[Online Quarterly Update]Global acetic acid demand stood at around 11.9 million tons in 2020 and is projected to grow at a healthy CAGR of 4.83% during the forecast period. Acetic acid is a colourless, liquid organic compound with a distinctive odour, sour taste, and smell. Acetic acid is produced industrially via two routes which are methanol carbonylation, and ethylene oxidation. Methanol carbonylation is the preferred route oven ethylene oxidation. Major technology licensors for acetic acid production technologies include British Petroleum, Celanese, Eastman, and LyondellBasell. Acetic acid is largely used to manufacture vinyl acetate monomer (VAM) which accounts for almost 34% of the global consumption. Other applications of acetic acid include purified terephthalic acid (PTA) which consumes 23% of acetic acid and is the fastest growing segment among all the applications of acetic acid. Ethyl acetate with 20% of the consumption and acetic anhydride with 9% of the consumption and others having 14% of the consumption are the remaining application areas for acetic acid. Major end uses for acetic acid include plastics and polymer, food and beverage, adhesives, paints and coatings, pharmaceuticals, and others. Growing demand of end use industries such as plastic and polymer, food and beverage etc. is expected to drive the demand of acetic acid during the forecast period. Various production capacity additions by companies globally including the Eastman Chemical Company which expanded its acetic acid production capacity from 545 KT to 600 KT in 2018, Shanghai Wujing Chemical which increased its capacity from 600 KT to 700 KT in 2017 are expected to provide opportunities for demand growth during the forecast period.
Owing to the impact of COVID-19, acetic acid demand has declined drastically due to nationwide lockdowns and subsequent disruptions in supply chains. Construction and infrastructure sectors were the most severely hit sectors during the pandemic which had an impact on polymer, paints, coatings and adhesives industry which have application of acetic acid.
Region wise, Asia Pacific region holds the major share of global demand for acetic acid due to growing demand for plastics and polymers from various sectors such as household, construction, automotive etc. with China being the hub of polymers and plastics, many companies have set up manufacturing plants in China which is the reason for increasing capacity in Asia Pacific. Increasing population and per capita income in emerging economies is another factor propelling demand growth for acetic acid in Asia Pacific.
Years considered for this report:
Historical Period: 2015-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022–2030
Objective of the Study:
•To assess the demand-supply scenario of acetic acid which covers production, demand and supply of acetic acid market globally.
•To analyse and forecast the market size of acetic acid.
•To classify and forecast global acetic acid market based on technology, end-use and regional distribution.
•To identify drivers and challenges for global acetic acid market.
•To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global acetic acid market.
•To identify and analyse the profile of leading players involved in the manufacturing of acetic acid.
Major players for acetic acid globally include Jiangsu Sopo (Group) Co.Ltd,, Shanghai Wujing Chemical, Yankuang Cathay Coal Chemicals Co.Ltd., Henan Shunda Chemical Technology Co, Assam Petrochemicals, Indian Oil Corporation, DuPont, Eastman Chemical Company, Celanese Corporation, LyondellBasell, Sasol, and Others.
To extract data for global acetic acid market, primary research surveys were conducted with acetic acid manufacturers, suppliers, distributors, wholesalers and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end user segments and projected a positive outlook for Global acetic acid market over the coming years.
ChemAnalyst calculated acetic acid demand globally by analyzing the historical data and demand forecast which was carried out considering imported acetic acid, prices, materials used for production of acetic acid. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Acetic acid manufacturers and other stakeholders
•Organizations, forums and alliances related to acetic acid distribution.
•Government bodies such as regulating authorities and policy makers
•Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as acetic acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, global acetic acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market, by End Use
Plastics and Polymer, Food and Beverage, Adhesives, Paints and Coatings, Pharmaceuticals
12.7.4.Argentina Acetic acid Demand-Supply Scenario, 2015-2030, By Volume
12.7.4.1.Demand
12.7.4.2.Supply
12.7.4.3.Gap
12.7.5.Argentina Acetic acid Demand Outlook, 2015-2030, By Volume
12.7.5.1.By Application
12.7.5.2.By End Use
12.7.5.3.By Sales Channel
12.7.5.4.By Company Share (At least top 3 companies’ market share)
12.7.5.5.By Region
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Plastics and polymers is the major end use industry of acetic acid.
Q2.
Which region holds the maximum demand share in the Global acetic acid market as of 2020?
Ans:
Asia Pacific holds the major demand share of acetic acid due increasing demand of plastic and polymers industry.
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