Global Acetic Acid Market Definition
Acetic acid is used in the production of VAM, acetic anhydride, acetate esters, and others. It is used as a catalyst in the formation of purified terephthalic acid (PTA) which is then used to produce polyethylene terephthalate (PET). Acetic acid, also referred to as glacial acetic acid, is a colorless, clear, and organic liquid. It is the main ingredient in the vinegar, which gives it a sour taste and pungent smell. In addition, it is water soluble and is used as an organic solvent in the production of many chemicals. Acetic acid mixes with both polar and nonpolar solvents, which increases its use in many industrial sectors.
Acetic acid is used in the manufacturing of vitamins, hormones, organic chemicals, and antibiotics. It is also used in the production of paints, inks, and coatings which are used in the construction industry. Moreover, it is applied in the manufacturing of textiles, including clothes, curtains, bedsheets, and home furnishings. Additionally, acetic acid is used by photographers and filmmakers in the extraction process of photos in place of nitrate as it is a flammable chemical. VAM produced from acetic acid is used in the making of synthetic fibers in the textile industry.
Acetic acid is used in the food and beverage industries as it helps to keep food fresh and prevent spoilage. Acetic acid is also used in the medical industry in the form of injections to treat cancer. It is used in cervical cancer screening, and as an antiseptic to prevent bacterial infections. It is used in the treatment of otitis externa. Acetic acid also has side effects that cause serious health issues in humans, which include irritation of the skin, eyes, and mucous membranes. These types of side effects are common in occupational situations owing to the long-term exposure to these chemicals.
Global Acetic Acid Market: Key Insights
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 8 Billion |
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Forecast Year Market Size (2033) |
~ USD 11 Billion |
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Regional Scope |
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Global Acetic Acid Market Size, Forecast, and Trend Highlights Over 2023 - 2033
The global acetic acid market is estimated to garner a revenue of USD 11 Billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 8 Billion in the year 2022. The growth of the market can be attributed to the increasing use of acetic acid in the manufacturing of paints, coatings, sealants, greasers, plastics, polyesters, and the rising use of plastic is estimated to fuel the market’s growth during the forecast period. Plastic production in 2019 was more than 360 million tons, which increased from 2 million tons in 1950 across the globe. Also, as per the estimations, most of the plastic production started in the year 2000. The easy production process, stability, and low cost of plastic increase its use across the world. The increasing manufacturing of automobiles, cell phones, the electronic sector, and infrastructure rises the use of plastic, which increases the growth of the market.
Rising demand for polyethylene terephthalate (PET) bottles as they have lightweight and eco-friendly characteristics. PET is made from purified terephthalic acid and ethylene glycol is estimated to rise the growth of the global acetic acid market during the forecast period. PET plastic accounts for 10% of plastic production worldwide in the form of water, soda bottles, and others. PET is recyclable and lightweight, which makes it consumer-and eco-friendly. It is considered ideal for packaging owing to a high preference for quality by manufacturers. Moreover, PET is used in the food and beverage, personal care, and pharmaceutical industries for packaging end products. Hence, the increasing packaging industry is projected to have a positive impact on market growth.
Global Acetic Acid Market: Growth Drivers and Challenges
Growth Drivers
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Increasing Demand for Vinegar Owing to Rising Demand for Preservatives – Vinegar is highly used in Asian cuisine and fast foods, which is increasing its market growth across the world. Also, an increasing preference among consumers for food dressings that involve vinegar is estimated to fuel the market’s growth during the forecast period. The export value of vinegar and substitutes of vinegar made from acetic acid increased from USD 719 million in 2019 to USD 797 million in 2020.
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Increasing Photography and Filmmakers to Reduce the Risk of Burning – Acetic acid is used in place of nitrate film since 1950 to reduce the risk of fire, and combustion. As per the U.S Bureau of Labor Statistics, every year around 12,700 openings are released for photographers.
