Acetic Acid Market Size By Application (Vinyl Acetate Monomer [VAM], Purified Terephthalic Acid [PTA], Acetate Esters, Acetic Anhydride), Bio-based Acetic Acid (Industry Scope, Technology Insights, Commercialization, Addressable Market Potential), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: May 2017 | 118 Pages | Report ID: GMI1594 | Authors: Kiran Pulidindi, Hemant Pandey Report Format: PDF
Acetic Acid Market size was over USD 8.6 billion in 2016 and is estimated to witness a growth of 8.7% over the projected time span.
Europe Acetic Acid Market size, by application, 2013 - 2024 (USD Million)
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Acetic acid acts as an intermediary for formulating coatings, greases, polyester, and sealants that have applications in diversified industries such as electronics, automotive, textiles, and packaging. Increasing trend amongst youngsters for fashionable apparels and superior quality fabrics produced by mills is augmenting the textile industry.
Purified terephthalic acid (PTA) market will boost in coming years owing to its usage in polyethylene terephthalate (PET) bottles. These bottles are gaining a wide acceptance in the medical and consumer goods market due to their recyclability and lightness. PET material has a competitive edge over its counterpart glass as the former protects the inside chemical or material from reacting with sunlight. Further, PET is used in the manufacturing of medical devices due to its low reactivity with chemicals and other drugs. Increasing respiratory & cardiac diseases and growth of aging population have led to the development of innovative medical devices, resulting in the surge of the acetic acid market.
Bio-based chemicals are gaining acceptance as these can act as a complete replacement for fossil based feedstocks. Product synthesis with bio-based materials is also gaining momentum. Bio-based acetic acid may be manufactured by fermenting corn starch., sugar for ethanol etc. Manufacturers are scouting for bio-based pathways for better understanding of the relative costs of manufacturing the product from biomass as compared to petroleum-based feedstocks.
There are certain limitations associated with acetic acid such as lower compatibility with quarts, reduced performance in lower temperature, corrosive to metals, and irritation to skin. It also has an acidic odor. Further, acidic acid is formulated mainly by methanol, and wavering prices of methanol can result in the fluctuating cost of the product. These factors can hinder acetic acid market in future.
Acetic Acid Market, By Application
Vinyl Acetate Monomer (VAM) contributes significantly in the application segment of the acetic acid market. It is consumed widely in making a number of resins and polymers for textiles, films, paints, coatings, adhesives, and other such products. The biggest derivative of VAM is polyvinyl acetate (PVA) that is extensively used for adhesion of substrates such as metals, plastic films, wood, and paper. Its usage is also increasing in manufacturing polyvinyl alcohol (PVOH), that has applications in photosensitive coatings, thickeners, and packaging films.
Purified terephthalic acid (PTA) is another application contributing to over 25% in terms of volume in the global acetic acid market. It has applications into polyester production such as polyester films, polyethylene terephthalate (PET) resin, and polyester fiber. PTA is replacing dimethyl terephthalate (DMT) in many polyester grades that are used in food & beverage containers and textiles.
Acetic Acid Market, By Region
Asia Pacific had witnessed a surge in the demand of acetic acid in recent years. The development of manufacturing industries in Indonesia, Laos, Thailand, Cambodia, Vietnam, Japan, and India has boosted the market for acetic acid in the region. Thriving construction industry owing to infrastructural development in commercial and residential sectors is enhancing paints & coating industry. Asia Pacific will register an above average growth rate till 2024 in the acetic acid market.
Frozen food, especially meat has a healthy market in European countries such as Germany, Spain, and Italy. Acetic anhydride is used as a preservative in these food products to enhance the shelf life and to keep them fresh. Structural adhesives are extensively used in bonding automobile components for high-end vehicles. Germany has been a hub of automobiles from last few decades with giants such as Audi, BMW, Mercedes-Benz, Porsche, and Volkswagen. These favorable factors made the region a considerable contributor in the global acetic acid market.
North America has a decent market of acetic acid with a consumption of over 1,900 kilotons in 2016. The U.S. had always been popular for pharmaceutical industries with the presence of major companies such as Gilead Sciences, Johnson & Johnson, Pfizer, Roche, Novartis, and Actavis. Along with pharma drugs, these companies are advancing in medical devices sector. Polyethylene terephthalate (PET) is increasingly being adopted in medical devices and saline bottles for its benefits of being lightweight and recyclable. PET material is made up of purified terephthalic acid (PTA), an application of acetic acid.
Competitive Market Share
The acetic acid market is moderately fragmented due to numerous manufacturers entering the market from past few years. Major formulators include Wacker Chemie, Saudi International Petrochemicals, DuPont, Eastman Chemical Company, Jiangsu Sopo (Group) Co., Ltd., British Petroleum, Celanese Corporation, Mitsubishi Chemical Corporation, Daicel Corporation, GNFC Limited, HELM AG, LyondellBasell Industries N.V., PetroChina, and Sinopec.
Eastman Chemical Company, Jiangsu Sopo (Group) Co., Ltd, British Petroleum, and Celanese Corporation have contributed significantly to the production and will maintain their dominance in the market. The market is witnessing the trend of mergers & acquisitions. For instance, Eastman Chemical acquired Sterling Chemicals in 2011. Saudi International Petrochemical Company has plans to purchase equities of various companies such as International Vinyl Acetate Company, International Acetyl Company, and Ikarus Petroleum Industries Company. In 2010, Wacker Chemie announced that it is exploring bio-based acetic acid manufacturing route and has developed a fermentation-based process and plans to license the technology.
Acetic Acid Industry Background
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Acetic acid is produced majorly by methanol carboxylation process accounting for 65% of the global production of this product. It was previously formulated by ethanol’s aerobic fermentation. Ethanol was dehydrogenated catalytically or oxidized to acetaldehyde that in turn was oxidized to acetic acid. Companies are now exploring advanced technologies for manufacturing of this product. For instance, Celanese is experimenting with a biocatalytic production route in collaboration with the company Diversa Corporation. Vinegar is a dilute solution of the compound formulated by oxidation and fermentation of natural carbohydrates. The solution is as dilute as 5% by volume. Acylal, ester, or salt of the product is known as acetate. The compound is used in manufacturing metal acetates, which is used in printing processes.
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