Global Acetic Acid Industry Report: by Application; Country Overview; Value Chain Analysis; Production Process; Trade Analysis; Cost Structure; Market Dynamics: Drivers & Constraints, Industry Events, Innovations & Trends, SWOT Analysis, Porter’s Five Forces; Industry Best Practices: Sourcing Strategy, Procurement Model, Contract Structure, Negotiation Levers, Pricing Model; Key Supplier Analysis, 2022-2027

Acetic Acid Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

The global Acetic Acid market reached a value of about USD 8.59 billion in 2021. The industry is projected to grow at a CAGR of around 5.5% in the forecast period of 2022-2027 to reach a value of about USD 11.85 billion by 2027.

The global Acetic Acid industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is being driven by the manufacturing of VAM, which employs acetic acid in its production. VAM is also utilised to make polymer for coatings and adhesives, which means that acetic acid demand will rise. VAM is polymerised to generate polyvinyl acetate or other polymers, constituents in the paints industry. A substantial amount of vinyl acetate monomer is utilised in paint and coating formulas. In the industry report, the key demand indicator is the highest category spender by region—Asia.

Industry Definition and Segmentation

Acetic acid, or ethanoic acid, is a colourless acidic liquid and chemical substance. Apart from water and other minor ingredients, vinegar contains at least 4% acetic acid by volume, making acetic acid the essential component. Acetic acid is the second most basic carboxylic acid (after formic acid). Metal acetates are made by using acetic acid, which is used in some printing processes; vinyl acetate, which is used to make plastics; cellulose acetate, which is used to create photographic films and textiles; and unstable organic esters (such as ethyl and butyl acetates), which are widely used as solvents for resins, paints, and lacquers. Acetic acid is a biologically significant metabolic intermediary that may be found in bodily fluids and plant juices. The Acetic Acid industry report comprises segments by application (VAM, Acetate Esters, PTA, Acetic Anhydride) and region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).

The Asia Pacific Region is Driving the Growth of the Industry

Acetic acid is a crucial ingredient in various China, Japanese, and Indian industries. Due to a rise in mergers and acquisitions, the region sees a surge in building activity. Construction activity is increasing in the following areas and is expected to impact the acetic acid end-use goods market positively. Furthermore, during the projection period, the fast-rising pharmaceutical business, primarily in India and Japan, will create significant revenue. Because the product is widely utilised in the pharmaceutical industry to make disintegrants, the market expansion will be aided by the rising demand for medicinal tablets.

The market is being propelled by the rising demand for the product from Vinyl Acetate Monomer (VAM). VAM is polymerised to generate polyvinyl acetate or other polymers, crucial elements in the paints industry. A substantial amount of vinyl acetate monomer is utilised in paint and coating formulations. The acetic acid market is expected to rise in the short term due to increasing demand for purified terephthalic acid (PTA) from the textile and packaging industries and high ester solvents in the paints and coatings sector. With the global population growth, the need for garments and other packaged goods has risen, fueling the expansion of the packaging and textile sectors that use PTA, contributing to the total acetic acid market growth throughout the projection period. The market is projected to benefit from developing novel separation technologies to improve acetic acid production efficiency in the future years.

However, rising concerns over the environmental impact of acetic acid's detrimental effects hamper the market's expansion.

Best Procurement Practices

The global Acetic Acid industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Acetic Acid regions, such as engagement models, contract terms, and buyer and supplier negotiation levers.

Category Management Studies

Acetic acid has been produced on a large scale by oxidising acetaldehyde in the air, ethanol (ethyl alcohol), butane, and butene. Acetic acid is now produced using a rhodium-iodine catalysed methanol carbonylation method (methyl alcohol).

Other Applications of the Product, Further Driving the Procurement of Acetic Acid

The industry is being propelled by the various uses of the product in different sectors. Acetic acid is commonly employed as a descaling agent in its diluted form. At the same time, in the industrial sector, it is widely used as a key chemical reagent in the formulation of cellulose acetate. The chemical is also used as a condiment and acidity control in the food sector. Acetic acid and its derivatives are used in the automobile sector to manufacture adhesives and sealants. The demand for acetic acid is rising due to the development of the automotive adhesives and sealants industry. The global EV (Electric Vehicle) market has experienced rapid expansion.

Furthermore, PET (polyethene terephthalate) bottles are becoming increasingly popular in the medical and consumer goods industries due to their lightweight and recyclable nature. PET bottles are made from purified terephthalic acid (PTA), which is made from acetic acid, and its rising demand is propelling the market forward.

New company growth prospects will emerge with the rising price of petroleum feedstock and rigorous regulations. The top players are continually shifting their focus to manufacturing bio-based acetic acid from sugar, corn, cheese whey, poplar tree, and other bakery waste. Bio-based acetic acid has the same qualities as convectional acetic acid while causing the most negligible environmental impact.

