Acetic Acid Market to reach $13.3 billion by 2022. Rising production of vinyl acetate monomer (VAM) as a result of growth in automotive and construction industries of emerging economies including China and India is expected to remain a key driving force.
Acetic acid finds applications as
a precursor for the production of numerous compounds including camphor, mono
chloroacetic acid, photographic chemicals and diketene require acetic acid. The
aforementioned compounds are further processed to produce greases, adhesives,
sealants and coatings. Growing importance of preventive maintenance in the
manufacturing sector is expected to promote the usage of lubricating greases,
protective coatings and sealing agents which thus, in turn, will have a
positive impact.
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The key driving factors responsible for the growth of Acetic Acid
market :
Growing demand for water-based
paints & coatings in automotive and construction industries owing to rising
awareness towards eco-friendly products is expected to promote the use of
polyvinyl acetate, polyvinyl alcohol, and ethyl vinyl acetate. Furthermore,
significant gains in VAM market as a result of increasing applications in
construction, automobiles and furniture industries is projected to have a
substantial impact.
PTA (Pure Terephthalic Acid) is
used as a precursor along with mono-ethylene glycol for the production of PET,
and processed for manufacturing carbonated soft drinks (CSD) bottles,
automotive ancillaries, and electronic consumables. The increment in sales
volumes of CSD in developed markets including the U.S. and Germany on account
of new product launches such as Diet Coke is expected to fuel the demand for
PTA, and thus, in, the turn will augment acetic market growth.
Over the past few years, vinegar
has emerged as a culinary ingredient for the production of functional food.
Rising awareness among consumers toward the health benefits of vinegar is
expected to have a positive impact on industry.
Application insights:
VAM accounted for over 25% of
global acetic acid industry share in 2015. Rising demand for VAM as a precursor
for the production of adhesives on account of exhibiting superior properties
including enhanced adhesion, fiber forming, optical and electrical properties
is expected to have a positive impact on the industry.
Growing demand for biaxially
oriented PET film in food packaging and thermal insulation applications is
projected to have a substantial impact. However, rising spending towards toward
the development of 100% bio-based PET by CSD companies including Coca-Cola
Company is expected to force PTA manufacturers to prefer bio-based paraxylene
as raw material over acetic acid and thus, in turn, will pose a significant
challenge.
The increasing acceptance of
advanced polyesters in the textile sector on account of providing excellent
properties of breathability, and durability as compared to other conventional
polymers is expected to open new markets. Growing importance of diluents and
eco-friendly solvents including acetate esters in food & beverage industry
as a result of high market visibility in developing countries including China
and India is expected to expand the demand for acetic-based product forms.
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