In terms of revenue in 2014, the global market for acetic acid was calculated to be USD 9,075.0 million and is projected to reach USD 14,784.2 million by 2022, growing at a CAGR of 6.8% from 2015 to 2022. In 2014, in terms of volume the market demand for acetic acid was 12,100.0 kilo tons and is projected to reach 16,824.2 kilo tons by 2022 at a CAGR of 4.7% during the forecast period.
Acetic acid is used as key raw material in manufacturing numerous downstream chemicals such as purified terephthalic acid (PTA), vinyl acetate monomer (VAM), acetic anhydride and acetate esters. These chemicals are further used in wide range of end users industries such as textiles, construction, automobile, pesticides and food ingredients among others. Rising demand for these chemicals in turn is increasing the market demand for acetic acid. Fluctuation in the prices of feed stocks and environmental concerns are major factors restraining the market growth. Emerging technologies and shift in production towards bio based acetic acid will provide huge market opportunities in the future.
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In 2014, by application type, vinyl acetate monomer (VAM) was the largest application segment for the market accounting for 33% of the global acetic acid consumption. It is projected to maintain its dominance during the forecast period. Consumption of acetic acid in the manufacturing of VAM is mainly driven by the rising demand for VAM from the adhesive and sealant industry. Acetate Esters is the fastest growing segment of the market driven by the high demand from the coating industry. In 2014, consumption of acetic acid by acetate esters segment was 2,432.1 kilo tons.
In 2014, Asia Pacific was the largest and fastest growing market for acetic acid and accounted 60% share of the market pie in terms of volume and revenue. It is projected to maintain its dominance during the forecast period. Asia Pacific was followed by North America with a considerable demand. China is the major consumer of acetic acid and is projected to maintain its dominance due to rapid industrialization during the forecast period. Both, Europe and North America market are comparatively mature market and is projected to witness moderate growth rate.
Companies such as DuPont, British Petroleum (BP), Celanese, and Eastman Chemicals dominated the market along with various other manufacturers.