(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 25, 2021 (GLOBE NEWSWIRE) -- The 'Acetic Acid Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)' report has been added to ResearchAndMarkets.com's offering.
The acetic acid market size was estimated at 15,924 kiloton in 2020, and the market is projected to register a CAGR of over 5% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. The declining automotive industry, along with the temporary shutdown of automotive manufacturing units and various construction projects due to the ongoing pandemic scenario, declined the consumption of adhesives, paints, and coatings, thus, creating a negative impact on the demand for acetic acid. Work stoppages due to measures imposed by various government authorities across the world in an attempt to slow the spread of the virus and workforce shortages due to illness and preventative quarantines impacted most of the end-user industries, such as textiles, food and beverage, automotive, and construction, thereby affecting the market growth of the acetic acid market.
Over the short term, increasing demand for purified terephthalic acid (PTA) from the textile and packaging industry and growing use of ester solvents in the paints and coatings industry are driving the growth of the acetic acid market.
Environmental concerns regarding the harmful effects of acetic acid are hindering the market's growth. The development of new separation technologies to increase the production efficiency of acetic acid is likely to create opportunities for the market in the coming years.
The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Key Market Trends
Increasing Applications in the Adhesives, Paints, and Coatings Industry
- Vinyl acetate monomer (VAM) is used in producing water-based paints, adhesives, waterproofing coatings, and paper and paperboard coatings. The PTA-based polyesters and polyamides are also used in hot melt adhesives. PTA is even used in paints as a carrier.
- Adhesives are used in automobiles for various applications. It is used in assemblies of windshields, brakes, thread lockers, and other interior and exterior applications. Up to Q3 of 2019, about 67.47 million vehicles were produced globally and reached about 52 million vehicles up to Q3 of 2020, registering a decline rate of about 23%, thus led to a decrease in the demand for adhesives and VAM, which, in turn, negatively impacted the market growth of acetic acid.
- The increasing construction activities in emerging economies of Asia-Pacific are expected to drive the demand for adhesives, paints, and coating. This factor, in turn, is projected to positively influence the market for end-use products of acetic acid.
- The construction sector has been witnessing robust growth in some of the Middle Eastern countries over the past few years. These countries are receiving huge domestic and foreign investments for setting up industrial units, hospitals, malls, multiplexes, the hospitality industry, and the IT sector. This factor is also expected to drive the demand for adhesives, paints, and coatings. The increased demand, in turn, is expected to positively influence the market studied.
- However, due to the COVID-19 pandemic scenario, the above-mentioned end-user industries have been affected and have witnessed a negative growth rate, thus, hindering the acetic acid market demand.
- However, the market for acetic acid is likely to grow globally post-pandemic scenario, as the end-user industries are likely to pick up the pace during the later stage of the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is the largest consumer of acetic acid in the global market. The Asia-Pacific market is anticipated to be the largest market for the textile industry, owing to the strong industrial base.
- China is a hub for chemical processing, accounting for most of the chemical production globally. With the growing global demand for various chemicals, the demand for intermediates, such as acetic acid, from this sector is expected to increase significantly during the forecast period.
- Currently, China produces more than half of the coatings from Asia-Pacific and is home to more than 10,000 paint companies, among which local producers occupy more than half of the share in the domestic paints market.
- In India, the growing demand from package printing, newsprint, publishing, and other commercial printing helped the printing ink market in India to register strong growth in recent years, and it is expected to continue to grow during the forecast period, which, in turn, stimulates the regional market demand for acetic acid.
- China is the largest market for VAM worldwide. In terms of volume, the country accounted for more than 30% of the global consumption. This large share is because of the strong and steady textile and packaging market of China.
- In 2019, Asia-Pacific's VAM market volume was around 3.6 million ton, and it is expected to reach approximately 5 million ton by 2024, with a growth rate of over 6.5%, which, in turn, will stimulate the demand in the acetic acid market.
- Due to all such factors, the market for acetic acid in the region is expected to have a steady growth during the forecast period.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Demand for Vinyl Acetate Monomer (VAM)
4.1.2 Increasing Demand from the Textile and Packaging Industry
4.1.3 Increasing Use of Ester Solvents in the Paints and Coating Industry
4.2.1 Environmental Concerns Regarding the Harmful Effects
4.2.2 Unfavorable Conditions Arising Due to the Impact of COVID-19
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.5 Import and Export Trends
4.6 Price Trends
4.7 Feedstock Analysis
4.8 Technological Snapshot
4.9 Supply Scenario
5 MARKET SEGMENTATION (Market Size by Volume)
5.1 By Derivative
5.1.1 Vinyl Acetate Monomer (VAM)
5.1.2 Purified Terephthalic Acid (PTA)
5.1.3 Ethyl Acetate
5.1.4 Acetic Anhydride
5.1.5 Other Derivatives
5.2 By End-user Industry
5.2.1 Plastics and Polymers
5.2.2 Food and Beverage
5.2.3 Adhesives, Paints, and Coatings
5.2.7 Other End-user Industries
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle-East and Africa
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Celanese Corporation
6.4.2 Chang Chun Group
6.4.3 China Petrochemical Corporation
6.4.4 Daicel Corporation
6.4.5 Eastman Chemical Company or its subsidiaries
6.4.6 GNFC Limited
6.4.8 Jiangsu SOPO (Group) Co. Ltd
6.4.9 Kanoria Chemicals & Industries Ltd
6.4.11 Kingboard Holdings Limited
6.4.12 LyondellBasell Industries Holdings BV
6.4.13 Mitsubishi Chemical Corporation
6.4.14 PetroChina Company Limited
6.4.17 Shandong Hualu-Hengsheng Chemical Co. Ltd
6.4.18 Shanghai Wujing Chemical Co. Ltd
6.4.19 Showa Denko KK
6.4.21 Svensk Etanolkemi AB (SEKAB)
6.4.22 Tanfac Industries Ltd
6.4.23 Wacker Chemie AG
6.4.24 Yankuang Group
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Development of New Separation Technologies to Increase the Production Efficiency
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Tags Acetic Acid Ethyl Acetate Solvents Surfactants
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