Acetic Acid Market to reach US$16 billion by 2024, with growing use in chemicals manufacturing and food industry
Selbyville, Delaware, United States, September 18 2020 (Wiredrelease) Global Market Insights, Inc –:One of the most lucrative verticals within the bulk and specialty chemicals space, global acetic acid market size is estimated to exceed an annual valuation of US$16 billion by 2024, with growing use in chemicals manufacturing and food industry.
Acetic acid is an important bulk organic chemical used in the production of purified terephthalic acid (PTA) and vinyl acetate monomer (VAM). It is also one of the most essential raw materials for the production of camphor, diketene, mono chloroacetic acid, and photographic chemicals. Over the past decade, the global chemicals industry size has almost doubled, creating a promising growth scenario for acetic acid market.
Asia Pacific acetic acid market size is likely to soar in the next five years in the wake of robust demand for acetic acid emanating from China. Notably, acetic acid market growth has been linked to thriving industrial sectors including food products, polymers, adhesives and chemicals. With China accounting for over 35% share with respect to consumption in 2016, the trend is expected to continue through 2024.
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Stakeholders are expected to invest in Europe as flourishing frozen food industry in Italy, Spain, and Germany instills confidence among the forward-looking companies. Europe acetic acid market size was pegged at over US$ 1.4 bn in 2016 and will continue to show similar growth trajectory during the forecast period.
Some of the underlying factors including operational drawbacks and health hazards associated with the acid such as corrosive to metals, irritation to the skin, reduced compatibility with quarts and reduced performance at low temperature may mar the growth of the industry.
Acetic acid market is rather fragmented, with the presence of companies such as DuPont, Bharat Petroleum, Wacker Chemie, Saudi International Petrochemicals, Sinopec, Mitsubishi Chemical, Daicel Corporation, among several others.
Leading companies are contemplating mergers and acquisitions and product roll outs. Sterling Chemicals’ acetic acid production division was acquired by Eastman in 2011. Prominent companies are increasingly purchasing shares of other firms, Saudi International Petrochemical Company planned to acquire equity stock of International Acetate Company, International Acetyl Company and Ikarus Petroleum Industries Company.
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