The Asia Pacific region is
projected to hold the largest share in the global glacial acetic
acid market and is expected to continue its dominance during the
forecast period. Rapid industrialization and increasing demand from
end-user industries are boosting the growth of the market in this
region.
NEWARK, Del., July 1, 2024
/PRNewswire/ -- The global glacial acetic acid
market size is projected to be valued at USD 8801.6 million in 2024 and further
increase at a CAGR of 6.5% during the forecast period.
Worldwide sales of glacial acetic acids are set to total
USD 16521.8 million by
2034.
The demand for glacial acetic acid is driven by the growth of
the chemical sector, particularly in Asia, which is essential for manufacturing
Purified Terephthalic Acid (PTA) in textiles and packaging.
The market is expected to grow due to its potential as a
sustainable solvent. Companies are investing in research and
development to optimize production procedures, reduce costs, and
make domestic production competitive.
Governments worldwide are implementing stringent environmental
laws and offering incentives for bio-based acetic production.
Consumers are increasingly aware of environmental issues, and
companies that demonstrate sustainability credentials are likely to
attract eco-conscious consumers. Companies must adapt their
products and marketing strategies to cater to regional market
requirements and adhere to regional regulations.
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Food Preservation Invigorates Demand for Glacial Acetic Acid
Market
Role of glacial acetic acid as an acidity regulator in
food & beverages is gaining traction. Moreover rising
population accentuates greater demand for food & beverages.
Vinegar is increasingly becoming popular in households, which has
glacial acetic acid as a chief ingredient. Further, glacial acetic
acid is deployed in the fabrication of acetic anhydride.
Glacial acetic acid is used as a condensing agent in acetic
anhydride production. Manufacturers prefer glacial acetic acid in
view of relatively low price point of raw materials. The wide
spectrum of household applications continues to fuel the
consumption of glacial acetic acid. Hence, food & beverages
industry will witness an upward growth trajectory in glacial acetic
acid market.
Key Takeaways from the Market Report
- The global glacial acetic acid market is set to reach
USD 16521.8 million by 2034,
with a CAGR of 6.5% in the forecast period.
- Based on grade, the industrial grade segment accounted for a
market share of 62.7% in 2024.
- By end-use applications, the solvent segment is estimated to
lead with a market share of 28.4% in 2024.
- India is expected to record a
CAGR of 9.7% between 2024 and 2034.
- Sales in China are predicted
to rise at a CAGR of 7.3% through 2034.
"There is an increasing demand for high-purity glacial
acetic acids in the pharmaceutical and electronics industry.
Manufacturers are therefore investigating novel technologies to
produce such premium quality products," Says
Nikhil Kaitwade, Associate Vice President at
Future Market Insights (FMI).
Who is Winning?
The glacial acetic acid market is dominated by prominent players
like BASF SE, Eastman Chemical Company, Celanese Corporation,
Hawkins, Inc., Sinopec, and
Reliance Industries Ltd. They are investing in new applications and
production methods to stay competitive. They are also researching
substitute feedstocks and efficient manufacturing procedures to
reduce costs and environmental impact.
They are focusing on end-use industries with increasing demand
for glacial acetic acid. Environmental regulations and consumer
demand are pushing for greener practices in the industry. Large
companies are investing in high-purity glacial acetic acid for
electronics and pharmaceuticals, creating branded products with
unique functionalities and environmental benefits. They are also
acquiring smaller enterprises to expand production capacity.
Leading Players in the Industry-
- BASF SE, headquartered in Ludwigshafen, is a chemical
company that carries out the production, marketing, and sales of
chemicals, plastics, crop protection, and performance products. It
has an extensive product portfolio including solvents, adhesives,
and fuel additives. The organization serves several industries
including agriculture, automotive, chemicals, and electronics and
electrical among others. BASF executed research and development in
partnership with global consumers, scientists, and business
partners to introduce sustainable solutions in the market.
- Celanese Corporation, headquartered in Texas, is an American technology and specialty
materials company. It's the world's leading producer of acetic acid
and vinyl acetate monomer (VAM). The company has developed and
manufactured TCX Technology, a hydrocarbon-based ethanol production
process that helps create a fuel that helps nations decrease their
need to import oil and gas.
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Leading Glacial Acetic Acid Players
- BASF SE
- Eastman Chemical Company
- Celanese Corporation
- Hawkins, Inc.
- Sinopec
- Reliance Industries Ltd.
- Spectrum Chemical Mfg. Corp.
- MP Biomedicals
- Jubilant Life Sciences
- KH Chemicals
Asia Pacific Leads Global Glacial Acetic Acid Market
Share
Countries such as India,
Japan and China are key growth drivers of glacial acetic
acid in Asia Pacific. Changing
lifestyles and increasing health concerns are key growth parameters
of regional glacial acetic acid market. Moreover, technological
innovations associated with manufacturing process are completing
the market growth in Asia
Pacific.
On the other hand, North
America will register significant CAGR through the duration
of forecast period. Established end-use industries in this region
will strengthen the regional glacial acetic acid market through
2034. Increasing production of oil and gas is a significant growth
contributor of Asia Pacific
glacial acetic acid market.
Key Segments of Market Report
By Grade:
Based on grade, the sector is divided into food grade,
industrial grade, and pharmaceutical grade.
By End-use:
Glacial acetic acids have applications in food additives,
solvents, photographic chemicals, paints and coatings,
textiles, cosmetics, and pharmaceutical intermediates.
By Region:
The sector is spread across North
America, Latin America,
Western Europe, South Asia, East
Asia, Eastern Europe, and
the Middle East and Africa.
Report Preview:
https://www.futuremarketinsights.com/reports/glacial-acetic-acid-market
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the
Stevie Award, and a member of the Greater
New York Chamber of Commerce) offers profound insights into
the driving factors that are boosting demand in the market. FMI
stands as the leading global provider of market intelligence,
advisory services, consulting, and events for the Packaging, Food
and Beverage, Consumer Technology, Healthcare, Industrial, and
Chemicals markets. With a vast team of ~400 analysts worldwide, FMI
provides global, regional, and local expertise on diverse domains
and industry trends across more than 110 countries.
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