Bio-acetic Acid Market Size & Share, by Raw Material (Sugar, Maize, Biomass, Corn); Application (Acetic Anhydride, Vinyl Acetate Monomer, Acetate Esters, Purified Terephthalic Acid); End-user (Food & Beverage, Pharmaceutical, Chemical, Textiles, Agriculture, Cleaning Agents, Rubber & Plastic, Water & Wastewater Treatment; Energy) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5238
  • Published Date: Sep 15, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024 - 2036

Bio-acetic Acid Market size is estimated to reach USD 400 Million by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of bio-acetic acid was around USD 300 Million. The growth of the market can be attributed to the rising construction industry. Construction is one of the largest industries in the world and contributes around 13% to the total GDP. Moreover, it is expected the industry is going to increase twice in size by 2030. Bio-acetic acid can be utilized to make sustainable and biodegradable building products such as adhesives and coatings.

In addition to these, a factor that is believed to fuel the market growth of bio-acetic acid is the rising demand for textiles. Bio-acetic acids are majorly used in the printing and dyeing of textiles, this increases the production of various sorts of textiles. Moreover, it can also support the formation of natural dyes and pigments for the textiles.


Bio-acetic Acid Market
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Bio-acetic Acid Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Prices of Crude Oil– Brent crude futures jumped USD 1.10, or 1.3%, to USD 86.24 per barrel, while West Texas Intermediate crude rose USD 1.27. A rise in crude oil prices can push the economic incentives for the development and production of bio-based chemicals, including bio-based acetic acids.
  • Increasing Demand for Biofuels – In comparison to 2021, the demand for biofuel in the world will rise by around 6% or 9100 million liters per year in 2022. Renewable diesel accounts for the majority of this year-on-year growth. The higher production of biofuel can also benefit the production of bio-acetic acid, as it can rely on shared feedstock infrastructure of biomass, sugarcane, corn, and others.
  • Growing Production of Automobiles- In 2022, around 85 million motor cars were manufactured around the world, representing a 5.7% increase over 2021. The automotive industry is increasingly using bio-based acetic acid for manufacturing the interior components of automobiles.

Challenges

  • Slow Scaling of the Bio-acetic Acid- It is difficult to maintain efficiency, and cost-effectiveness and to achieve scalability at the same time. Therefore, achieving economies of scale is crucial to compete with the production of conventional acetic acid.
  • Low Awareness Among People Related to Bio-acetic Acid
  • Lack Of Raw Material for Bio-acetic Acid

Bio-acetic Acid Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~5%

Base Year Market Size (2023)

~ USD 300 Million

Forecast Year Market Size (2036)

~ USD 400 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Bio-acetic Acid Segmentation

Application (Acetic Anhydride, Vinyl Acetate Monomer, Acetate Esters, Purified Terephthalic Acid)

The vinyl acetate monomer (VAM) segment in the bio-acetic acid market is estimated to gain the largest revenue share of about 40% in the year 2036. The growth of the segment can be attributed to the rising production of paints and coatings. According to the American Coatings Association, the United States shipped paint and coatings worth USD 1.1 billion to Canada and USD 632 million to Mexico in 2021, totaling USD 1.7 billion. VAMs are highly used in paints and coatings to enhance the adhesion of the substances, this increases the longevity and durability of both paints and coatings.

End User (Food & Beverage, Pharmaceutical, Chemical, Textiles, Agriculture, Cleaning Agents, Rubber & Plastic, Water & Wastewater Treatment; Energy)

Bio-acetic acid market from the chemical segment is expected to garner a significant share of around 35% in the year 2036. Bio-acetic acid is an important industrial chemical and chemical reagent for the production of chemicals. It is used as an initiating reactant for the synthesis of different chemical intermediates. Moreover, it is used in the formation of various organic compounds, anhydrides, and esters. It also facilitates reaction and product separation in the chemical industry by serving as a solvent.

Our in-depth analysis of the global market includes the following segments:

        Raw Material

  • Sugar
  • Maize
  • Biomass
  • Corn

        Application

  • Acetic Anhydride
  • Vinyl Acetate Monomer
  • Acetate Esters
  • Purified Terephthalic Acid

         End User

  • Food & Beverage
  • Pharmaceutical
  • Chemical
  • Textiles
  • Agriculture
  • Cleaning Agents
  • Rubber & Plastic
  • Water & Wastewater Treatment
  • Energy

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Bio-acetic Acid Industry- Regional Synopsis

APAC Market Forecast

The bio-acetic acid market in Asia Pacific is projected to be the largest with a share of about 33% by the end of 2036. The growth of the market can be attributed majorly to the growing production of medicines and other pharmaceutical products. Since joining the World Trade Organization, China's pharmaceutical industry has made remarkable progress. As of 2021, China controls 12% of the global pharmaceutical market, trailing only the United States, which accounts for 40% of total global sales. Furthermore, the Asian-Pacific construction sector has been gradually developing and producing more, which has also increased the demand for bio-acetic acid in the region

North American Market Statistics

The North America bio-acetic acid market is estimated to be the second largest, registering a share of about 27% by the end of 2036. The growth of the market can be attributed majorly to the growing consumption of packaged food or ready-to-eat meals. This has increased the usage of bio-acetic acid as a preservative in this food, to present its taste, freshness, and color. In America, around 36% of people consume ready-to-eat meals, and nearly 57% of American adults prefer consuming ready-to-eat food.

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Bio-acetic Acid Market Size
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Companies Dominating the Bio-acetic Acid Landscape

top-features-companies
    • Airedale Chemicals
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Bio-Corn Products EPZ Ltd.
    • Godavari Biorefineries Ltd.
    • Sucroal SA
    • Novozymes A/S
    • LanzaTech
    • Afyren SAS
    • BTG Bioliquids
    • Sekab
    • Wacker Chemie AG.

In-the-news

In The News

  • Sekab has announced the expansion of production of bio-acetic acid, and it can reduce the carbon footprint by around 50% and will able to fulfill larger orders.
  • Novozymes A/S has introduced the Innova Apex and Innova Turbo, enhanced yeast solutions that can withstand up to 0.6% lactic acid and 0.4% acetic acid, respectively.

 

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5238
  • Published Date: Sep 15, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for textiles and growing demand for sustainable buildings are the major factors driving the market growth.

The market size of bio-acetic acid is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2024 – 2036.

The major players in the market are Airedale Chemicals, Bio-Corn Products EPZ Ltd., Godavari Biorefineries Ltd., Sucroal SA, Novozymes A/S, LanzaTech, Afyren SAS, BTG Bioliquids, Sekab and Wacker Chemie AG.

The vinyl acetate monomer segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Bio-acetic Acid Market Report Scope
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