According to a recent study conducted by Hexa Research, global acetic
acid market will be valued at more than $13 billion in 2022. Growing demand for
applications like Purified Terephthalic Acid (PTA) and Vinyl Acetate Monomer
(VAM) will contribute to this growth. PTA is increasingly being consumed for
manufacturing polyester, which is an important constituent of the textile and
packaging industries. PTA is expected to witness the fastest growth with a CAGR
of more than 4.9% from 2015 to 2022. The total global acetic acid demand for
PTA was more than 2,450 kilo tons in 2014, which is likely to rise to more than
3,750 kilo tons in 2020.
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VAM is utilized in the manufacture of chemicals like EVA and EVAC. There
is growing consumption of these chemicals in the solvents and adhesives
industry, leading to rising demand for VAM. Demand for acetic acid in VAM was
more than 3,500 kilo tons in 2014. This application segment is expected to grow
at a CAGR of more than 3.9% from 2015 to 2022. VAM will be increasingly
demanded by developing economies like China, India and Brazil, consequently
leading to growth of acetic acid market in future.
Hexa Research observed that China led the global acetic acid market in
2012 with a share of more than 39% of volumes. A strong manufacturing base and
possible expansion of the same in future will contribute to China retaining its
market leadership. Asia Pacific followed China in terms of market share, with
key demand emerging from India and Japan. The acetic acid industry in Asia is
likely to grow at a CAGR of more than 10% from 2015 to 2022.
Hexa Research identifies Celanese, BP, DuPont, Eastman Chemicals, BASF,
Wacker Chemie and Jiangsu Sopo (Group) Co., Ltd., among others, to be the key
participants in the global acetic acid market. The industry showcases a
fragmented nature with several manufacturers operating at varied levels of
capacities.
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/bulk-chemicals-industry
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