Global Acetic Acid Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

The development and growing applications in various industries such as paints & coatings, adhesives & sealants, and textiles will globally augment market growth

The Global Acetic Acid Market is estimated to be USD 13.46 Bn in 2023 and is expected to reach USD 17.52 Bn by 2028 growing at a CAGR of 5.41%.

Acetic acid is a clear, colorless, organic liquid with a pungent odor similar to household vinegar. Acetic acid is used as a raw material and solvent in producing other chemical products, oil and gas, and food and pharmaceutical industries.

The increasing demand for Budding Vinyl Acetate Monomer (VAM) is driving the growth of the acetic acid market due to its crucial role in VAM production. VAM is a key component in manufacturing various products, including adhesives, paints, coatings, and textiles. As the global economy expands and industrial sectors thrive, the demand for VAM and its end-use applications has risen. Acetic acid serves as a vital raw material in the production of VAM, acting as a catalyst in the synthesis process. Therefore, the surging demand for VAM directly translates into higher requirements for acetic acid, propelling the growth of the acetic acid market. This trend is expected to continue as VAM finds broader applications in different industries, further bolstering the demand for acetic acid.

Moreover, the wave for change through emerging technologies for Acetic Acid is creating significant opportunities for the acetic acid market by leveraging the potential of emerging technologies. By harnessing innovative solutions such as artificial intelligence, advanced analytics, and automation, this initiative aims to revolutionize the production, distribution, and application of acetic acid. These technologies enable enhanced process efficiencies, optimized resource utilization, and improved product quality, thereby driving down costs and increasing productivity. Additionally, adopting emerging technologies enables the development of sustainable and eco-friendly production methods, reducing the environmental footprint associated with acetic acid production. Overall, the Wave for Change initiative is unlocking new avenues for growth and competitiveness in the acetic acid market by capitalizing on the transformative power of emerging technologies.

However, the harmful effects of acetic acid are restraining the growth of acetic acid because it is a corrosive substance that can cause severe burns and irritate the skin, eyes, and respiratory system. This poses a significant safety risk, particularly in industries that handle large quantities of acetic acid. Also, its emissions contribute to air pollution, leading to respiratory problems and environmental damage. The stringent regulations on emissions and worker safety measures imposed by various government bodies further limit the growth of the acetic acid market. Additionally, the availability of alternative chemicals with lower toxicity and environmental impact, such as citric acid and lactic acid, is also affecting the demand for acetic acid. Therefore, to ensure sustained growth in the acetic acid market, manufacturers must address these harmful effects through improved safety protocols, environmental sustainability measures, and research and development efforts to develop safer alternatives.

• Furthermore, the unstable political climate and reduced demand on various end markets present significant challenges to market growth. The uncertain political environment creates an atmosphere of unpredictability, making it difficult for businesses to plan and invest confidently. Additionally, reduced demand in different end markets restricts the growth potential of businesses as they struggle to generate sufficient sales and revenue. These factors create a challenging landscape where market expansion becomes increasingly arduous and uncertain.

Market Segmentations

• The Global Acetic Acid Market (2023-2028) by Application and Geography.
• By Application, the market is classified into Vinyl Acetate Monomer, Acetic Anhydride, Acetate Esters, Purified Terephthalic Acid, Ethanol, and Others. The vinyl acetate monomer holds the highest market share. Its substantial share is due to rising demand for paints and coatings, paper coatings, and printed goods, all of which drive demand for vinyl acetate monomer. Acetic acid is a key raw material in synthesizing vinyl acetate monomer, which is then used to make polyvinyl acetate.
• By Geography, the market is classified into the Americas, Europe, Middle East & Africa, and Asia-Pacific. The Asia-Pacific holds the highest market share. This increase can be described as rising acetic acid demand in construction, medicines, automotive, and textiles. The development of the region's pharmaceuticals industry accounts for the increase in demand for the product. Acetic acid is widely utilized in the pharmaceutical industry. Consumers' greater reliance on pharmaceutical tablets is projected to drive overall demand for the product in the region.

Recent Development

• Kingboard Holdings Limited announced that its unit, Hebei Kingboard Energy Development Co., Ltd., intends to submit the 'Environmental Impact Report of Hebei Kingboard Energy Development Co., Ltd. Acetic Acid Expansion and Transformation Project'for approval, and the entire content of the environmental impact study is accessible - January 2023.
• Hebei Kingboard Energy Development Co., Ltd. announced the start of construction on a 29,80-tonne-per-year acetic acid production. USD 3.6 Bn project was built on a carbon capture and recycling project of 35,20 tonnes per year to construct a high-value-added carbon neutrality demonstration park for new chemical materials and achieve low-carbon development - June 2022.

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Akzo Nobel, Arkema, BASF, Indian Oil, etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Acetic Acid Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Acetic Acid Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Acetic Acid Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market