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Acetic Acid Market - Forecast(2024 - 2030)

Acetic Acid Market Overview

Acetic Acid Market Size is forecast to reach $14978.6 Million by 2030, at a CAGR of 6.50% during forecast period 2024-2030. Acetic acid, also known as ethanoic acid, is a colorless organic liquid with a pungent odor. The functional group of acetic acid is methyl and it is the second simplest carboxylic acid. It is utilized as a chemical reagent in the production of many chemical compounds. The major use of acetic acid is in the manufacturing of vinyl acetate monomer, acetic anhydride, easter and vinegar. It is a significant industrial chemical and chemical reagent used in the production of photographic film, fabrics and synthetic fibers. According to the Ministry of Industry and Information Technology, from January to September 2021, the combined operating revenue of 12,557 major Chinese garment companies was US$163.9 billion, showing a 9% increase. Thus, the growth of the textile industry is propelling the market growth for Acetic Acid.

Report Coverage

The “Acetic Acid Market Report – Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Acetic Acid industry.

By Form: Liquid and Solid.

By Grade: Food grade, Industrial grade, pharmaceutical grade and Others.

By Application: Vinyl Acetate Monomer, Purified Terephthalic Acid, Ethyl Acetate, Acetic Anhydride, Cellulose Acetate, Acetic Esters, Dyes, Vinegar, Photochemical and Others

By End-use Industry: Textile, Medical and Pharmaceutical, Oil and Gas, Food and Beverages, Agriculture, Household Cleaning Products, Plastics, Paints & Coating and Others.

By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the World (the Middle East and Africa).

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Key Takeaways

The notable use of Acetic Acid in the food and beverages segment is expected to provide a significant growth opportunity to increase the Acetic Acid Market size in the coming years. As per the US Food and Agriculture Organization, world meat production reached 337 million tonnes in 2019, up by 44% from 2000.

The notable demand for vinyl acetate monomer in a range of industries such as textile finishes, plastics, paints and adhesives is driving the growth of the Acetic Acid Market.

Increase in demand for vinegar in the food industry is expected to provide substantial growth opportunities for the industry players in the near future in the Acetic Acid industry.

Acetic Acid Market Segment Analysis – by Application

The vinyl acetate monomer segment held a massive 44% share of the Acetic Acid Market share in 2021. Acetic acid is an important carboxylic acid and is utilized in the preparation of metal acetates and printing processes, industrially. For industrial purposes, acetic acid is manufactured by air oxidation of acetaldehyde with the oxidation of ethanol, butane and butene. Acetic acid is extensively used to produce vinyl acetate which is further used in formulating polyvinyl acetate. Polyvinyl acetate is employed in the manufacturing of plastics, paints, textile finishes and adhesives. Thus, several benefits associated with the use of vinyl acetate monomer is boosting the growth and is expected to account for a significant share of the Acetic Acid Market.

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Acetic Acid Market Segment Analysis – by End-use Industry

The food and beverages segment is expected to grow at the fastest CAGR of 7.5% during the forecast period in the Acetic Acid Market. Acetic Acid is also known as ethanoic acid and is most extensively used in the production of vinyl acetate monomer. Vinyl acetate is largely used in the production of cellulose acetate which is further used in several industrial usage such as textiles, photographic films, solvents for resins, paints and organic esters. PET bottles are manufactured using acetic acid and are further utilized as food containers and beverage bottles. In food processing plants, acetic acid is largely used as cleaning and disinfecting products. Acetic acid is extensively used in producing vinegar which is widely used as a food additive in condiments and the pickling of vegetables. According to National Restaurant Association, the foodservice industry is forecasted to reach US$898 billion by 2022. Thus, the advances in the food and beverages industry are boosting the growth of the Acetic Acid Market.

