot

acetic acid market
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >5 %
high-purity acetic acid market trend

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Market Overview

The acetic acid market size was estimated at 16,720 kilo ton in 2021, and the market is projected to register a CAGR of over 5% during the forecast period (2022-2027).

The market was negatively impacted by the COVID-19 pandemic in 2021. The declining automotive industry, along with the temporary shutdown of automotive manufacturing units and various construction projects due to the ongoing uncertain pandemic regulations, declined the usage of adhesives, paints, and coatings, thus creating a negative impact on the demand for acetic acid. Work stoppages due to measures imposed by various government authorities across the world in an attempt to slow the spread of the virus and workforce shortages due to illness and preventative quarantines impacted most of the end-user industries, such as textiles, food and beverage, automotive, and construction, thereby affecting the growth of the acetic acid market.

  • Over the short term, increasing demand for purified terephthalic acid (PTA) from the textile and packaging industry and the growing use of ester solvents in the paints and coatings industry are driving the growth of the acetic acid market.
  • Environmental concerns regarding the harmful effects of acetic acid are hindering the market's growth.
  • The development of new separation technologies to increase the production efficiency of acetic acid is expected to create opportunities for the market in the coming years.
  • The Asia-Pacific region is expected to dominate the market and is also expected to witness the highest CAGR during the forecast period.

Scope of the Report

Acetic acid is a monocarboxylic acid containing two carbons. It is a clear, colorless liquid with a strong, pungent odor like vinegar. Acetic acid can be derived from carbonylation of methanol, oxidation of acetaldehyde and ethylene, and biological method like bacterial fermentation. The acetic acid market is segmented by derivative, end-user industry, and geography. By derivative, the market is segmented into vinyl acetate monomer, purified terephthalic acid, ethyl acetate, acetic anhydride, and other derivatives. By end-user industry, the market is segmented into plastics and polymers, food and beverage, adhesives, paints and coatings, textile, medical, and other end-user industries. The report also covers the market size and forecasts for the acetic acid market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo ton).

By Derivative
Vinyl Acetate Monomer (VAM)
Purified Terephthalic Acid (PTA)
Ethyl Acetate
Ester Solvents
Acetic Anhydride
Other Derivatives
By End-user Industry
Plastics and Polymers
Food and Beverage
Adhesives, Paints, and Coatings
Chemicals
Textile
Medical
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Increasing Applications in the Adhesives, Paints, and Coatings Industry

  • Vinyl acetate monomer (VAM) is used in producing water-based paints, adhesives, waterproofing coatings, and paper and paperboard coatings. The PTA-based polyesters and polyamides are also used in hot-melt adhesives. PTA is even used in paints as a carrier.
  • Acetic acid and Its derivatives are used in the production of adhesives and sealants which are used in the automotive industry. The COVID-19 pandemic had a negative impact on the automotive and its associated industries, including adhesives and sealants, since the whole value chain had been disturbed due to the pandemic. The growth of the market for automotive adhesives and sealants is directly proportional to the growth of the acetic acid market. However, further improvement in safety standards across the world is expected to drive the demand for acetic acid in the coming years.
  • The EV (electric vehicle) industry has been exhibiting high growth in recent years across the world. For instance, according to the International Energy Agency (IEA), new registrations of EV vehicles hit a new record, with over 3 million, in 2020. Since paints and coatings are used in electric vehicle manufacturing, it is anticipated to drive the market for acetic acid in the coming forecast period.
  • Acetic acid and its derivatives are used in many construction products such as paints, thinners, and glues. Increasing construction activities in countries such as China, India, the United States, and Brazil. This factor, in turn, is projected to positively influence the market for end-user products of acetic acid.
  • However, the market for acetic acid is expected to grow globally post-pandemic scenario, as the end-user industries are expected to pick up the pace during the later stage of the forecast period.
high-purity acetic acid market revenue

