The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the global acetic acid market. In addition, complete analysis of changes on the global acetic acid market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. Rapid spread of covid virus has been largely impacted almost every industry and it has also impacted the global chemical industry as well, which has caused a major loss to the acetic acid market as well. After the covid outburst in most of the part of globe, regulatory bodies worldwide imposed lockdown so that the spread of corona virus can be restrained restriction due to which the supply chain got restricted which restricted the import of raw material and affected the supply of raw materials for manufacturing processes which negatively impacted the market for acetic acid. Also, China being one of the largest manufacturers of chemicals also faced several losses, according to a report released by National Bureau of Statistics of China in April 2020, the chemical manufacturing in China slumped by around 20% while profits declined by 66%, as compared to year 2019. Also, several industries like paints & coating, plastic, textile and several other industries as the stores remained closed for temporary basis, and sales also decreased which has affected the market share for the acetic acid market. However, as the lockdown has been lifted up, and many of regulatory bodies are taking steps to overcome from the ill effects are likely to help this market to grow further.
The acetic acid market is witnessing tremendous growth during the forecast period 2022-2028. As the people across the globe are getting more aware about the environmental issues, and a great emphasis has been made on the eliminating carbon emission through road transportation, the demand for Electrical Vehicles (EVs) has been surged rapidly. Also, many of the regulatory bodies are promoting the use of EVs, according to a report released by the International Energy Agency (IEA), more than 3 million vehicles were registered in the year 2020. Thus, with growing demand of the EVs, production of EVs is also growing rapidly, which has created demand for acetic acid, since it is widely used in the paint and coating of these vehicles. Moreover, it is expected that, in coming years, as the EVs are getting widely popular many of the giant automotive manufacturers are also moving towards producing Electric Vehicles, which is expected to drive the market share for the acetic acid during the forecasted period.
In recent years, as the population is increasing at a rapid pace, and domestic income is growing at a rapid pace, there has been a great scope for the growth of construction industry. Also, in developing countries such as China, India, etc. as the globalization is taking place and urbanization is increasing at a drastic rate, the growth rate of construction has been also surged, which is likely to create the demand for the acetic acid as well. Since, acetic acid is used in many of the construction products, such as paints & coating, thinners, glues, etc. Also, in the last few years house renovation has been also increased, which is likely to create the demand for the paint & coating, and it ultimately creates an opportunity for the acetic acid market to grow further.
Acetic acid market is growing at a rapid pace, but still one of the major reasons which hinders the growth of this market is, the high level of acetic acid may cause adverse impact on health. Since, breathing vapors with high levels of acetic acid can cause irritation of eyes, nose and throat, cough, chest tightness, headache, fever and confusion. In serious cases damage to the airways, a fast heart rate and eye damage can occur. Also, People with breathing problems such as asthma may be more susceptible to the effects of inhaling acetic acid. This is because higher levels of acetic acid can cause irritation of airways leading to chest tightness, wheezing and breathlessness, thus certain health issues restraint the growth of acetic acid.
The key challenge which acetic acid market is facing is the ill effects of acetic acid on the environment, since n high concentrations it can be harmful to plants, animals and aquatic life. Thus, as the environmental awareness is increasing rapidly across the globe, the demand for the acetic acid is likely to decrease which creates a great challenge for the acetic acid market to overcome.
The report provides in-depth analysis of global acetic acid market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing popularity of acetic acid among various end-users has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2028.
The acetic acid market is bifurcated into application, end-users and geography.
The global acetic acid market is market is studied for various applications such as Vinyl Acetate Monomer (VAM), Purified Terephthalic Acid (PTA), acetate esters, and acetic anhydride. Among all the applications of the acetic acid market, Vinyl acetate monomer (VAM) has been considered as the dominating application for the market, since it is highly used in various industry which include paints and coatings, textile, and adhesives and sealants. Also, as the paints and coating industry is growing at a rapid pace, supported by growing construction industry is likely to drive the demand for VAM in the coming years, also demand for PAT is likely to grow further as it works as a carrier in the paint industry.
