Acetic acid is majorly used in petrochemical industry as a solvent during processing and purifying of crude oil. It also finds wide applications in the food industry in vinegar, jams, pickles, and sauces manufacturing. Rising demand for PET bottles from the packaging industry and increasing health conscious population driving the consumption of beverages bottled in PET bottles. This has substantially increased the demand for acetic acid. The global acetic acid market is estimated to be valued at US$ 14.63 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the global acetic acid market is increased demand from PET bottle manufacturers. Acetic acid is one of the major raw materials used in the manufacturing of PET bottles. Growing consumption of packaged consumer goods like beverages, personal care products, and food and nutrition products is fueling the demand for PET bottles globally. PET bottles offer advantages like lightweight, optical excellence, and sustainability which is encouragingPET bottle manufacturers. This rising demand for PET bottles from beverage and packaging industry is projected to augment the growth of acetic acid market during the forecast period.
Segment Analysis
The global acetic acid market is dominated by the vinyl acetate monomers (VAM) sub-segment, which accounted for over 35% of the overall market share in 2023. VAM is extensively used in the production of polyvinyl acetate, which finds wide usage in adhesives, textiles, paper packaging, and paint formulations. This sub-segment is expected to remain the leading revenue generator during the forecast period as well due to the rising demand for vinyl acetate monomers from various end-use industries.
Key Takeaways
The global Acetic Acid Market Share is expected to witness high growth during the forecast period of 2023 to 2030. The market is projected to reach a value of US$ 14.63 Bn by 2024, expanding at a compound annual growth rate (CAGR) of around 13% between 2023 and 2030.
Regional analysis: Asia Pacific dominates the global acetic acid market and accounted for over 50% of the total market share in 2023. The region is expected to continue its dominance during the forecast period as well, attributed to the rising acetic acid consumption in countries such as China, India, Japan, and South Korea. The increasing demand from end-use industries such as paints & coatings, food & beverages, and pharmaceutical in Asia Pacific is one of the key factors driving the regional market.
Key players operating in the acetic acid market are Biogen, CYTOKINETICS, F. Hoffmann-La Roche Ltd, Genentech, Inc., PTC Therapeutics, Inc., Novartis AG, Ionis Pharmaceuticals, Chugai Pharmaceutical Co., Ltd., NMD PHARMA A/S, and Astellas Pharma Inc.
For more insights, read- https://www.ukwebwire.com/acetic-acid-market-trends-size-and-share-analysis/
For more details on the report, Read- https://www.shayaricenter.com/intoxicating-elixirs-and-cultural-spirits-navigating-indias-rich-tapestry-of-alcohol
Comments
0 comment