Acetic Acid Market Expected Growth Opportunities Forecast by 2027, Fortune Business Insights™ Bugis

  • Location: Bugis, Singapore

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The global acetic acid market size is expected to reach USD 13.79billion by 2027, exhibiting a CAGR of 8.4% during the forecast period. The rising consumption of solvents such as VAM in the chemical industry for paints & coatings, adhesives & sealants will bolster the healthy growth of the market, states Fortune Business Insights, in a report, titled “Acetic Acid Market Size, Share & Industry Analysis, By Application (Vinyl Acetate Monomer (VAM), Purified Terephthalic Acid (PTA), Ester Solvents, Acetic Anhydride, Others), and Geography Forecast, 2020-2027.” The market size stood at USD 8.34 billion in 2019.
Covid 19 Impact
The corona virus incident has brought the world to an unanticipated halt. We understand that this health disaster has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
We are making endless efforts to uplift businesses in this crucial need of the hour. Our expertise and experience can offer enormous benefits to help regain during this global pandemic.
The report on the acetic acid market involves:
• Greater insights into the market
• Profound analysis of the segments
• Market drivers and restraints
• Comprehensive information about prominent players
• Dominant regions
• COVID-19 drastic effect on the market



Market Driver:
Advancements in Polymer Development to Bolster Growth
The growing technological advancements in polymers and products made out of VAM will significantly aid the expansion of the market. The growing demand for VAM in the production of ethylene vinyl alcohol (EVOH), a barrier resin in food packaging, gasoline tanks, and other engineering polymers will have an excellent effect on the market. Some other VAM derivatives such as vinyl chloride-vinyl acetate copolymers have applications in adhesives & sealants, which, in turn, will bolster the health of the market. Moreover, It also has applications in adhesive due to adhesion properties to different substrates that include wood, paper, metals, and plastic films.
Decreased Production to Hamper Market in COVID-19 Pandemic
The reduced production of chemicals has negatively impacted on the market growth. The shutdown of factories due to a shortage of laborers and diminished supply of raw materials can dwindle the sales, in turn, affecting the growth of the market. However, the demand for ethanoic acid alongside the high consumption of sanitizers will subsequently aid in the recovery of the business amid coronavirus. Besides, health and safety concerns in healthcare facilities will further improve the prospects of the market in the near future.

Regional Analysis:
Heavy Investments in Polymers to Promote Growth in Asia Pacific
The market in Asia Pacific is expected to hold the largest share in the global market owing to the rising polymer formulations in the region. The chemical is a key raw material used for the production of polymers in industries across Japan, China, and India. China is a major leader in polymers and chemicals. China's capacity further helps in the high production of ethanoic acid. According, to Chemical Market Associates, Inc. (CMAI) 400,000 tons per year demand is in China, from the global average demand. The improving construction industry in India is expected to further boost growth in the region. Europe is expected to hold a significant share during the forecast period owing to the rising demand from end-use sectors. The growingimport activities will aid expansion in Europe. Moreover, the high production of methanol carbonylation, which has accounted for up to 65% of the world capacity, and other process oxidation of acetaldehyde by German producer Wacker will significantly create opportunities for the market in the region.
Key Development:
October 2019:BP and China’s Zhejiang Petroleum and Chemical Corporation (ZPCC) announced a memorandum of understanding (MOU) for exploring the creation of an equally-owned joint venture between the companies to build and operate 1 million tons per annum of the acetic acid plant in eastern China.
The Report Lists the Key Companies in the Acetic Acid Market:
• BP Plc (UK)
• Shanghai Huayi (Group) Company (China)
• LyondellBasell Industries (The Netherlands)
• Daicel Corporation (Japan)
• Shandong Hualu-Hengsheng Chemical Co. Ltd. (China)
• Jiangsu Sopo (Group) Co. Ltd. (China)
• Kingboard Chemical Holdings Ltd. (Hong Kong)
• Eastman Chemical Company(U.S.)
• Lonza (Switzerland)
• Wacker Chemie AG (Germany)
• Other Key Player


Browse Summary of This Research:
https://www.fortunebusinessinsights.com/acetic-acid-market-103386



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Published date: May 18, 2021

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