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The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
Acetic Acid Market: Introduction
Ethanoic acid or acetic acid is majorly produced in liquid form, and is colorless and has strong distinct and pungent smell. Acetic acid is majorly produced by methanol carbonylation reaction, where carbon dioxide and methanol react to give acetic acid as a final product. Acetic acid is synthetic carboxylic acid having antifungal and antibacterial properties. A wide area of application of acetic acid in agriculture, paper, chemical, and water treatment industries is expected to accelerate the demand for acetic acid during the forecast period and thereby, drive the growth of the acetic acid market.
Acetic Acid Market: Dynamics
Vinyl Acetate Monomer (VAM) is expected to drive the overall acetic acid market as acetic acid is one of the major contributors of the production of VAM. The demand for vinyl alcohols and polyvinyl acetates is also growing, which is driving the growth of the acetic acid market. VAM is also used to manufacture polymer for coatings and adhesives, which will increase the consumption of acetic acid.
As the population is growing across the globe the demand for clothes and other packed products is increasing, which is in turn driving the growth of the packaging and textile industries that utilize PTA, thus contributing towards the growth of the overall acetic acid market during the forecast period. Acetic acid is also used as an industrial chemical and chemical reagent used to produce cellulose acetate for photographic films, coupled with polyvinyl acetate used in the production of synthetic fabrics and fibers, which consequently will increase the consumption of acetic acid during the forecast period. Consumption of Acetic Esters expected to increase which is expected to lead the Acetic acid market growth across the glove during the forecast period.
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Mature market conditions for acetic anhydride and volatile prices of methanol, which is used to produce acetic acid, is expected to act an obstacle in the growth of the acetic acid market during the forecast period. Reduced performance at low temperatures, low compatibility with quartz, and irritation to skin and corrosive to metals are factors expected to hamper the growth of acetic acid consumption during the forecast period.
Acetic Acid Market: Segmentation
By Application, the acetic acid market can be segmented as:
Acetic Acid Market: Regional Outlook
Asia Pacific is estimated to be one of the major regions towards the consumption and production of acetic acid. China, South Korea, Japan, India, Taiwan, etc. are few countries in Asia Pacific that are estimated to hold a significant market share in the overall consumption and production of acetic acid, thus fueling the growth of the acetic acid market during the forecast period. North America is projected grow at a significant rate during the forecast period as the U.S. is estimated to be the prominent producer and consumer of acetic acid in the global acetic market
Europe is expected to witness the rise for the acetic acid consumption attributing to the growing concerns towards the health coupled with increasing expenditure in healthcare by individuals in region as consumption of vinegar is increasing thus accelerating the growth of acetic acid in region
Latin America and the Middle East & Africa are expected to witness the demand for acetic acid during the forecast period, which can be attributed to the increasing usage of polyester in the textile industry coupled with the growing demand for vinyl acetate monomer used as a precursor and thus, leading to the growth of acetic acid market in region
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Acetic Acid Market: Key Participants
Examples of some of the key participants in the global acetic acid market are:
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