According to the report published by Zion Market Research, the global Glacial acetic acid Market size was valued at USD 10.26 Billion in 2022 and is predicted to reach USD 15.80 Billion by the end of 2030. The market is expected to grow with a CAGR of 5.55% during the forecast period. The report analyzes the global Glacial acetic acid Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Glacial acetic acid Market industry.
Global Glacial Acetic Acid Market: Overview
Chemically, glacial acetic acid (CH3COOH) is a colorless organic compound with a strong, sour, and pungent odor. Glacial acetic acid is one of the most important chemical reagents and industrial chemicals used in the production of metal, vinyl, and cellulose acetates, as well as volatile organic esters, such as ethyl and butyl acetates. Another way that glacial acetic acid is widely used as a cleaning agent is in diluted form, which is formed by oxidizing natural carbohydrates. Among the industries that profit from glacial acetic acid are electronics, automobiles, textiles, and packaging. The acid is also used in the manufacture of coatings, greases, polyesters, and sealants.
Global Glacial Acetic Acid Market: Growth Factors
Rapid industrialization and urbanization in emerging markets such as Asia Pacific and the Middle East is leading to an increase in construction activities. These are the key driving factors for the growth of the glacial acetic acid market. As the use of glacial acetic acid as a raw material for PTA and VAM increases, the glacial acetic acid industry is experiencing an economic boom. Further, it finds application as an intermediate in the formulation of sealants, greases, coatings, and polyester, which are widely used among end user industries such as textiles, automotive, electronics, packaging, and paints & coatings. The growing demand for these applications across the globe is anticipated to positively contribute to the growth of the market.
In addition, the rapidly growing population is increasing the demand for clothing which in turn is propelling the demand for glacial acetic acid in the packaging and textile industry. Also, acrylamide, a chemical reagent used to manufacture photographic films is increasingly used in industry, resulting in higher consumption of glacial acetic acid. However, volatility in methanol prices and mature market conditions for glacial acetic acid is projected to hinder market growth. Thus, a number of the leading players are slowly switching to bio-based glacial acetic acid that is made from sugar, corn, cheese whey waste, poplar tree waste, and other bakery wastes. Bio based glacial acetic acid possesses the same properties as convectional acid with minimal environmental impact. On the other hand, the leading players operating in the market are investing in research and development activities to expand their geographic presence and strengthen production capacity that is anticipated to offer lucrative opportunities to the global glacial acetic acid market in the forecast period.
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The global glacial acetic acid market is negatively impacted due to the sudden outbreak of the COVID-19 virus. The government of various countries has imposed stringent regulations over industrial sectors to control the widespread of the infection. Temporary shutdown of manufacturing units, shortage of workforce due to preventive quarantine, and limited availability of raw materials due to travel restrictions impacted most of the end-user industries, such as textiles, automotive, food & beverage, and construction. Further, because of the ongoing pandemic and the temporary shutdown of automotive manufacturing units and construction projects, the demand for adhesives, paints, and coatings declined. This had a negative impact on glacial acetic acid usage. Thus, the value chain disruption has been seen in the pandemic period which in turn hampers production. However, ease in restrictions and a boom in demand for glacial acetic acid at the end-user industries are expected to enhance the growth of the global market.
Global Glacial Acetic Acid Market: Segmentation
The global glacial acetic acid market is divided based on application and region. Based on application, the global market is split into ester solvents (ethyl acetate & butyl acetate), acetic anhydride, purified terephthalic acid, and vinyl acetate monomer.
Global Glacial Acetic Acid Market: Regional Analysis
Geographically, 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 some of the factors that are boosting the growth of the market in this region. Due to its enormous automobile production, China is expected to have a huge market for sealants and adhesives. On the other hand, the North America region is anticipated to grow at a significant rate and is probable to offer lucrative opportunities for market growth. Some of the factors that are enhancing the growth of the market in this region include continuously changing consumer lifestyles and rising health concerns.
Global Glacial Acetic Acid Market: Competitive Players
The global glacial acetic acid market is highly fragmented owing to the presence of domestic and international players.;
- Celanese Corporation
- Qingdao Huatuo Chemicals Co. Ltd.
- Zhengzhou Kelai Chemical Co. Ltd.
- Ultra Chemical Works
- Akchem Eastman Chemical Company
- Henan CXH Purity Industrial And Trading Co. Ltd.
- HarvinImpex Pvt. Ltd.
- Chemical Point UG
are some of the leading players that are functioning in the global glacial acetic acid market. The leading players operating in the market are investing in collaboration and joint venture for strengthening its geographic reach and enhancing its product portfolio. For instance, Celanese Corporation collaborated with Southwest Institute of Chemical Co. Ltd to develop glacial acetic acid to acrylic acid technology in China.
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The Global Glacial acetic acid Market is segmented as follows:
- ester solvents (ethyl acetate & butyl acetate)
- acetic anhydride
- purified terephthalic acid
- vinyl acetate monomer
Global Glacial Acetic Acid Market: Regional Segment Analysis
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
What Reports Provides
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market.
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