An Incisive, In-depth Analysis on the Glacial Acetic Acid Market
This study offers a comprehensive, 360 degree analysis on the Glacial Acetic Acid market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Glacial Acetic Acid market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Global glacial acetic acid market is strengthened by variegated end-use applications such as food & beverages, inks, coatings, paints, vinegar, and pharmaceuticals. The market is projected to witness solid growth at approximately 6.5% CAGR over the forecast period (2019-2029). Moreover, glacial acetic acid is utilized for the production of propylene terephthalate, aniline, synthetic camphor, and terephthalic acid.
In food & beverages industry, glacial acetic acid is used as a preservative which is a key factor driving growth. Moreover, rising consumer expenditure, shifting consumer lifestyles, and greater net worth income is shaping the glacial acetic acid market. Pharmaceutical applications are increasingly adopting glacial acetic acid as a chief ingredient as well.
Food Preservation Invigorates Demand for Glacial Acetic Acid
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.
Versatility of Glacial Acetic Acid to Strengthen Market through 2029
In the light of its unique properties, glacial acetic acid is used in a wide array of applications. For instance, purified terephthalic acid and vinyl acetate monomer are manufactured from glacial acetic acid. Both of these compounds are essential for manufacturing adhesives, sealants, and PET. Various end-use industries are scaling up the consumption of glacial acetic acid in view of heightening demand.
Besides, rapid industrialization necessitates the demand for adhesives and sealants. Emerging economies in particular are boosting the demand for glacial acetic acid as construction undertakings proliferate. In addition, PET has gained paramount importance in the packaging industry which will further augment the sales of glacial acetic acid through the forecast period
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
Asia Pacific Leads Global Market Share for Glacial Acetic Acid
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 market through 2029. Increasing production of oil and gas is a significant growth contributor of Asia Pacific glacial acetic acid market.
Prominent Players Look through Sustainable Transition through 2029
Some of the prominent market players featured in this report include, Hawkins, Inc., MP Biomedicals, BASF SE, OM Group, Inc., Eastman Chemical Company, Celanese Corporation, Innova Corporate (India), Spectrum Chemical Mfg. Corp., British Petroleum, China Great Wall Energy Co, Sinopec Great Wall Energy and Chemical, and Reliance.
In view of rapidly evolving competitive landscape, major players are focused on adapting through sustainable transition. Sales execution strategies, efficient pricing and innovation will be strategic focal point of market leaders during the forecast period.
Potential Impact of COVID-19 Impact
Acetic acid and a few other basic chemicals that have a diverse application range generally fall at the starting point of value chains in several chemical industry markets. While COVID-19 pandemic is posing an abrupt impact on manufacturing units across the chemical industry, the scenario of basic chemical manufacturers still looks positive, over the next quarter. Manufacturers of glacial acetic acid are prioritizing reduced dependence on China hereafter.
Glacial Acetic Acid Market: Segmentation
The global glacial acetic acid market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.
- Food grade
- Industrial grade
- Pharmaceutical grade
- Food additive
- Photographic Chemical
- Paints & Coating
- Pharmaceutical Intermediate
- North America
- Latin America
- Asia Pacific