Acetic Acid Market Segment Analysis – by Geography

Asia-Pacific held a massive 41% share of the Acetic Acid Market in 2021. This growth is mainly attributed to the presence of numerous end-use industries such as textile, food and beverages, agriculture, household cleaning products, plastics and paints & coatings. Growth in urbanization and an increase in disposable income in this region have further boosted the industrial growth in this region. Acetic acid is extensively used in the production of metal acetates, vinyl acetate and vinegar which are further utilized in several end-use industries. Also, Asia-Pacific is one of the major regions in the domain of plastic production which provides substantial growth opportunities for the companies in the region. According to Plastic Europe, China accounted for 32% of the world's plastic production. Thus, the significant growth in several end-use industries in this region is also boosting the growth of the Acetic Acid Market.

Acetic Acid Market Drivers

Growth in the textile industry:

Acetic Acid, also known as ethanoic acid, is widely used in the production of metal acetate and vinyl acetate which are further used in the production of chemical reagents in textiles, photographic films, paints and volatile organic esters. In the textile industry, acetic acid is widely used in textile printing and dyes. According to China’s Ministry of Industry and Information Technology, in 2020, textile and garment exports from China increased by 9.6% to US$291.22 billion. Also, according to the U.S. Department of Commerce, from January to September 2021, apparel exports increased by 28.94% to US$4.385 billion, while textile mill products rose by 17.31% to US$12.365 billion. Vinyl acetate monomer is utilized in the textile industry to produce synthetic fibers. Thus, the global growth in demand for textiles is propelling the growth and is expected to account for a significant share of the Acetic Acid Market size.

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Surge in use of vinegar in the food industry:

The rapid surge in population along with the adoption of a healthy and sustainable diet has resulted in an increase in demand for food items, thereby increasing the global production level of food items. As per US Food and Agriculture Organization, in 2019, global fruit production went up to 883 million tonnes, showing an increase of 54% from 2000, while global vegetable production was 1128 million tonnes, showing an increase of 65%. Furthermore, world meat production reached 337 million tonnes in 2019, showing an increase of 44% from 2000. Acetic acid is majorly used in the preparation of vinegar which is further widely utilized as a food ingredient and in personal care products. Vinegar is used in pickling liquids, marinades and salad dressings. It also helps to reduce salmonella contamination in meat and poultry products. Furthermore, acetic acid and its sodium salts are used as a food preservative. Thus, the surge in the use of vinegar in the food industry is boosting the growth of the Acetic Acid Market.

Acetic Acid Market Challenge

Adverse impact of acetic acid on human health:

Acetic Acid is considered a strong irritant to the eye, skin and mucous membrane. Prolong exposure to and inhalation of acetic acid may cause irritation to the nose, eyes and throat and can also damage the lungs. The workers who are exposed to acetic acid for more than two or three years have witnessed upper respiratory tract irritation, conjunctival irritation and hyperkeratotic dermatitis. The Occupational Safety and Health Administration (OSHA) reveals that the standard exposure to airborne acetic acid is eight hours. Furthermore, a common product of acetic acid i.e., vinegar can cause gastrointestinal tract inflammatory conditions such as indigestion on excess consumption. Thus, the adverse impact of Acetic Acid may hamper the market growth.

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Acetic Acid Industry Outlook

The top 10 companies in the Acetic Acid Market are:

Celanese Corporation

Eastman Chemical Company

LyondellBasell

British Petroleum

Helm AG

Pentoky Organy

Dow Chemicals

Indian Oil Corporation

Daicel Corporation

Jiangsu Sopo (Group) Co. Ltd.

Recent Developments

In March 2021, Celanese Corporation announced the investment to expand the production facility of vinyl portfolio for the company’s acetyl chain and derivatives in Europe and Asia.

In April 2020, Celanese Corporation delayed the construction of its new acetic acid plant and expansion of its methanol production by 18 months at the Clear Lake site in Texas.

In October 2019, BP and Chian’s Zhejiang Petroleum and Chemical Corporation signed MOU in order to create a joint venture to build a 1 million tonne per annum Acetic Acid plant in eastern China.

Key Market Players:

The Top 5 companies in the Acetic Acid Market are:

Celanese Corporation

Ineos Group Limited

Eastman Chemical Company

LyondellBasell Industries N.V.

Helm AG

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