The Global Glacial Acetic Acid Market is valued approximately at USD 8.26 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 6.5% over the forecast period 2024-2034. Glacial acetic acid, a crucial component in various industrial applications, plays an integral role in the production of purified terephthalic acid (PTA) for textiles and packaging. This acid is also indispensable as a solvent in numerous chemical processes, presenting an opportunity for sustainable growth in the market. Research and development activities are being heavily invested in by companies aiming to optimize production procedures, lower costs, and enhance the competitiveness of domestic production.
Manufacturers are increasingly exploring innovative and environmentally friendly feedstock options to minimize reliance on traditional methods, thereby reducing the environmental impact. The demand for high-purity glacial acetic acid is projected to surge in the electronics and pharmaceutical sectors. Governments globally are imposing stringent environmental laws while offering incentives for bio-based acetic acid production. The rising consumer awareness of environmental issues is influencing purchasing decisions, favoring companies that can demonstrate sustainable practices. The adoption of a circular economy strategy is gaining momentum in the glacial acetic acid sector, aimed at reducing waste and environmental footprint. This involves using fewer virgin resources, recycling waste acetic acid or byproducts into useful materials, and reusing acetic acid after its initial use. Despite its benefits, the sector faces challenges in creating reliable infrastructure and logistics for collecting and transporting used acetic acid. Governments, academic institutions, and industry leaders must collaborate to develop and implement effective circular economy plans.
The key regions considered for the Global Glacial Acetic Acid Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Glacial Acetic Acid Market in terms of revenue. The growth of the Glacial Acetic Acid market in North America is driven by several key factors. These include increasing demand from industries such as chemicals, pharmaceuticals, and textiles, which rely on acetic acid as a crucial raw material. Additionally, technological advancements in production processes and a robust infrastructure for chemical manufacturing contribute significantly. Moreover, stringent regulations favouring environmentally sustainable practices further bolster market growth by encouraging the adoption of high-purity and eco-friendly acetic acid products. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period.
Major market players included in this report are:
BASF SE
Eastman Chemical Company
Celanese Corporation
Hawkins, Inc.
Sinopec
Reliance Industries Ltd.
Spectrum Chemical Mfg. Corp.
MP Biomedicals
Jubilant Life Sciences
KH Chemicals
The detailed segments and sub-segment of the market are explained below:
By Grade:
Food Grade
Industrial Grade
Pharmaceutical Grade
By End-Use:
Food Additives
Solvents
Photographic Chemicals
Paints and Coatings
Textiles
Cosmetics
Pharmaceutical Intermediates
Common content for Report Description:
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
