Acetic Acid Market Outlook - Supply and Demand Analysis 2024-2032

Acetic Acid Market

Acetic acid, variously known as ethylic acid, ethanoic acid, and others, is a byproduct of fermentation and has vinegar as its characteristic odor. Some of the commercial applications of acetic acid include the production of vitamins, organic chemicals, and antibiotics, and its use as an acidulating agent. It also finds application in textile printing processes.

Global Supply/Demand Outlook

The global acetic acid market stood at a volume of around 15,950 KT in 2023. The market is projected to grow at a CAGR of 3.7% between 2024 and 2032 to reach a volume of about 22,247.18 KT by 2032. The market is supported by the growing demand for acetic acid from various sectors ranging from food and beverages to pharmaceuticals and textiles. Vinyl acetate monomer is the leading application of acetic acid, accounting for approximately 50% of the market share. Further, acetic acid is used as a starting material and solvent in the production of other chemicals and related products like acetic anhydride, cellulose acetate, acetic esters, plastics, dyes, insecticides, rubber, and others.

The global capacity of acetic acid was about 22,000 KT in the year 2023. It is estimated to reach 27,000 KT in 2032. The Asia Pacific region holds the major share of acetic acid capacities, representing more than 75% of the global production capacity, followed by North America. In the coming years, China is expected to witness major capacity additions as the country strives to be self-sufficient and reduce its imports.

The prices of acetic acid are closely related to the availability of raw materials, with methanol serving as the crucial raw material in the production of acetic acid. Over 70% of acetic acid is produced via the carbonylation of methanol. Fluctuations in the supply of methanol and its prices can significantly impact acetic acid production costs.

Key Market Players

Celanese Corporation is the leading acetic acid producer globally. Other major manufacturers of acetic acid are LyondellBasell Industries N.V., INEOS Group Ltd., Daicel Corporation, Mitsubishi Chemical Corporation, SABIC, Chang Chun Group, Daicel Corporation, Eastman Chemical Corporation, Altiras Chemicals LLC, Wacker Chemie AG, Sipchem Company, and GNFC Ltd. Among these, Celanese Corporation, Eastman Chemical Company, LyondellBasell Industries N.V., INEOS Group Ltd., and Daicel Corporation are the top five market players, respectively.

Key Questions Answered in the Report:

• What are the high-growth opportunities and markets for acetic acid by end use and region?

• Which segments and regions are projected to grow at a faster pace and why in the acetic acid market?

• What is the nameplate capacity of acetic acid by region from 2018 to 2032?

• How does the plant capacity utilisation of acetic acid vary by region between 2018 and 2032?

• Who are the major players in the acetic acid market by capacity and region?

• What major plant shutdowns and expansions have occurred in the acetic acid market in the last year and the last quarter?

• What major plant shutdowns and expansions are planned in the acetic acid market over the next year and quarters?

• How did export and import dynamics of acetic acid vary by region in terms of value between 2018 and 2023?

• How did export and import dynamics of acetic acid vary by region in terms of volume between 2018 and 2023?

• What impacts have shutdowns, force majeure events, and plant closures had on demand and pricing of acetic acid?

• What are the environmental considerations and regulatory impacts affecting the acetic acid market?

• What technological innovations are having an impact on the production and application of acetic acid?

• What are the key trends and innovations in the acetic acid market?

• What are the challenges and opportunities faced by acetic acid manufacturers?

• What are the potential risks and barriers to entry for new players in the acetic acid market?

• What strategic investments and expansions have major players made in the acetic acid market?

• How are geopolitical factors and international trade policies affecting the global acetic acid market?

• What are the price trends for acetic acid, and how are they expected to change?

• How does the supply chain of acetic acid operate, and what are its key components?