The Asia Pacific region is projected to hold the largest share in the global glacial acetic acid market and is expected to continue its dominance during the forecast period. Rapid industrialization and increasing demand from end-user industries are boosting the growth of the market in this region.
NEWARK, Del., July 1, 2024 /PRNewswire/ — The global glacial acetic acid market size is projected to be valued at USD 8801.6 million in 2024 and further increase at a CAGR of 6.5% during the forecast period. Worldwide sales of glacial acetic acids are set to total USD 16521.8 million by 2034.
The demand for glacial acetic acid is driven by the growth of the chemical sector, particularly in Asia, which is essential for manufacturing Purified Terephthalic Acid (PTA) in textiles and packaging. The market is expected to grow due to its potential as a sustainable solvent. Companies are investing in research and development to optimize production procedures, reduce costs, and make domestic production competitive.
Governments worldwide are implementing stringent environmental laws and offering incentives for bio-based acetic production. Consumers are increasingly aware of environmental issues, and companies that demonstrate sustainability credentials are likely to attract eco-conscious consumers. Companies must adapt their products and marketing strategies to cater to regional market requirements and adhere to regional regulations.
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Food Preservation Invigorates Demand for Glacial Acetic Acid Market
Role of glacial acetic acid as an acidity regulator in food & beverages is gaining traction. Moreover rising population accentuates greater demand for food & beverages. Vinegar is increasingly becoming popular in households, which has glacial acetic acid as a chief ingredient. Further, glacial acetic acid is deployed in the fabrication of acetic anhydride.
Glacial acetic acid is used as a condensing agent in acetic anhydride production. Manufacturers prefer glacial acetic acid in view of relatively low price point of raw materials. The wide spectrum of household applications continues to fuel the consumption of glacial acetic acid. Hence, food & beverages industry will witness an upward growth trajectory in glacial acetic acid market.
Key Takeaways from the Market Report
- The global glacial acetic acid market is set to reach USD 16521.8 million by 2034, with a CAGR of 6.5% in the forecast period.
- Based on grade, the industrial grade segment accounted for a market share of 62.7% in 2024.
- By end-use applications, the solvent segment is estimated to lead with a market share of 28.4% in 2024.
- India is expected to record a CAGR of 9.7% between 2024 and 2034.
- Sales in China are predicted to rise at a CAGR of 7.3% through 2034.
“There is an increasing demand for high-purity glacial acetic acids in the pharmaceutical and electronics industry. Manufacturers are therefore investigating novel technologies to produce such premium quality products,” Says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Who is Winning?
The glacial acetic acid market is dominated by prominent players like BASF SE, Eastman Chemical Company, Celanese Corporation, Hawkins, Inc., Sinopec, and Reliance Industries Ltd. They are investing in new applications and production methods to stay competitive. They are also researching substitute feedstocks and efficient manufacturing procedures to reduce costs and environmental impact.
They are focusing on end-use industries with increasing demand for glacial acetic acid. Environmental regulations and consumer demand are pushing for greener practices in the industry. Large companies are investing in high-purity glacial acetic acid for electronics and pharmaceuticals, creating branded products with unique functionalities and environmental benefits. They are also acquiring smaller enterprises to expand production capacity.
Leading Players in the Industry-
- BASF SE, headquartered in Ludwigshafen, is a chemical company that carries out the production, marketing, and sales of chemicals, plastics, crop protection, and performance products. It has an extensive product portfolio including solvents, adhesives, and fuel additives. The organization serves several industries including agriculture, automotive, chemicals, and electronics and electrical among others. BASF executed research and development in partnership with global consumers, scientists, and business partners to introduce sustainable solutions in the market.
- Celanese Corporation, headquartered in Texas, is an American technology and specialty materials company. It’s the world’s leading producer of acetic acid and vinyl acetate monomer (VAM). The company has developed and manufactured TCX Technology, a hydrocarbon-based ethanol production process that helps create a fuel that helps nations decrease their need to import oil and gas.
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Leading Glacial Acetic Acid Players
- BASF SE
- Eastman Chemical Company
- Celanese Corporation
- Hawkins, Inc.
- Sinopec
- Reliance Industries Ltd.
- Spectrum Chemical Mfg. Corp.
- MP Biomedicals
- Jubilant Life Sciences
- KH Chemicals
Asia Pacific Leads Global Glacial Acetic Acid Market Share
Countries such as India, Japan and China are key growth drivers of glacial acetic acid in Asia Pacific. Changing lifestyles and increasing health concerns are key growth parameters of regional glacial acetic acid market. Moreover, technological innovations associated with manufacturing process are completing the market growth in Asia Pacific.
On the other hand, North America will register significant CAGR through the duration of forecast period. Established end-use industries in this region will strengthen the regional glacial acetic acid market through 2034. Increasing production of oil and gas is a significant growth contributor of Asia Pacific glacial acetic acid market.
Key Segments of Market Report
By Grade:
Based on grade, the sector is divided into food grade, industrial grade, and pharmaceutical grade.
By End-use:
Glacial acetic acids have applications in food additives, solvents, photographic chemicals, paints and coatings, textiles, cosmetics, and pharmaceutical intermediates.
By Region:
The sector is spread across North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe, and the Middle East and Africa.
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Authored By
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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