The global acetic acid market size was US$ 10.1 billion in 2021. The global acetic acid market is forecast to grow to US$ 15.5 billion by 2030, registering a compound annual growth rate (CAGR) of 6.4% during the forecast period from 2022 to 2030.
Acetic acid is an essential component used in the manufacturing of complex chemicals. It finds its applications in various industries, such as water treatment, chemicals, plastics, and polymers, etc. Acetic acid is also used in household applications as a disinfectant agent.
Factors Influencing the Market
The increasing demand for wastewater treatment and the growing number of wastewater treatment plants is driving the growth of the global acetic acid market. In addition, the introduction of advanced separation technologies will offer ample growth opportunities for the acetic acid market growth.
Rising demand for purified terephthalic acid (PTA) from the textile and packaging industry is forecast to benefit the global acetic acid market.
Increasing environmental concerns due to the harmful effects of acetic acid may limit the growth of the market.
The rising number of construction activities in emerging economies of Asia-Pacific is forecast to drive the demand for coating, adhesives, and paints. As a result, it will boost the growth of the acetic acid market during the forecast period.
The growing number of activities related to company expansion and increasing product portfolio will accelerate the growth of the global acetic acid market. INEOS purchased BP’s global Aromatics & Acetyls business in January 2021 with the aim to expand the company's geographic reach and expand its product portfolio.Celanese Corporation and Southwest Institute of Chemical Co. Ltd declared in 2020 that the companies are planning to develop acetic acid to acrylic acid technology in Teng Zhou, China. All of these activities are forecast to boost the growth of the global acetic acid market.
COVID-19 Impact Analysis
The global acetic acid market is experiencing a significant decline in the demand for acetic acid. End-use industries have been suffering from major setbacks from the previous 2 years. As a result, it is limiting the growth of the overall acetic acid demand.
Regional Analysis
On the basis of region, the global acetic acid market is forecast to witness the highest growth rate in the Asia Pacific, followed by North America and Europe. In Asia-Pacific, China is forecast to hold the maximum share due to a large number of activities related to chemical processing. Thus, China will account for the maximum chemical production globally. In addition, the presence of a large number of paint companies will drive the growth of the country.
Competitors in the Market
Market Segmentation
The global acetic acid market segmentation focuses on Application, End-Use Industry, and Region.
Based on the application
Based on the end-use industry
Based on region
