by A) Market Overview:
The global Acetic Acid Market is estimated to be valued at US$ 13.34 billion in 2022 and is expected to exhibit a CAGR of 9.7% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights. Acetic acid is a colorless liquid with a strong, pungent odor. It is mainly used in the production of various chemicals, such as vinyl acetate monomer, acetic anhydride, and ester solvents. The market for acetic acid is primarily driven by its widespread use in industries such as textiles, plastics, food and beverages, and pharmaceuticals.
B) Market Key Trends:
One key trend in the acetic acid market is the growing demand for eco-friendly and sustainable products. With increasing awareness about environmental concerns, consumers are showing a preference for products that are manufactured using environmentally friendly processes. This has led to the development of new technologies in the production of acetic acid, such as bio-based production methods. For example, companies like Celanese Corporation and Eastman Chemical Company have started producing acetic acid through bio-based routes, using renewable resources such as corn.
C) Porter’s Analysis:
Threat of New Entrants: The threat of new entrants in the acetic acid market is low due to the high capital requirements and the presence of established players who already have a strong foothold in the market.
Bargaining Power of Buyers: The bargaining power of buyers in the acetic acid market is moderate. Buyers have the ability to switch suppliers based on price and quality, however, the limited number of suppliers in the market gives power to the key players.
Bargaining Power of Suppliers: The bargaining power of suppliers in the acetic acid market is high. Acetic acid is primarily derived from methanol, and suppliers of methanol have significant control over the pricing and supply of acetic acid.
Threat of New Substitutes: The threat of new substitutes in the acetic acid market is low, as there are limited alternatives available for the wide range of applications of acetic acid.
Competitive Rivalry: The competitive rivalry in the acetic acid market is intense. Key players such as Celanese Corporation, British Petroleum, and Eastman Chemical Company are constantly engaged in research and development activities to improve their product offerings and gain a competitive edge in the market.
D) Key Takeaways:
Market Size: The global acetic acid market is expected to witness high growth, exhibiting a CAGR of 9.7% over the forecast period. This growth is primarily driven by increasing demand from industries such as textiles, plastics, food and beverages, and pharmaceuticals.
2. Regional Analysis: Asia Pacific is expected to be the fastest-growing and dominating region in the acetic acid market. The growing population, rapid industrialization, and increasing disposable incomes in countries such as China and India are driving the demand for acetic acid in this region.
3. Key Players: Key players operating in the global acetic acid market include Celanese Corporation, British Petroleum, Eastman Chemical Company, Jiangsu Sopo (Group) Co., Ltd., China Petroleum & Chemical Corporation (Sinopec), Lyondell Basell Industries, Saudi Basic Industries Corporation (SABIC), Mitsubishi Chemical Company, and BASF SE. These players are focusing on strategic initiatives such as mergers and acquisitions, partnerships, and product innovations to strengthen their market position.
In conclusion, the global acetic acid market is poised for significant growth, driven by increasing demand and key players’ strategies. The market is witnessing a shift towards eco-friendly and sustainable products, creating opportunities for bio-based production methods. As the market continues to expand, it is expected to attract more players while maintaining the dominance of established companies.
