Market Overview:
Acetic acid is an organic compound with the chemical formula CH3COOH. It is a colorless liquid that occurs naturally in small amounts in common foods like vinegar and citrus fruits. Acetic acid has a characteristic pungent sour smell and acidic taste. It is highly soluble in water and miscible with organic solvents. Acetic acid is widely used in producing vinyl acetate monomer, which is subsequently used to manufacture polyvinyl acetate and polyvinyl alcohol. It also finds applications as a preservative in food & beverage industry and in production of paints, resins, textiles and pharmaceutical intermediates. The growing end use industries will continue to drive the demand for acetic acid over the forecast period. Market key trends: One of the key trends driving the growth of acetic acid market is increasing demand from vinyl acetate monomer industry. Vinyl acetate monomer is a critical precursor for manufacturing polyvinyl acetate and polyvinyl alcohol, which find wide applications across various end use industries such as construction, pharmaceuticals and textiles. The growth of vinyl acetate monomer industry can be attributed to increasing use of polyvinyl acetate in adhesives, coatings, and woodworking industry. According to Germany Trade & Invest, the global production capacity of vinyl acetate monomer is expected to reach over 12 million metric tons by 2023. This rising demand for vinyl acetate monomer will correspondingly propel the growth of acetic acid market over the forecast period. The global Acetic Acid Market Growth is estimated to be valued at US$ 14.63 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Porter's Analysis Threat of new entrants: Chemical manufacturers face high capital requirements to enter the acetic acid market due to need for specialty equipment. Bargaining power of buyers: Large buyers like food & beverages industry have significant bargaining power due to the fragmented nature of suppliers. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw materials from varied sources. Threat of new substitutes: Acetic acid has few substitutes and faces low threat due to its versatile application in various end use industries. Competitive rivalry: Intense competition exists among established players to gain higher market share through capacity expansion and mergers & acquisitions. SWOT Analysis Strength: Wide application scope in various end use industries leads to consistent demand. Weakness: Volatility in raw material prices affects the production costs. Opportunity: Growing demand for vinyl acetate monomer from paints & coatings industry creates new opportunities. Threats: Stringent environmental regulations regarding emissions during production act as a threat. Key Takeaways The global acetic acid market is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing demand from vinyl acetate monomer industry. Asia Pacific dominates the global market with more than half of the overall consumption, led by China as the largest producer & consumer. The region will continue its dominance in coming years as well supported by rising demand from India and Southeast Asian countries. Key players operating in the acetic acid market are Celanese Corporation, British Petroleum, Eastman Chemical Company, Jiangsu Sopo (Group) Co., Ltd., China Petroleum & Chemical Corporation (Sinopec), Lyondell Basell Industries, Saudi Basic Industries Corporation (SABIC), Mitsubishi Chemical Company, PetroChina Co. Ltd., PetroChina Co. Ltd., BASF SE. Read More: https://www.rapidwebwire.com/new-avenue-for-acetic-acid-market-growth-trends-and-forecast-analysis/
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
November 2023
Categories |