Acetic Acid Market Size, Segmentation, Opportunities, Trends, Growth and Industry Forecast To 2022 by Credence Research
In terms of revenue in 2014, the global market for acetic acid Market was
calculated to be USD 9,075.0 million and is projected to reach USD 14,784.2
million by 2022, growing at a CAGR of 6.8% from 2015 to 2022. In 2014, in terms
of volume the market demand for acetic acid acid was 12,100.0 kilo tons and is
projected to reach 16,824.2 kilo tons by 2022 at a CAGR of 4.7% during the
forecast period.
Acetic acid is used as key raw
material in manufacturing numerous downstream chemicals such as purified
terephthalic acid (PTA), vinyl acetate monomer (VAM), acetic anhydride and acetate
esters. These chemicals are further used in wide range of end users industries
such as textiles, construction, automobile, pesticides and food ingredients
among others. Rising demand for these chemicals in turn is increasing the
market demand for acetic acid. Fluctuation in the prices of feed stocks and
environmental concerns are major factors restraining the market growth.
Emerging technologies and shift in production towards bio based acetic acid
will provide huge market opportunities in the future.
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In 2014, by application type, vinyl
acetate monomer (VAM) was the largest application segment for the market
accounting for 33% of the global acetic acid consumption. It is projected to
maintain its dominance during the forecast period. Consumption of acetic acid
in the manufacturing of VAM is mainly driven by the rising demand for VAM from
the adhesive and sealant industry. Acetate Esters is the fastest growing
segment of the market driven by the high demand from the coating industry. In
2014, consumption of acetic acid by acetate esters segment was 2,432.1 kilo
tons.
In 2014, Asia Pacific was the largest
and fastest growing market for acetic acid and accounted 60% share of the
market pie in terms of volume and revenue. It is projected to maintain its
dominance during the forecast period. Asia Pacific was followed by North
America with a considerable demand. China is the major consumer of acetic acid
and is projected to maintain its dominance due to rapid industrialization
during the forecast period. Both, Europe and North America market are
comparatively mature market and is projected to witness moderate growth rate.
Companies such as DuPont, British
Petroleum (BP), Celanese, and Eastman Chemicals dominated the market along with
various other manufacturers.
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