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Elevating Growth of the Cosmetic Industry with Increasing Preference for Beauty – Vinegar and acetic acid are used in cosmetic products to control the pH. The estimated value of the beauty industry across the world was worth USD 530 billion with the U.S. comprising more than 15% of the overall share.
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Rising Consumption of Solvents such as Vinyl Acetate Monomer Across the World – Acetic acid acts as a solvent, with its hydrophilic nature, as it can dissolve oils, sulfur, and iodine and mix with water, and chloroform. The imported trade value of organic solvents across the world in 2021 was USD 2,277,915.
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Growing Textile Industry with Growing Fashion Industry – Acetic acid is used in the dyeing and generation of rayon and artificial fabrics. In 2021, the domestic textile and apparel industry in India was worth USD 152 billion as per the National Investment Promotion & Facilitation Agency, India.
Challenges
- Harmful Effects of Acetic Acid - Acetic acid causes irritation to the skin, eye, and mucous membranes on direct exposure. Long-term exposure to the skin will cause tissue damage, and inhalation will lead to throat, nose, and lung irritation, damaging them. Acetic acid is estimated to cause hyperkeratosis of the skin, conjunctivitis, bronchitis, erosion of the teeth, and pharyngitis. All these factors hinder market growth in the coming years.
- Fluctuating Cost of Raw Materials Used in Acid Production
- Reduction in Consumption of Vinyl Acetate Monomer
Market Segmentation
The global acetic acid market is segmented and analyzed for demand and supply by application into vinyl acetate monomer [VAM], purified terephthalic acid [PTA], ester solvents, acetic anhydride, and others. Out of these segments, the VAM segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing construction and infrastructure industries across the world. The growing cosmetics and textile industries are also estimated to impact the market growth, as VAM is used for packaging in these sectors. The advancement in the packaging sector with the introduction of multilayer barrier technology increases e-commerce sales. The e-commerce sales in the U.S. between 2011-2021 raised by five times with estimations of over USD 500 billion worth of sales in the first six months of 2022. Moreover, the escalation in the chemical industry where VAM is highly utilized in the production of polyvinyl acetate and polyvinyl alcohol is further expected to boost the segment’s growth in the market.
The global acetic acid market is also segmented and analyzed for demand and supply by end-user into plastics & polymers, food & beverages, inks, paints, & coatings, chemicals, and pharmaceuticals. Out of these, the paints and coatings segment are anticipated to hold the largest market size by the end of 2033 on account of the surge in demand for the growing construction, architecture, and automotive sectors. As per the U.S. Bureau of Transportation Statistics, the number of new vehicle sales and leases raised from 57,545 in 2018 to 57,865 in 2019. Moreover, the increasing spending ability of people across the world rises with urbanization. This results in increasing residential buildings and commercial building construction. Also, the increasing government initiatives to improve architectural services increase the use of paints and coatings. The renovation works for tourism structures, and the building of medical facilities together increase the growth of the market segment, as per the market analysis.
Our in-depth analysis of the global acetic acid market includes the following segments:
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By Application |
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By End-User |
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Global Acetic Acid Market Regional Synopsis
The North America acetic acid market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the increasing use of paints and coatings as of the growth in construction sector, and the rising disposable income of the population. The disposable personal income of U.S residents raised to 0.1% in Aug 2022 from -0.4% in Jun 2022. Furthermore, increasing investments from prominent players in the market in the expansion of their business rises the construction of new facilities in the region. The increasing textile industry is owing to the growing fashion sector, with more people interested in buying fashion clothes. Moreover, there has been an expanding chemical production to meet the rising demand of the end-users. All these factors are estimated to enhance the market’s growth during the forecast period.
Top Featured Companies Dominating the Global Acetic Acid Market
- BP p.l.c
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- LyondellBasell Industries Holdings B.V.
- Daicel Corporation
- Shandong Hualu-Hengsheng Chemical Co., Ltd.
- Jiangsu SOPO (Group) Co., Ltd.
- Kingboard Holdings Limited
- Eastman Chemical Company
- Lonza
- Wacker Chemie AG
- Celanese Corporation
