Acetic acid also finds major usage in household as food additive and condiment. Growing food demand on account of increasing population is anticipated to have positive impact on synthetic adipic acid market over the next six years. Vinyl acetate monomer and PTA are the major application segments of acetic acid. Purified Terephthalic Acid (PTA) is primarily used in PET manufacturing. Growing PET demand in bottle packaging industry is expected to influence the acetic acid market over the next six years. South Asia is the major PET bottle market owing to growing demand from packaging industry. This trend is expected to drive the regional Acetic Acid Market over the foreseeable period.
According to a recent study conducted by Hexa Research, global acetic acid market will be valued at more than $13 billion in 2022. Growing demand for applications like Purified Terephthalic Acid (PTA) and Vinyl Acetate Monomer (VAM) will contribute to this growth. PTA is increasingly being consumed for manufacturing polyester, which is an important constituent of the textile and packaging industries. PTA is expected to witness the fastest growth with a CAGR of more than 4.9% from 2015 to 2022. The total global acetic acid demand for PTA was more than 2,450 kilo tons in 2014, which is likely to rise to more than 3,750 kilo tons in 2020
Hexa Research identifies Celanese, BP, DuPont, Eastman Chemicals, BASF, Wacker Chemie and Jiangsu Sopo (Group) Co., Ltd., among others, to be the key participants in the global acetic acid market. The industry showcases a fragmented nature with several manufacturers operating at varied levels of capacities
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VAM is utilized in the manufacture of chemicals like EVA and EVAC. There is growing consumption of these chemicals in the solvents and adhesives industry, leading to rising demand for VAM. Demand for acetic acid in VAM was more than 3,500 kilo tons in 2014. This application segment is expected to grow at a CAGR of more than 3.9% from 2015 to 2022. VAM will be increasingly demanded by developing economies like China, India and Brazil, consequently leading to growth of acetic acid market in future.
Hexa Research observed that China led the global acetic acid market in 2012 with a share of more than 39% of volumes. A strong manufacturing base and possible expansion of the same in future will contribute to China retaining its market leadership. Asia Pacific followed China in terms of market share, with key demand emerging from India and Japan. The acetic acid industry in Asia is likely to grow at a CAGR of more than 10% from 2015 to 2022.
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