San Francisco, California, Aug. 4, 2015 (GLOBE NEWSWIRE) -- Global Acetic Acid Market is expected to reach USD 13.31 billion by 2022, according to a new study by Grand View Research, Inc. Increasing consumption of PTA for manufacturing polyester coupled with rising application scope of polyester in the textile industry is likely to fuel acetic acid market growth over the next seven years. Growing demand for VAM which is used as a precursor for manufacturing EVA and EVAc coupled with an increasing consumption of these downstream chemicals in the formulation of solvents and adhesives is expected to drive acetic acid market. Acetic acid is also used as a key ingredient in vinegar. Rising demand for vinegar owing to numerous health benefits associated with it is expected to augment market growth over the forecast period.
Acetic acid demand for manufacturing VAM exceeded 3,600 kilo tons in 2014 and the segment is projected to grow at a CAGR of over 4% from 2015 to 2022. Vinyl acetate monomer (VAM) is used in production of various adhesives and water based paints. Rising demand for industrial coatings and paints on account of growing infrastructure, specifically in emerging economies including China, Brazil and India, is a key factor for the growth of (VAM) over the forecast period.
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Further key findings from the study suggest:
- China was the largest market for acetic acid in 2014 alone accounting for over 40% of the global volume demand. Presence of a robust manufacturing hub in the region has been one of the primary factors for the high demand of acetic acid over the past few years. In addition, positive outlook regarding expansion of the manufacturing industry in the region is expected to maintain dominance of China within the global acetic acid market over the forecast period.
- Asia Pacific was the second largest market for acetic acid, with India and Japan dominating the regional market. Asia acetic acid market is projected to grow at a CAGR of over 10.0% over the forecast period and is estimated to reach a value of over USD 3.0 billion by 2022.
- PTA is expected to be the fastest growing application segment within the global acetic acid market, owing to the increasing demand for polyester from the textile and packaging end-use industries. Global acetic acid demand for PTA exceeded 2,500 kilo tons in 2014 and is expected to be over 3,800 kilo tons by 2020, growing at a CAGR of over 5.0% from 2015 and 2022.
- Key players present in the global acetic acid market include Celanese, Jiangsu Sopo (Group) Co., BP, Eastman Chemicals, DuPont, BASF and Wacker Chemie. The market is highly fragmented in nature owing to the presence of numerous manufacturers with various scales of production capacities.
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For the purpose of this study, Grand View Research has segmented the global acetic acid market on the basis of application and region:
Global Acetic Acid Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- Acetic anhydride
- Acetate esters
Global Acetic Acid Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- North America
- Asia Pacific (excluding China)
- Latin America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research