Acetic acid, commonly known as vinegar is a colourless liquid with a distinctive sour taste and strong pungent smell. It is an important chemical reagent and industrial chemical. It is used as an intermediate in formulating polyester, coatings, greases, and sealants and as key raw material in manufacturing numerous chemicals such as PTA, VAM, acetic anhydride and acetate esters. These chemicals are used in wide range of end users industries such as textiles, construction, automobile, pesticides, packaging, paints and coatings. Thus, rising demand for these chemicals is increasing the demand for acetic acid.
The production process of bio-acetic acids includes the use of bio-based raw materials such as corn, maize, sugar, and biomass. They can be manufactured from fermenting sugar, ethanol, micro-organisms and corn starch and are used commercially such as catalysts, surfactants, and dyes.Market Dynamics
The expansion of the global chemical industry and the emergence of new technologies over the last decade hasstrongly influenced the growth of the acetic acid market by shifting the production towards bio-based acetic acid.
The crude oil prices are rising every year at very fast pace. Bio-based chemicals are acquiring market as these can act as a substitute for fossil-based feed stocks. The market growth has been accelerated by rising demand for vinegar owing to numerous health benefits associated with it. Increasing demand of PTA in textile industry and VAM in sealants and adhesive industry is expected to propel the growth in coming years. Growing textile & packaging industry will further add to the growth.
Fluctuation in the prices of feed stocks and environmental concerns are major factors restraining the market growth. The acetic acid market faces huge competition from fossil-fuel products and raw materials for bio-based manufacturing methods are often in shortage. Also, there are certain limitations associated with the acetic acid such as lower compatibility with quarts, reduced performance in lower temperature, corrosive to metals, acidic odour and irritation to skin. Further, it is formulated mainly by methanol, wavering prices of methanol and mature market of acetic anhydride methanol may hinder acetic acid market in future.Market Segmentation
The various market segments can be derived on the basis of application:
--> VAM - Vinyl Acetate Monomer contributes significantly in the application segment of the acetic acid market and was the largest contributor in 2014, accounting for 33% of the global acetic acid consumption. It is consumed widely in making a number of resins and polymers for textiles, films, paints, coatings, adhesives, and other such products.
--> Acetate Esters - It is the second largest application area in term of consumption and is driven by the high demand from the coating industry.
--> Acetic anhydride - It is used as a preservative in frozen food products to enhance the shelf life and to keep them fresh.
--> PTA - Purified terephthalic acid contributes about 25% in terms of volume in the global acetic acid market. It is mainly used in polyester production such as polyester films, fibres and polyethylene terephthalate (PET) resin.
Currently, Europe is the leading consumer of bio-acetic acid, followed by APAC and North America. Both, Europe and North America being the comparatively mature markets, are projected to witness moderate growth rate. While Asia Pacific being a new player, is the largest and fastest growing market for acetic acid and accounted 60% share of the market pie in terms of volume and revenue in 2014. It is projected to maintain its dominance during the forecast period. The emergence of manufacturing hubs in China, Indonesia, Laos, Thailand, Cambodia, Vietnam, Japan, and India has boosted the market in the region. China holds the largest share in term of production.Key Players
The key market players in the market are -
BASF, Bio-Amber, DSM, Mitsubishi Chemicals, Dairen Chemicals, Myriant, GF Biochemicals, Metabolix Inc., Decozymes, Genomatica, BraskemReport Contents
> Market segments
> Market Drivers, Restraints and Opportunities
> Market Size & Forecast 2016 to 2022
> Supply & Demand Value Chain
> Market - Current Trends
> Competition & Major Companies
and R&D Status
> Porters Five Force Analysis
> Strategic and Critical Success Factor Analysis of Key PlayersRegional Analysis:
> North America
>> US and Canada
> Latin America
>> Mexico, Brazil, Argentina and Rest of Latin America
> Western Europe
>> EU5 (Germany, France, Italy, Spain, U.K.)
>> Nordic Countries (Denmark, Finland, Norway, and Sweden)
>> Benelux (Belgium, The Netherlands, and Luxembourg)
>> Rest of Western Europe
> Eastern Europe
>> Rest of Eastern Europe
> Asia Pacific
>> Australia and New Zealand
>> Rest of Asia Pacific
> Middle East and Africa
>> GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
>> South Africa
>> North Africa
>> Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.Report Highlights:
> Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
> Consumer and Pricing Analysis
> Market dynamics of the industry
> Market Segmentation
> Estimated Market Sizing in terms of volume and value
> Recent trends in Market and impact
> Research Status and Technology
> Extensive Industry Structure Coverage
Publisher Name : Market Litmus