In the future, thanks to the continued maintenance and increase in consumption demand, the global acetic acid market value is forecasted to reach 10.54 billion USD by 2028 with an average growth rate of 5.4%. /five.
Overall, the growth and growing demand in many application industries such as paints and coatings, adhesives and sealants, apparel, etc. will be the driving forces behind the growth of the acid market. global acetic in the next decade.
Impact of the COVID-19 pandemic
During the early years of the outbreak, many industrial plants around the world had to reduce production or temporarily close, demand for essential ingredients such as acetic acid plummeted, leading to a shrinkage. of the market.
On the other hand, the rapid spread of the corona virus exposes the global health system to great challenges in treating many different groups of patients. Many cities and hospitals have had to apply strict hygiene regulations to prevent the spread of the virus. Against this backdrop, the potential benefits, bactericidal ability and availability of acetic acid have made this product a useful adjunct to COVID-19 prevention, consuming acetic acid for the purpose Disinfection and cleaning have increased sharply.

New market trends
Increasing penetration of ester solvents in the paint industry
In the field of industrial paint production, acetic acid is used to create esters as solvents for paints, solvents for paint thinners, printing inks and coatings. In addition, acetate ethers are also used to produce paint removers, acrylic paint removers, varnishes, wood cleaners, etc.
The ester solvents are being used more and more in the coating industry due to their excellent properties such as high evaporation rate, strong solvent activity, solubility for coating resins, solvent release ability, etc. These properties are applied in a wide variety of paint products for the automotive industry, infrastructure construction and other industrial applications.
Paints produced with ester solvents have advantages such as environmental friendliness, high temperature resistance, chemical resistance, long life of paint film, mechanical strength, elasticity, resistance to resistance. scrub. The increasing demand for paints is continuing to lead to the growth of the ester solvent market and with it the acetic acid market. The driving forces of the market development.

The fast growth of the textile and packaging industry
Acetic acid is commonly used in the textile industry for dyeing purposes. In addition, acetic acid is also used in the packaging industry for the production of cellulose acetate thin films and for the production of polyvinyl acetate for wood glue as well as synthetic fibers and fabrics.
The textile and garment industry and packaging production in both developed and developing countries have grown rapidly in recent years. In India alone, the textile market was worth $100 billion in 2019.
Technological innovation
Technological innovation could become an important growth opportunity for the acetic acid market. The leading companies in the field of acetic acid production are focusing on research and development activities with the aim of bringing new products to market. For example, in June 2020, AkzoNobel Company launched a new anti-rust protective primer. This coating can protect equipment from swimming pools to production equipment in chemical plants and components operating in high humidity or highly corrosive environments.

Growing demand for VAM and PTA
Half of the world's acetic acid production is used to produce vinyl acetate monomer (VAM). Today, the demand for solvents such as VAM in industrial applications such as paints and coatings, adhesives and sealants is increasing.
VAM is an intermediate in the production of plastics and polymers for paints, adhesives, thin films, fabrics and other products. VAM is used in diaphragm resins for the production of plastic bottles, it is also used in adhesives due to its good adhesion to various substrates such as wood, paper, metal, plastic film. The growth of these industries is driving the growth of VAM demand.
VAM's current fastest growing application area is the production of ethylene vinyl alcohol for use as a film plastic in food packaging, fuel tanks and other engineering polymers. Furthermore, some VAM derivatives such as vinyl chloride-vinyl acetate copolymers are used in the manufacture of adhesives and sealants. Technological breakthroughs with the aim of developing polymers and other products from VAM materials are helping to sharply increase the demand for VAM.
About 20% of the world's annual acetic acid production is used to produce terephthalic acid (TPA), the raw material for polyester production. The growing demand for polyester in the textile and packaging industries is leading to higher consumption of PTA.

Overall, higher consumer demand for VAM and PTA is driving the growth of the acetic acid market.
Factors hindering growth
If not used safely and appropriately, acetic acid can become a dangerous chemical. It is highly corrosive to human skin and eyes, so must be handled with care. Acetic acid also damages internal organs if swallowed or inhaled. Furthermore, increasing consumer awareness about the hazardous effects of chemicals may hinder the acceptance of acetic acid, thereby hindering the growth of the market. Besides, the VAM market is a mature one and is showing a slow or declining growth trend, while it is an important application area for acetic acid. The decline of the VAM market can affect and hinder the growth of the acetic acid market.

Application fields
Based on applications, the acetic acid market is segmented into segments like VAM, PTA, solvent ester, acetic anhydride, and more.
The VAM segment holds the largest share of the acetic acid market due to the growing demand for VAM in many industrial applications such as paints and coatings, paper, adhesives and sealants, and textiles. The growing demand from different industries such as automobile manufacturing, paper, construction is having a significant impact on the growth of the VAM and acetic acid market.
PTA is used in the production of polyesters such as PET bottles, PE fibers, PE thin films, followed by use in the textile industry, the production of food and beverage packaging. The growing population of the world has increased the demand for food and beverages, leading to a high demand for PE packaging.
Besides, acetic anhydride is mainly used as an acetylating agent in chemical reactions. Acetic anhydride is also used as a raw material for the production of aspirin and acetaminophen in the growing pharmaceutical industry.

Market areas
The acetic acid market in Asia-Pacific is worth $3.73 billion in 2020 and is expected to account for the largest share of the global market. Acetic acid is an important raw material for the production of polymers in many industries in Japan, China, and India. China is the world's top producer of acetic acid, and the government is working on new investment plans to improve productivity and support the growth of the domestic market, as well as other projects. in India and Japan. According to the market consulting firm Chemical Market Associates, the demand for acetic acid in China averages 400,000 tons/year.
The North American acetic acid market has favorable growth prospects until 2028. The growth of the chemical industry and growing demand from usage sectors such as construction and textiles are driving consumption. acetic acid in many different applications. The plans to increase investment and expand production by large companies such as Celanese and BP are driving the growth of the acetic acid market in the region. Along with that, the new lifestyle and disposable income of consumers are driving the increase in construction activities and the growth of the textile industry, contributing to the strong growth of the North American acetic acid market.

The European acetic acid market is forecast to experience a high growth rate between now and 2028 thanks to an increase in demand in the areas of use as well as import demand. At the end of 2021, high demand caused European producers to increase the selling price of acetic acid to 63 Euro/ton. In Europe, acetic acid is mainly produced by methanol carbonylation.
The acetic acid market in Latin America and the Middle East - Africa region has good prospects for growth between now and 2028 thanks to the development of industries such as construction, textile may,... Brazil is one of the main countries contributing to the high demand for acetic acid in Latin America. In the Middle East - Africa region, the process of industrialization and rising disposable income of consumers are driving the development of the construction industry, leading to the demand for VAM - an important raw material in production. adhesives and sealants - and thereby supporting the growth of the acetic acid market.

Chemical Industry Newsletter No. 3/2022