The regional markets for the industry can be divided into Europe, North America, the Asia Pacific, South America, and the Middle East and Africa.

Key Industry Players Mentioned in the Acetic Acid Industry Report

  • Celanese Corporation
  • INEOS Styrolution
  • Jiangsu Sopo Corporation
  • Chang Chun Petrochemical
  • Eastman Chemical Company

Market Landscape

Multiple significant established companies are present in the market, all of them are continually working to improve their product offerings to appeal to a larger market area. A high market competition ensures competitive product development and quality and competitive price and product positioning. Acetic acid producers are progressively embracing innovative technologies such as BP's Cativa and Celanese's AO-plus (Acid Optimization Plus), which provide considerable cost savings in variable expenses and lower capital costs for new plant development. In addition, they boost capacity, improve production efficiency, cut energy usage by about 30%, and minimise operational expenses—the increased use of these innovative technologies for chemical production results in a good industry outlook.

Key Initiatives by Companies

  • INEOS purchased BP's worldwide Aromatics & Acetyls business in January 2021, encompassing 15 separate global production locations and ten joint ventures to expand its geographic reach and product variety.
  • BP and China's Zhejiang Petroleum and Chemical Corporation (ZPCC) signed a memorandum of understanding (MoU) in October 2019 to form a joint venture. The businesses propose establishing an acetic acid facility in Zhoushan, China, with a production capacity of one million tonnes per year as part of the joint venture (Mtpa).

1.    Executive Summary
2.    Global Acetic Acid Market Snapshot

    2.1.    Acetic Acid Market Outlook
    2.2.    Acetic Acid Industry Analysis by Application
        2.2.1.    VAM
        2.2.2.    Acetate Esters
        2.2.3.    PTA
        2.2.4.    Acetic Anhydride
    2.3.    Regional Overview
        2.3.1.    North America
        2.3.2.    Europe
        2.3.3.    Asia Pacific 
        2.3.4.    Latin America
        2.3.5.    MEA
3.    Impact of Recent Events 
4.    Acetic Acid Value Chain Analysis 
5.    Acetic Acid Production Process
6.    Trade Analysis 
7.    Major Risk Factors in Sourcing
8.    Acetic Acid Cost Structure
9.    Acetic Acid Price Analysis 
10.    Key Demand Indicator Analysis
11.    Key Price Indicator Analysis
12.    Acetic Acid Market Dynamics

    12.1.    Drivers & Constraints
    12.2.    Industry Events 
    12.3.    Innovations & Trends
    12.4.    SWOT Analysis
    12.5.    Porter’s Five Forces
        12.5.1.    Buyer Power
        12.5.2.    Supplier Power
        12.5.3.    Threat of New entrants
        12.5.4.    Threat of Substitutes
        12.5.5.    Industry Rivalry
13.    Feedstock Market Analysis
    13.1.    Market Overview
    13.2.    Price Analysis 
14.    Industry Best Practices
    14.1.    Sourcing Strategy
    14.2.    Procurement Model
    14.3.    Contract Structure
    14.4.    Negotiation Levers
    14.5.    Pricing Model
    14.6.    Key Factors Influencing the Quotation 
15.    Key Supplier Analysis
    15.1.    Celanese Corporation 
    15.2.    INEOS Styrolution
    15.3.    Jiangsu Sopo Corporation
    15.4.    Chang Chun Petrochemical
    15.5.    Eastman Chemical Company

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Key Questions Answered in the Report

The global Acetic Acid market size was valued at USD 8.59 billion in 2021.

As per the application provided, the VAM segment is anticipated to lead the market between the period 2022 – 2027.

The significant demand for the product in VAM production is one of the essential drivers of the Acetic Acid market growth.

Celanese Corporation, BP Chemicals, Jiangsu Sopo Group, Chang Chun Petrochemicals, and Eastman Chemical are some of the key companies in the market.

The Asia region of the Acetic Acid industry holds a significant share in the market.

Analyst Review

The global Acetic Acid market attained a value of USD 8.59 billion in 2021, driven by the rising demand for the product to manufacture VAM is driving the market. In addition, the product's application in the food and solvent industry is furthering the market's expansion. Aided by the growing technological advancements, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 5.5%. The market is projected to reach USD 11.85 billion by 2027.

Procurement Resources' detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses cutting-edge analytical tools and their expertise, thus, delivering its customers with market insights that are accurate, actionable and help them remain ahead of their competition. Some of the leading players in the industry are Celanese Corporation, BP Chemicals, Jiangsu Sopo Group, Chang Chun Petrochemicals, Eastman Chemical.

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