Impact of COVID-19 on Acetic Acid Market : Implications on Business

Albany, NY -- (SBWire) -- 04/01/2021 --Acetic acid (Ethanoic acid) belongs to the family of carboxylic acids and is a colorless liquid which possesses a distinctive pungent smell and sour taste. It is classified as a weak acid although its concentrated form is corrosive in nature. Acetic acid is completely miscible in water and many other polar and non-polar solvents. It exhibits properties almost similar to other acids of the carboxylic family other than its unique property of forming ice like crystals, called if in the anhydrous form, a few degrees below the room temperature at approximately 16.6 °C, giving it the name of glacial acetic acid. Acetic acid finds its application as one of the most important chemical reagent in the chemical industry. It is primarily used in the production of cellulose acetate, polyvinyl acetate and in the manufacture of synthetic fibers and fabrics. Apart from its use in the chemical industry it finds major usage in household as a descaling agent food additive and as a condiment.

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Acetic acid produced through methanol carbonylation accounts for almost 75% of the total production globally. Another major production method of acetic acid is by the oxidation of acetaldehyde although its share in production is of negligible significance as compared to the prior mentioned process.

Growing demand for vinyl acetate monomer (VAM) coupled with increasing demand for purified terephthalic acid (PTA) and ethyl acetate are the major factors driving the global market for acetic acid. Gradual upheaval of economies from economic depression has led to many technological changes, which have brought down capital requirements to a huge extent and have improved the profit margin for companies involved in the manufacturing of acetic acid. Incessant improvements in technology and focus on process improvement are further driving the growth of global acetic acid market.

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Vinyl acetate monomer (VAM) emerged as the leading application, with over 30% of the global acetic acid consumption in 2011. Growing end-use industries such as adhesives and sealants are expected to fuel the acetic acid market growth. VAM was followed by Purified terephthalic acid (PTA) which is expected to be fastest growing market at an estimated CAGR of 5.4% in the next six years. Nearly the entire PTA produced globally is consumed in the manufacturing polyester fiber and polyethylene terephthalate (PET) that is further used in bottles and other packaging materials. Other key applications including food, pharmaceuticals, etc. together accounted for least share and are expected to grow at a lower growth rate compared to major applications, in the coming future.

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China led the global acetic acid market with 36.2% of the total consumption in 2011. Strong economic growth and rapid industrialization in China is expected to boost the acetic acid market in the coming future. North America and Europe are saturated market and hence are expected to show moderate growth rate in the next six years. The growth in Europe would be supported only by increasing demand from the emerging economy of Russia and other Eastern European countries, where rapid industrialization is taking place. Rest of the world includes countries from Latin America, Middle East and Africa, which together accounted for approximately 6% of the total demand for acetic acid in 2011.

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