Growing Applications in Textile Industry to Drive the Acetic Acid Market

 
acetic acid market 

The global acetic acid market is estimated to be valued at US$13.34 billion in 2022 and is expected to exhibit a CAGR of 9.7% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Acetic acid is a versatile chemical compound used in various industries such as textiles, food and beverages, pharmaceuticals, and plastics. It is primarily used as a raw material for the production of vinyl acetate monomer (VAM), which finds application in the production of adhesives, coatings, and paints. Its properties such as high solvency, low toxicity, and low vapor pressure make it an ideal chemical for these applications. The demand for acetic acid is driven by the growing textile industry, where it is used as a dyeing and finishing agent due to its ability to impart vibrant colors and improve fabric quality. Additionally, the rising demand for VAM in the construction and automotive sectors further contributes to market growth.

Market Key Trends:
One key trend shaping the acetic acid market is the increasing use of bio-based acetic acid. With growing environmental concerns and the need for sustainability, manufacturers are shifting towards bio-based acetic acid derived from renewable resources such as biomass, which reduces the carbon footprint. Bio-based acetic acid offers similar performance characteristics as conventional acetic acid and finds application in various industries. Furthermore, government initiatives promoting the use of bio-based chemicals and the implementation of stringent regulations on traditional acetic acid production drive the adoption of bio-based alternatives in the market.

In conclusion, the acetic acid market is expected to witness significant growth driven by the textile industry and the increasing demand for VAM. The shift towards bio-based acetic acid presents opportunities for sustainable alternatives in
Segment Analysis:

The acetic acid market can be segmented based on application into vinyl acetate monomer, acetic anhydride, ethyl acetate, and others. Among these segments, the vinyl acetate monomer segment is expected to dominate the market during the forecast period. Vinyl acetate monomer is widely used in the production of polyvinyl acetate (PVA) and its various derivatives, such as adhesives, coatings, and films. The increasing demand for PVA-based adhesives and emulsions, especially in the construction and packaging industries, is driving the growth of the vinyl acetate monomer segment. Additionally, the rising construction activities and infrastructure development in emerging economies are also contributing to the dominance of this segment.

Key Takeaways:

The Global Acetic Acid Market is expected to witness high growth, exhibiting a CAGR of 9.7% over the forecast period of 2023-2030. The market size for 2022 is estimated to be US$ 13.34 billion.

In terms of regional analysis, Asia Pacific is projected to be the fastest-growing and dominating region in the acetic acid market. The region's dominance can be attributed to the presence of major emerging economies, such as China and India, which are witnessing significant growth in various end-use industries. The rapid industrialization, urbanization, and infrastructure development in these countries are driving the demand for acetic acid in various applications.

Key players operating in the acetic acid market include Celanese Corporation, British Petroleum, Eastman Chemical Company, Jiangsu Sopo (Group) Co., Ltd., China Petroleum & Chemical Corporation (Sinopec), Lyondell Basell Industries, Saudi Basic Industries Corporation (SABIC), Mitsubishi Chemical Company, PetroChina Co. Ltd., and BASF SE. These key players are focusing on strategies such as mergers and acquisitions, partnerships, and product innovations to strengthen their market presence and expand their customer base.

Overall, the acetic acid market is witnessing significant growth due to the increasing demand from various end-use industries, particularly in the Asia Pacific region. The dominance of the vinyl acetate monomer segment and the presence of key players further contribute to the positive outlook of the market.

Read More:

https://www.marketwebjournal.com/acetic-acid-market-demand-size-and-forecast/

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