Growing Applications of VAM Boost Acetic Acid Market Outlook

Overview 

Acetic Acid Market size is expected to be worth around USD 35.2 billion by 2032 from USD 21.8 billion in 2022, growing at a CAGR of 4.90% during the forecast period from 2022 to 2032.

The high-purity acetic acid market is set to grow significantly due to its crucial role as a foundational element in the production of various chemicals and utilities across multiple industries. This includes plastics, rubber, inks, and textiles, where acetic acid serves as an essential building block. 

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The anticipated growth in end-use industries such as plastics, textiles, and chemicals is expected to drive demand for acetic acid in the forecast year. Additionally, the shift from PET bottles to glass bottles for alcoholic beverages is projected to boost the demand for terephthalic acid, positively impacting the acetic acid market. 

The presence of multinational companies and their continuous expansion efforts and joint ventures further support market growth. The product's designation as "food grade" when used according to good manufacturing practices and compliance with the Food Chemical Code emphasizes its safety for food applications, enhancing its appeal in the food industry.

The global acetic acid market is highly competitive, with numerous multinational companies engaged in extensive research and development activities. These companies often pursue expansion, collaboration, and joint venture initiatives to gain a competitive edge. As a result, the competitive landscape is expected to remain intense throughout the forecast period. The increasing demand for food and food safety also contributes to the anticipated growth of acetic acid products.

Key Market Segments

Based on Application

• Vinyl Acetate Monomer (VAM)

• Purified Terephthalic Acid (PTA)

• Ester Solvents

• Acetic Anhydride

• Others

Based on End-User

• Food and beverages

• Paints and coating

• Plastics & Polymers

• Pharmaceutical

• Chemicals

• Others

Application Analysis: 

In 2022, the vinyl acetate monomer application segment held a 44.5% market share due to rising demand for printed goods, paints, coatings, and paper coatings. Acetic anhydride, used in photographic films, cigarette filters, and pharmaceuticals, held the second largest market share at 19%.

End-User Analysis: 

The food and beverage segment leads the market, driven by acetic acid's use in manufacturing plastic bottles, serving as a cleaning agent, and being a key ingredient in vinegar for cooking and pickling.

Market Key Players

• Eastman Chemical Company

• Celanese Corporation

• LyondellBasell Industries Holding B.V.

• SABIC

• HELM AG

• Airedale Chemical Company Limited

• Indian Oil Corporation Ltd

• Gujarat Narmada Valley Fertilizers & Chemicals Limited

• Pentokey Organic

• Ashok Alco Chem Limited

• DAICEL CORPORATION

• The Dow Chemical Product

• DubiChem

• INEOS

• Other Key Players

Driving Factors: 

The increasing demand for vinyl acetate monomer (VAM) is boosting the acetic acid market. VAM is essential in producing resins and polymers for coatings, adhesives, films, paints, and textiles. Its application as a barrier resin in PET bottles and its ability to adhere to various substrates support market growth.

Restraining Factors: 

The harmful effects of acetic acid, including its corrosiveness to skin and eyes and potential internal damage if ingested or inhaled, pose significant safety concerns. Growing consumer awareness of these risks may reduce chemical adoption, limiting market expansion.

Opportunities: 

Technological advancements in developing polymers and products using VAM as a raw material are driving demand. Innovations in the production of ethylene vinyl alcohol (EVOH) for food packaging and other applications present significant growth opportunities.

Challenges: 

The mature nature of the VAM market, with its fluctuating consumption patterns, poses a challenge to sustained growth. Any decline in VAM usage can hinder the acetic acid market, acting as a barrier to continuous expansion.