Acetic Acid Market is Growing at a Healthy CAGR of 7.85% from 2021 to 2028

The global acetic acid market is anticipated to reach USD 18.27 billion by 2028, at a CAGR of 7.85% from 2021 to 2028.

NEWARK, UNITED STATES, NEW JERSEY, October 27, 2021 /EINPresswire.com/ — As per the report published by The Brainy Insights, the global acetic acid market is expected to grow from USD 10.25 billion in 2020 to USD 18.27 billion by 2028, at a CAGR of 7.85% during the forecast period 2021-2028. The Asia Pacific region led the global acetic acid market with a market value of USD 5.59 billion in 2020. Textile industry is one of the prime consumers of acetic acid in the region, propelling the demand for acetic acid. In addition to this, China is the world’s largest producer of acetic acid. The European regional market is projected to register the highest growth during the forecast period due to the rising consumption of vinegar.

Major players in the global acetic acid market are Mitsubishi Chemical Corporation, Wacker Chemie, GNFC Limited, Saudi International Petrochemicals, DuPont, Eastman Chemical Company, Daicel Corporation, Jiangsu Sopo (Group), and LyondellBasell among others. For instance, in August 2018, BP and Eastman Chemical Company announced that both companies had signed an agreement, in which BP will take over sales and marketing of US acetic acid made by Eastman Chemical.

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The form segment is divided into a liquid and solid form. The liquid form segment led the acetic acid market with a market share of around 70% in 2020, due to increasing demand for liquid form acetic acid, as it has many applications such as industrial use, medicinal uses, household, and food industry. The manufacturing process segment includes synthetic route and biological route. The synthetic route segment accounted for the largest market share of 81.6% in 2020, as it is an extensively use method for the production of acetic acid. The application segment includes vinyl acetate monomer, purified terephthalic acid, acetate esters, acetic anhydride, and other applications. The vinyl acetate monomer held the major market share and valued at USD 3.69 billion in 2020. The growing demand for vinyl acetate monomer in adhesive and coatings application across the globe is likely to fuel the growth of vinyl acetate monomer segment.

The end-user industry segment is divided into plastics and polymers, food and beverage, inks, paints and coatings, chemicals, and others. Paints and coatings segment is anticipated to grow at the highest CAGR of 8.2% over the forecast period. Increasing demand for paints and coating in automotive and commercial buildings across the globe driving the market growth over the forecast period.

Rapid expansion of the textile industry is one of the key factors driving the growth acetic acid market. Globally, the textile industry is witnessing the high growth, owing to an increased standard of living, rising income levels in the developing countries, and changing fashion trends and customer preferences. Textile industry uses a variety of chemicals that are made using acetic acid. However, fluctuating raw material prices and highly corrosive nature of the acetic acid market, are anticipated to limit the market growth.

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Source: EIN Presswire