On the basis of end-users, global acetic acid market is market is studied for plastics and polymers, food and beverage, adhesives, paints and coatings, textile, medical, and others. Acetic acid is widely used in the paints and coating industry, owing to the various benefits associated with it which majorly include its high solubility for coating, acetic acid is somewhat less corrosive and blush resistant. Also, with growing construction and automotive industry, paint and coating industry is also growing at a rapid pace, which is highly contributing in the growth of acetic acid market as well.
The report analyses various geographical regions such as North America, Europe, Asia Pacific and Rest of the World. Based on Geography, Asia-Pacific region is expected to hold the largest share in the market, since this is region which is comprising of countries like India, China and Japan; which are recognized as the fastest developing nations across the globe. In this region, as the commercialization is taking place and globalization is growing rapidly, the construction sector is witnessing a rapid growth, which has increased the demand of acetic acid. Moreover, China has been widely recognized as one of largest manufacturers and exporters of the acetic acid, across the globe. Also, other growing industries such as food & beverages, textile, etc. are driving demand for acetic acid in this region.
The acetic acid system market is witnessing high competition owing to presence of many major players in the market. The key companies operating in the acetic acid system market are catering to the demand by collaborating, innovative, acquiring small players and investing in a technologically advanced product portfolio across the globe.
The key players studied in market are BP PLC (UK), Celanese Corporation (US), Chang Chun Group (China), China Petrochemical Corporation (China), Chiyoda Corporation (Japan), Daicel Corporation (Japan), Eastman Chemical Company (US), GNFC Limited (India), Kanoria Chemicals & Industries Ltd (India), Kingboard Holdings Limited (China), LyondellBasell Industries Holdings BV (Netherlands), Mitsubishi Chemical Corporation (Japan), PetroChina Company Limited (China), SABIC (Saudi Arabia), SASOL (Saudi Arabia), Shandong Hualu-Hengsheng Chemical Co. Ltd (China), Showa Denko K.K. (Japan), Sipchem, Svensk Etanolkemi AB (SEKAB) (Saudi Arabia), Wacker Chemie AG (Germany) and Yankuang Group (China).
April 2022: Jubilant Ingrevia Limited has announced the commissioning of its new Green Ethanol based food-grade Acetic Acid plant at its manufacturing unit in India. The plant is designed to meet the highest standards of product certifications like FSSAI, ISO 22000, Kosher, Halal, FCC Codex, etc.
January 2019: Lotte BP Chemicals, a joint venture between South Korea’s Lotte and UK energy and chemicals group BP, announced to expand capacity for acetic acid at Ulsan, South Korea. Investment costs are expected to be $175 million.
January 2019: Celanese Corporation which is a global chemical and specialty materials company, announced that it will initiate the reconfiguration of its global acetic acid production network through multiple value creation steps.
The acetic acid market is growing at rapid pace, owing to various factors such as increased use of acetic acid in the application like paints and coating. As the automotive industry is growing at a rapid pace, it is also helping to boost the acetic acid market, which is contributing in the growth of acetic acid market as well. The global acetic acid market is market is studied for various applications such as Vinyl Acetate Monomer (VAM), Purified Terephthalic Acid (PTA), acetate esters, and acetic anhydride. On the basis of end-users, global acetic acid market is market is studied for plastics and polymers, food and beverage, adhesives, paints and coatings, textile, medical, and others.
1) What are the major drivers and opportunities in the Acetic acid market?
Ans: Growing paint and coating industry is likely to augment the demand for acetic acid.
2) What are the major strategies adopted by the key players?
Ans: Product launches and deals such as acquisitions, partnerships and agreements are the major strategies adopted by the key players of acetic acid market.
3) Which region contributes to the largest market share in Acetic acid market during the forecast period?
Ans: Asia-Pacific contributes the largest market share in acetic acid market during the forecast period.