Acetic Acid Market Anticipated to Witness High Growth Owing to Rising Application in Textile Industry

 

Acetic Acid Market 

Acetic acid, also known as ethanol or ethanoic acid, is a colorless liquid organic compound with the chemical formula CH3COOH. It has a distinctive sour and pungent smell and is soluble in water and many organic solvents. Acetic acid is primarily used in the production of vinyl acetate monomer, which is further employed to manufacture polyvinyl acetate and polyvinyl alcohol. It also finds widespread applications in the production of cellulose acetates, polyesters, lacquers, paints, inks, dyes, and textiles. The growing textile industry globally has augmented the demand for acetic acid as it is used in dyeing, printing and finishing of textiles as a cleaning agent.


The global acetic acid market is estimated to be valued at US$ 16.86 billion in 2024 and is expected to exhibit a CAGR of 13% over the forecast period of 2024 to 2030.


Key Takeaways


Key players operating in the acetic acid market are Biogen, CYTOKINETICS, F. Hoffmann-La Roche Ltd, Genentech, Inc., PTC Therapeutics, Inc., Novartis AG, Ionis Pharmaceuticals, Chugai Pharmaceutical Co., Ltd., NMD PHARMA A/S, and Astellas Pharma Inc. These players are focusing on expanding their production capacities and geographical reach to cater to the growing demand for acetic acid.


The growing textile industry and increased usage of acetic acid in production of various materials like vinyl acetate, cellulose acetates, and polyesters provide considerable opportunities for manufacturers in the global market. The textile industry in developing nations of Asia Pacific is expected to drive high demand for acetic acid during the forecast period.


Key players are expanding their geographical presence by establishing manufacturing plants in developing Asian countries to leverage low-cost labor and cater to the growing regional demand. For instance, Novartis has two production facilities in China and South Korea with a total annual production capacity of over 500 kilo tons.


Market Drivers

- Growing textile industry: The booming textile industry globally, especially in developing Asian countries like India and China is a key driver as acetic acid is widely used in the dyeing, printing and finishing of textiles.

- Increased demand for vinyl acetate: The rising demand for vinyl acetate from end-use industries like paints, coatings and adhesives is expected to propel the demand for acetic acid which is used in the production of vinyl acetate monomer.


Market Restraints

- Volatility in raw material prices: Fluctuations in the prices of raw materials required for manufacturing Acetic Acid Market Demand  especially crude oil affect the production costs of manufacturers.

- Availability of substitutes: Expanding adoption of bio-based chemicals for applications like textile processing and wood preservatives threatens the demand for acetic acid.


Segment Analysis


The acetic acid market is dominated by the vinyl acetate monomer (VAM) sub-segment which accounts for over 60% of total acetic acid consumption in the market. Vinyl acetate monomer is used in the production of polyvinyl acetate which finds applications in adhesives, paints & coatings and textiles. The strong demand from these end-use industries is driving the growth of the vinyl acetate monomer sub-segment and making it the dominating sub-segment in the overall acetic acid market.


The food & beverage sub-segment is another prominent segment in the acetic acid market. Acetic acid is used for producing vinegar which is an essential ingredient in cuisines across the world. It also acts as a natural preservative and flavor enhancer in various food items. Rising health-consciousness coupled with growing demand for naturally produced foods is fueling the consumption of vinegar and boosting the growth of the food & beverage sub-segment.


Global Analysis


The Asia Pacific region dominates the global acetic acid market and accounted for over 40% of the global demand in 2024 owing to strong presence of end-use industries such as paints, pharmaceutical and textiles in the region. China is the leading acetic acid producer as well as consumer globally. Europe and North America are other major markets driven by well-established end-use industries in these regions. However, the acetic acid market in Asia Pacific is expected to witness fastest growth during the forecast period supported by increasing production capacities in China and India to fulfill rising demand from domestic as well as overseas markets.


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