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Acetic Acid Market - Growth, Trends, and Forecast (2019 - 2024)

Acetic Acid Market - Growth, Trends, and Forecast (2019 - 2024)

  • December 2019
  • 194 pages
  • ID: 5865821
  • Format: PDF
  • By Mordor Intelligence LLP

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Market Overview
The market for acetic acid is expected to expand at a CAGR of more than 4.30% during the forecast period of 2019-2024. Major factors that drive the market studied include growing textile and packaging industry and increasing use of ester solvents in the paints and coating industry.

- Saturation of demand for acetic acid in the developing countries is expected to hinder the growth of the market studied.
- Development of new separation technologies to increase production efficiency is expected to act as an opportunity in the future.

Key Market Trends
Vinyl Acetate Monomer (VAM) to Dominate the Market

- Vinyl acetate monomer is a chemical building block used for a wide variety of industrial and consumer products. Polyvinyl acetate is used in the production of paints and coatings and adhesives, for flexible substrates, as well as for sizing the polyester fiber-fill insulation textiles.
- VAM is a key raw material in the manufacturing of water-based adhesives, which accounts for significant use in the global adhesives and sealants market.
- Vinyl acetate monomer (VAM) dominated the market for acetic acid in 2018. It accounted for over 30% of the total market in terms of volume, owing to the extensive use of VAM in the paints and coatings, textile, and adhesives and sealants market.
- Furthermore, the increasing demand from Asia-Pacific is expected to boost the demand for acetic acid, during the forecast period.
- In Europe, Germany represents the largest market for VAM. In terms of volume, the country accounted for more than 32% of the total consumption in Europe, owing to the strong and steady textile and packaging market.
- Therefore, the increasing demand of VAM in various regions is expected to increase the demand for acetic acid over the forecast period.

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 the strong industrial base of the region.
- Furthermore, factors such as increasing population and improving economic condition (such as rising GDP and disposable income of the people), drive the market in the region and boosting the manufacturing sector.
- China is the largest market for VAM worldwide. In terms of volume, the country accounted for more than 30% of the global consumption. This large share is because of the strong and steady textile and packaging market of China.
- Furthermore, the local market provides an ample amount of opportunities for local vendors to invest in the market.
- The Asia-Pacific is estimated to have the highest growth in the market during the forecasted period, owing to its extensive growing demand for industrial fabrics.

Competitive Landscape
The acetic acid market is consolidated. The major companies include BP PLC, Celanese Corporation, Eastman Chemical Company, PetroChina Company Limited, and Daicel Corporation, among others.

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