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific is the largest consumer of acetic acid in the global market. The Asia-Pacific market is anticipated to be the largest market for the textile industry, owing to its strong industrial base.
  • Acetic acid is widely utilized in the production of greases, coatings, polyesters, and sealants, which find extensive applications in numerous industries, such as electronics, automobiles, textiles, and packaging. The extensive growth in these industries represents one of the major factors driving the market growth in the Asia-Pacific region.
  • China is the largest exporter and producer of chemicals in the Asia-Pacific region and globally. The major factor augmenting production is the growing demand from the Chinese chemical industry, coupled with population growth. Chemicals produced by Chinese manufacturers have been exported to more than 100 countries and regions in the world.
  • With the growing global demand for various chemicals, the demand for intermediates, such as acetic acid, from this sector is expected to increase significantly during the forecast period.
  • In 2020, Asia-Pacific’s VAM market volume was around 5.2 million ton, and it is expected to reach approximately 9.079 million ton by 2030, with a growth rate of over 5.7%, which, in turn, will stimulate the demand for the acetic acid market.
  • Due to all such factors, the market for acetic acid in the region is expected to have a steady growth during the forecast period.
high-purity acetic acid market growth

Competitive Landscape

The acetic acid market is fragmented in nature. Some of the major players in the market include Celanese Corporation, INEOS, Jiangsu SOPO (Group) Co. Ltd, LyondellBasell Industries Holdings BV, and Eastman Chemical Company.

Recent Developments

  • In January 2021, INEOS acquired BP’s global Aromatics & Acetyls business, which includes 15 different global production sites and 10 joint ventures, to further strengthen its geographical reach and enhance its product portfolio.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Vinyl Acetate Monomer (VAM)

      2. 4.1.2 Increasing Demand from the Textile and Packaging Industry

      3. 4.1.3 Increasing Use of Ester Solvents in the Paints and Coating Industry

    2. 4.2 Restraints

      1. 4.2.1 Environmental Concerns Regarding the Harmful Effects

      2. 4.2.2 Unfavorable Conditions Arising Due to the Impact of COVID-19

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Import and Export Trends

    6. 4.6 Price Trends

    7. 4.7 Feedstock Analysis

    8. 4.8 Technological Snapshot

  5. 5. MARKET SEGMENTATION (Market Size by Volume)

    1. 5.1 By Derivative

      1. 5.1.1 Vinyl Acetate Monomer (VAM)

      2. 5.1.2 Purified Terephthalic Acid (PTA)

      3. 5.1.3 Ethyl Acetate

      4. 5.1.4 Ester Solvents

      5. 5.1.5 Acetic Anhydride

      6. 5.1.6 Other Derivatives

    2. 5.2 By End-user Industry

      1. 5.2.1 Plastics and Polymers

      2. 5.2.2 Food and Beverage

      3. 5.2.3 Adhesives, Paints, and Coatings

      4. 5.2.4 Chemicals

      5. 5.2.5 Textile

      6. 5.2.6 Medical

      7. 5.2.7 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Celanese Corporation

      2. 6.4.2 Chang Chun Group

      3. 6.4.3 Daicel Corporation

      4. 6.4.4 Eastman Chemical Company or its Subsidiaries

      5. 6.4.5 GNFC Limited

      6. 6.4.6 INEOS

      7. 6.4.7 Jiangsu SOPO (Group) Co. Ltd

      8. 6.4.8 Kanoria Chemicals & Industries Ltd

      9. 6.4.9 Kemipex

      10. 6.4.10 Kingboard Holdings Limited

      11. 6.4.11 LyondellBasell Industries Holdings BV

      12. 6.4.12 Mitsubishi Chemical Corporation

      13. 6.4.13 PetroChina Company Limited

      14. 6.4.14 SABIC

      15. 6.4.15 SASOL

      16. 6.4.16 Shandong Hualu-Hengsheng Chemical Co. Ltd

      17. 6.4.17 Shanghai Wujing Chemical Co. Ltd

      18. 6.4.18 Showa Denko KK

      19. 6.4.19 Sipchem

      20. 6.4.20 Svensk Etanolkemi AB (SEKAB)

      21. 6.4.21 Tanfac Industries Ltd

      22. 6.4.22 Wacker Chemie AG

      23. 6.4.23 Yankuang Group

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Development of New Separation Technologies to Increase the Production Efficiency

**Subject to Availability

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Frequently Asked Questions

The Acetic Acid Market market is studied from 2017 - 2027.

The Acetic Acid Market is growing at a CAGR of >5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

Celanese Corporation, INEOS, Jiangsu SOPO (Group) Co., Ltd., LyondellBasell Industries Holdings B.V., Eastman Chemical Company are the major companies operating in Acetic Acid Market.

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