The global acetic acid market size is expected to reach USD 23.02 billion by 2030, growing at a CAGR of 7.6% from 2024 to 2030, as per the new report by Grand View Research, Inc. The growth of the market can be attributed to the rising demand for the product in industries such as construction, pharmaceuticals, and textiles. Acetic acid is widely used in the production of paints and coatings, which are in high demand due to the increasing desire to elevate the aesthetics of houses worldwide. The paints and coatings market are expected to grow significantly in the coming years, driven by factors such as increasing demand from various end-use industries, rising construction activities, and growing urbanization.
Acetic Acid Market Report Highlights
- Based on application, the vinyl acetate monomer segment is expected to witness the fastest growth rate with a CAGR of 7.8% globally. This is attributed to its wide utilization in the paints & coating industry. Acetic acid is an essential raw material for the production of vinyl acetate monomers. Hence, the increasing demand for vinyl acetate monomer is directly influencing the product demand
- Asia Pacific dominated the market with a revenue share of 33.9% in 2023 and is predicted to remain on top over the forecast period. This is attributed to the rising demand for the product in the pharmaceutical industry. Acetic acid is widely consumed in the development of medicinal drugs such as aspirins to cure headaches. Increasing number of patients in the region is driving demand for medicines, which is directly impacting the product demand in the industry
- North America is the second largest region and captured 21.2% of the market in 2023. This is attributed to the increased demand for the product in the food & beverage industry in the region. Acetic acid is a less toxic and low-cost chemical that is widely used in the food industry. The market is anticipated to see significant growth owing to its increased demand in the food industry over the predicted years
- In September 2023, INEOS announced the acquisition of Eastman Chemical Company’s Eastman Texas city site which also includes an acetic acid plant of 600 kilotons
- In January 2023, Kingboard Holdings Limited announced that its subsidiary, Hebei Kingboard Energy Development Co., Ltd., plans to submit the “Environmental Impact Report of Hebei Kingboard Energy Development Co., Ltd. Acetic Acid Expansion and Transformation Project” for approval
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The demand for vinyl acetate monomers is rising in industries such as paints and coatings, paper coatings, and printed products. The market has considered an essential raw material for the production of vinyl acetate monomer, directly increasing the demand for the product. Acetic acid is widely used in the food and beverage industry in North America, where the increasing consumption of food directly influences the demand for the product. The region’s demand for acetic acid is driven by its various applications in the food and beverage sector.
In the global product industry, competition is fierce due to the presence of multinational corporations. Eastman Chemical Company, SABIC, HELM AG, and Indian Oil corporations are among the prominent players in this industry. These companies are committed to continuous research and development efforts in order to improve their operational efficiency. Additionally, they actively pursue joint ventures and expand their production capacities to gain a competitive advantage.
List of major companies in the Acetic Acid Market
- Eastman Chemical Company
- Celanese Corporation
- LynodellBasell Industries Holding B.V.
- SABIC
- HELM AG
- Indian Oil Corporation Ltd
- Gujrat Narmada Valley Fertilizers & Chemicals Limited
- DAICEL CORPORATION
- Dow
- INEOS
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We have segmented the global acetic acid market based on application and region.
Acetic Acid Application Outlook
- Vinyl Acetate Monomer
- Acetic Anhydride
- Acetate Esters
- Purified Terephthalic Acid
- Ethanol
- Other Applications
Acetic Acid Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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