Acetic Acid Market to Hold the Largest Market Share by 2027, Fortune Business Insights™
The global acetic
acid market size is expected to reach USD 13.79billion by 2027,
exhibiting a CAGR of 8.4% during the forecast period. The rising consumption of
solvents such as VAM in the chemical industry for paints & coatings,
adhesives & sealants will bolster the healthy growth of the market, states
Fortune Business Insights, in a report, titled “Acetic Acid Market Size, Share
& Industry Analysis, By Application (Vinyl Acetate Monomer (VAM), Purified
Terephthalic Acid (PTA), Ester Solvents, Acetic Anhydride, Others), and
Geography Forecast, 2020-2027.” The market size stood at USD 8.34 billion in
2019.
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The report on the acetic
acid marketinvolves:
·
Greater insights into the market
·
Profound analysis of the segments
·
Market drivers and restraints
·
Comprehensive information about prominent players
·
Dominant regions
·
COVID-19 drastic effect on the market
Market
Driver:
Advancements
in Polymer Development to Bolster Growth
The
growing technological advancements in polymers and products made out of VAM
will significantly aid the expansion of the market. The growing demand for VAM
in the production of ethylene vinyl alcohol (EVOH), a barrier resin in food
packaging, gasoline tanks, and other engineering polymers will have an
excellent effect on the market. Some other VAM derivatives such as vinyl
chloride-vinyl acetate copolymers have applications in adhesives &
sealants, which, in turn, will bolster the health of the market. Moreover, It
also has applications in adhesive due to adhesion properties to different
substrates that include wood, paper, metals, and plastic films.
Decreased
Production to Hamper Market in COVID-19 Pandemic
The
reduced production of chemicals has negatively impacted on the market growth.
The shutdown of factories due to a shortage of laborers and diminished supply
of raw materials can dwindle the sales, in turn, affecting the growth of the
market. However, the demand for ethanoic acid alongside the high consumption of
sanitizers will subsequently aid in the recovery of the business amid
coronavirus. Besides, health and safety concerns in healthcare facilities will
further improve the prospects of the market in the near future.
Regional
Analysis:
Heavy
Investments in Polymers to Promote Growth in Asia Pacific
The market
in Asia Pacific is expected to hold the largest share in the global market
owing to the rising polymer formulations in the region. The chemical is a key
raw material used for the production of polymers in industries across Japan,
China, and India. China is a major leader in polymers and chemicals. China's
capacity further helps in the high production of ethanoic acid. According, to
Chemical Market Associates, Inc. (CMAI) 400,000 tons per year demand is in
China, from the global average demand. The improving construction industry in
India is expected to further boost growth in the region. Europe is expected to
hold a significant share during the forecast period owing to the rising demand
from end-use sectors. The growingimport activities will aid expansion in
Europe. Moreover, the high production of methanol carbonylation, which has
accounted for up to 65% of the world capacity, and other process oxidation of
acetaldehyde by German producer Wacker will significantly create opportunities
for the market in the region.
Key
Development:
October
2019:BP and China’s Zhejiang
Petroleum and Chemical Corporation (ZPCC) announced a memorandum of
understanding (MOU) for exploring the creation of an equally-owned joint
venture between the companies to build and operate 1 million tons per annum of
the acetic acid plant in eastern China.
The
Report Lists the Key Companies in the Acetic Acid Market:
·
Shanghai Huayi (Group) Company (China)
·
LyondellBasell Industries (The
Netherlands)
·
Shandong Hualu-Hengsheng
Chemical Co. Ltd. (China)
·
Jiangsu Sopo (Group) Co. Ltd.
(China)
·
Kingboard Chemical Holdings Ltd.
(Hong Kong)
·
Eastman Chemical Company(U.S.)
https://www.fortunebusinessinsights.com/acetic-acid-market-103386
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