Global Acetic Acid Market Is Estimated to Witness Growth Due to Growing Presence of Multiple Multinational Corporations and Increasing Research and Development Activities


Acetic Acid Market
Acetic Acid Market

Acetic acid is a colorless, corrosive liquid with a pungent smell. It is widely used as a solvent, a chemical reagent and an antiseptic. The uses of acetic acid include the manufacturing of plastics and vinyl acetate monomer. It is also used as an antiseptic and as a preservative in foods. Acetic acid is a common ingredient in vinegar. Vinegar has been used for medicinal purposes since ancient times. It is used to make pickles, salad dressings and many other processed food products. However, it can be dangerous when taken in high doses. Acetic acid is a chemical that is commonly found in the body. Acetic acid is one of the most widely used chemicals in the world. Acetic acid can be found in water and air, and is therefore hydrophilic. It can also be easily dissolved in water.

Growing expansion by key players is estimated to augment growth of the global acetic acid market during the forecast period. For instance, Seoul-based Company Lotte and BP, a UK energy and chemicals have initiated a joint venture for the expansion of Lotte BP Chemical Company Limited facility in South Korea in March 2020. This expansion is estimated to add 100,000 tonnes a year of acetic acid every year. Moreover, increasing harmful effects of acetic acid is anticipated to restrain growth of the global acetic acid market during the forecast period.

The global Acetic Acid Market was estimated to be valued more than US$ 10,551.4 million in terms of revenue in 2019 and is predicted to grow at a CAGR of 9.5% during the forecast period (2020 to 2027).

The pandemic was first started in 2019 in China and later it spread to more than a 100 nations. During the pandemic there was an increased demand for hygiene and cleanliness. This was for stopping the spread of the virus, as it is an air-borne disease. People became more aware regarding sanitization of homes and other places. Hospitals were following strict cleanliness and sanitization rules. This resulted in increased in demand for acetic acid globally. As acetic acid is used for sanitizing products. This augmented the growth of the global acetic acid market during the pandemic.

Key Takeaways:

The global market is estimated to witness robust growth, exhibiting CAGR of XX% during the forecast period, owing to adoption of increasing acquisitions by key players. For instance, BP’s global Aromatics & Acetyls business was acquired by INEOS in January 2021. This acquisition includes 10 joint ventures, 15 global production sites and it will help in strengthening INEOS’s product portfolio and geographical presence.

Asia Pacific is anticipated to witness significant growth in the global market over the forecast period, due to rising demand in several industries like pharmaceuticals, textiles, construction in the region.

Major players operating in the global market are INEOS, Eastman Chemical Company, Airedale Chemical Company Limited, Celanese Corporation, DAICEL CORPORATION, HELM AG, The Dow Chemical Product, Indian Oil Corporation Ltd, DAICEL CORPORATION, Gujrat Narmada Valley Fertilizers & Chemicals Limited, LyondellBasell Industries Holding B.V., and Ashok Alco Chem Limited.


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