Global acetic acid market is expected to reach USD 13.65 by 2021, growing at a CAGR of around 8.5% during 2016 and 2021
Sarasota, FL -- (SBWIRE) -- 02/14/2017 -- Zion Market Research has published a new report titled "Acetic Acid Market for VAM, Acetate Esters, Acetic Anhydride, PTA and Other Application: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 - 2021." According to the report, the global acetic acid market accounted for USD 8.37 billion in 2015 and is expected to reach USD 13.65by 2021, growing at a CAGR of around 8.5% between 2016 and 2021.
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Acetic acid also known as ethanoic acid is a colorless liquid. Acetic acid has a distinctive sour taste and strong pungent smell. Acetic acid is commonly known as vinegar, which is dilute acetic acid. It is traditionally used for pickling of vegetables and as a food preservative. Acetic acid is an important chemical reagent and industrial chemical.
The market growth of global acetic acid market has been accelerated by rising demand for vinegar owing to numerous health benefits associated with it. Increasing consumption of PTA in the textile industry for polyester manufacturing coupled with increasing demand of VAM which is used as a precursor is expected to propel the growth of the acetic acid market in coming years. Furthermore, growing textile & packaging industry is expected to fuel the growth of the acetic acid market. In addition,being a chemical reagent and industrial chemical,it is used in the production of cellulose acetate for photographic film, while polyvinyl acetate for synthetic fibers and fabrics.However, volatile prices of methanol and mature market of acetic anhydride may restrict the growth of the market.Nonetheless,increasing demand for industrial application is likely to open growth opportunities for the market in the near future.
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Based on application, PTA(Purified Terephthalic Acid), acetate esters,acetic anhydride,VAM (Vinyl Acetate Monomer) and other are the major application of acetic acid.Vinyl acetate monomer (VAM) was the largest application segment for the market accounting for more than 30% of global acetic acid consumption in 2015.The growth of VAM is driven by usage of VAM in sealants and adhesive industry. Ester solvent is the 2nd largest application area in term of consumption. However, PTA is projected to witness the fastest growth due to an increasing demand for polyester from the textile and packaging industries.
Based on Geography,Asia Pacific is the biggest consumer of acetic acid due to the emergence of manufacturing hubs in China, India, and other Asian countries.China holds the largest share in term of production.The demand for acetic acid in China market is anticipated to grow at a CAGR of 5.5% in term of consumption.The European and North American markets are comparatively below average growth due to maturity of the market.
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Some of the key players include in the acetic acid market such asEastman Chemical Company, Jiangsu Sopo Co. Ltd, Kingboard Chemical Holdings Ltd, LyondellBasell Industries N.V., BP Plc, SABIC, Sasol, PetroChina, Daicel Corporation, Celanese Corporation and among others.
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