Global Acetic Acid Market Report and Forecast 2024-2032

Global Acetic Acid Market Outlook

The global acetic acid market size attained a value of approximately USD 23.23 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 5.10%, reaching a value of around USD 36.36 billion by 2032.

The versatility of acetic acid and the growing use of various chemicals in industries worldwide is driving the growth of the acetic acid market. The usage of acetic acid in in numerous high growth industries such as food and beverages, plastics and polymers, and pharmaceuticals is leading to a heightened demand for acetic acid. The production of paints and coatings commonly uses vinyl acetate monomer, which also contains high-purity acetic acid as one of its ingredients, thereby fuelling the high-purity acetic acid market growth. Multiple key players in the market are investing in research and development activities and seeking expansion, resulting in increased competition in the market for acetic acid.

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Increasing Demand for Vinyl Acetate Monomer to Augment the Acetic Acid Market Growth

Vinyl acetate monomer (VAM), an intermediate in the production of a range of chemical derivatives, is one of the most rapidly growing application areas of acetic acid, accounting for a majority of its total global consumption. Vinyl acetate monomer is widely utilised in paint and coating formulations. In the paints industry, VAM is polymerised to obtain polyvinyl acetate or other polymers that serve as essential ingredients in the sector.

Global Acetic Acid Market Share by Region

On a regional level, China currently represents a leading market for acetic acid. The growing penetration of polymer manufacturers in the country has been contributing to the growth of the market. Furthermore, as acetic acid has applications across an array of industries including paints and coatings and chemicals, rapid industrialisation and urbanisation observed in China are likely to add to the growth of the acetic acid global market. The country is witnessing increasing government investments in the construction sector, along with the expansion of multiple manufacturing projects, which is expected to enhance acetic acid demand across major domains in the forecast period.

Meanwhile, the North America acetic acid market is expected to witness significant growth owing to the increase in acetic acid production in the region. The use of acetic acid in the meat industry has significantly increased and has emerged as one of the region's most important application sectors.

Acetic Acid Market Segmentation

Acetic acid (CH3COOH) is an organic chemical compound which gives a sour taste and has a pungent smell like vinegar. It occurs as both free and combined, in the form of esters of various alcohols in many plants and has also been detected in animal secretions. It is an important chemical reagent and industrial chemical used in the manufacturing of various other chemicals that serve a number of industries such as textiles, inks, rubbers, and plastics, among others.

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Based on application, the market is segmented into:

• Vinyl Acetate Monomer (VAM)

• Purified Terephthalic Acid (PTA)

• Anhydride

• Ethyl Acetate

• Butyl Acetate

On the basis of end use industry, the market is divided into:

• Plastics and Polymers

• Food and Beverages

• Inks, Paints, and Coatings

• Chemicals

• Pharmaceuticals

• Others

The regional markets for acetic acid include China, North America, Western/Eastern Europe, North East Asia, South East Asia and the Middle East and Africa.

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Acetic Acid Market Analysis

Vinyl acetate monomer, which is responsible for a majority of the consumption of acetic acid, is witnessing an increased demand in industrial and cosmetics manufacturing sectors. Thus, the rapid growth of the cosmetics sector is, in turn, contributing to the rising demand for acetic acid. Further, in its diluted form, acetic acid is often utilised in the household sector as a descaling agent, while it is widely used as a key ingredient in the form of a chemical reagent to produce cellulose acetate in the industrial sector.

Acetic acid is also used as a condiment and acidity regulator in the food industry. As the chemical acts as a hydrophilic substance in its liquid form, it is suitable for a wide array of applications. In the forecast period, the use of new technology by leading market players to enhance their production capacities and formulate new product lines to expand the consumer base is expected to aid the market growth of acetic acid.

Key Players in the Global Acetic Acid Market

The report gives a detailed analysis of the following key players in the global acetic acid market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• British Petroleum

• Celanese

• Jiangsu Sopo

• Chang Chun Group

• Daicel Corporation

• Eastman Chemical Company 

• LyondellBasell Industries Holdings B.V

• Mitsubishi Chemical Corporation.

• Svensk Etanolkemi AB (SEKAB)

• INEOS Group Holdings S.A

• Global Chemical Resources

• Altiras Chemicals LLC

• Saudi Basic Industries Corporation

• Anant Pharmaceuticals Pvt. Ltd. 

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model and SWOT analysis.

Key Highlights of the Report