The Global acetic acid market is likely to exhibit a lucrative growth potential, owing to cut-throat competition witnessed among the key participants in the market, claims a research report by Zion Market Research. The key players of acetic acid market are LyondellBasell Industries N.V., SABIC Industries, Eastman Chemical Company, Sasol, and Celanese Corporation. These industry mammoths have been competing on the basis of high R&D investments, M&A, product innovations, and geographical expansions. Analysts predict that the firms will continue to implement these same strategies in the near future in order to gain a competitive advantage.
According to the Zion market research study, the acetic acid market, estimated at USD 8.37 billion in 2015, is forecast to register a CAGR of 8.5% during the period of 2016-2021. Analysts predict that the market will touch nearly USD 13.65 billion by 2021, in terms of revenue.
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Soaring Popularity Across Myriad Industries To Augment Expansion
“Rising product use in photographic films and rapid emergence of textile & packaging sectors to stimulate the growth of acetic acid market over the coming years,” says a research analyst at ZMR.
Wide applications in Vinyl acetate monomer (VAM), acetic anhydride, acetate esters, and Purified terephthalic acid (PTA) are expected to upswing the growth curve of acetic acid market in the years ahead. However, fluctuating methanol prices and rapidly maturing acetic anhydride market can pose a challenge to growth of acetic acid market over the coming years.
VAM dominated the application landscape of acetic acid market in 2015, owing to its more than 30% contribution towards the market share in terms of total volume consumption. Report predicts that VAM is likely to continue its domination over the forecast timeline, subject to its increasing application in adhesives & sealants.
Asia Pacific To Lead Regional Growth In Production & Consumption Terms
The geographical segmentation of acetic acid market is also discussed in the Zion research report. Researchers at ZMR have considered North America, Middle East & Africa, Europe, Asia Pacific, and Latin America as the key regional markets for acetic acid for the study. Increase in the number of manufacturing industries in Asia has contributed significantly towards the regional growth. China, which accounted for over 40% of the overall production of the APAC in 2015, is likely to be the revenue pocket of the region over the coming years.
North America acetic acid market is anticipated to record a CAGR of nearly 3.6% over the forecast period.
The Acetic Acid Market is segmented as follows:
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