#MedicinalDrugs

[market-insider]

Acetic Acid Products: Analyzing Current Size, Share, and Growth Trends

The global acetic acid market size is expected to reach USD 23.02 billion by 2030, growing at a CAGR of 7.6% from 2024 to 2030, as per the new report by Grand View Research, Inc. The growth of the market can be attributed to the rising demand for the product in industries such as construction, pharmaceuticals, and textiles. Acetic acid is widely used in the production of paints and coatings, which are in high demand due to the increasing desire to elevate the aesthetics of houses worldwide. The paints and coatings market are expected to grow significantly in the coming years, driven by factors such as increasing demand from various end-use industries, rising construction activities, and growing urbanization.

Acetic Acid Market Report Highlights

Based on application, the vinyl acetate monomer segment is expected to witness the fastest growth rate with a CAGR of 7.8% globally. This is attributed to its wide utilization in the paints & coating industry. Acetic acid is an essential raw material for the production of vinyl acetate monomers. Hence, the increasing demand for vinyl acetate monomer is directly influencing the product demand

Asia Pacific dominated the market with a revenue share of 33.9% in 2023 and is predicted to remain on top over the forecast period. This is attributed to the rising demand for the product in the pharmaceutical industry. Acetic acid is widely consumed in the development of medicinal drugs such as aspirins to cure headaches. Increasing number of patients in the region is driving demand for medicines, which is directly impacting the product demand in the industry

North America is the second largest region and captured 21.2% of the market in 2023. This is attributed to the increased demand for the product in the food & beverage industry in the region. Acetic acid is a less toxic and low-cost chemical that is widely used in the food industry. The market is anticipated to see significant growth owing to its increased demand in the food industry over the predicted years

In September 2023, INEOS announced the acquisition of Eastman Chemical Company's Eastman Texas city site which also includes an acetic acid plant of 600 kilotons

In January 2023, Kingboard Holdings Limited announced that its subsidiary, Hebei Kingboard Energy Development Co., Ltd., plans to submit the "Environmental Impact Report of Hebei Kingboard Energy Development Co., Ltd. Acetic Acid Expansion and Transformation Project" for approval

For More Details or Sample Copy please visit link @: Acetic Acid Market Report

The demand for vinyl acetate monomers is rising in industries such as paints and coatings, paper coatings, and printed products. The market has considered an essential raw material for the production of vinyl acetate monomer, directly increasing the demand for the product. Acetic acid is widely used in the food and beverage industry in North America, where the increasing consumption of food directly influences the demand for the product. The region's demand for acetic acid is driven by its various applications in the food and beverage sector.

In the global product industry, competition is fierce due to the presence of multinational corporations. Eastman Chemical Company, SABIC, HELM AG, and Indian Oil corporations are among the prominent players in this industry. These companies are committed to continuous research and development efforts in order to improve their operational efficiency. Additionally, they actively pursue joint ventures and expand their production capacities to gain a competitive advantage.

List of major companies in the Acetic Acid Market

Eastman Chemical Company

Celanese Corporation

LynodellBasell Industries Holding B.V.

SABIC

HELM AG

Indian Oil Corporation Ltd

Gujrat Narmada Valley Fertilizers & Chemicals Limited

DAICEL CORPORATION

Dow

INEOS

Gain deeper insights on the market and receive your free copy with TOC now @: Acetic Acid Market Analysis Report

We have segmented the global acetic acid market based on application and region.

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World Countries by Medicinal Drugs Expenditures https://www.statsmonkey.com/table/37325-list-of-countries-by-medicinal-drugs-expenditures-per-capita.php Statistics shows per capita expenditure on pharmaceuticals in OECD countries in 2013.

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