Global glacial acetic acid market is poised for strong growth at approximately 6.5% CAGR during the projection period (2019-2029). Multifaceted applications such as vinegar, paints, pharmaceuticals, inks, and in food & beverages industry are propelling the growth of glacial acetic acid market. Food preservation segment in particular is the growth engine of the market, says a recent Future Market Insights (FMI) report.
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Key Takeaways of Glacial Acetic Acid Market Study
- Acetic anhydride production necessitates the demand for glacial acetic acid through the forecast period.
- Raw materials of glacial acetic acid have relatively low price point thereby supplementing the market growth.
- Variegated household applications are bolstering the market growth.
- Gains in glacial acetic acid market remain concentrated in Asia Pacific.
Key players must enhance the sustainability aspect of their business and diversify their product offerings to gain stronghold in the global glacial acetic acid market.
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Asia Pacific Acquires 69.8% Share in Glacial Acetic Acid Market
Rising economic wealth in emerging Asian economies is bolstering the market growth in the region. Shifting consumer preferences and lifestyle factors are shaping up the regional glacial acetic acid market as well. Rising infrastructural activities accentuate the demand for glacial acetic acid. On that premise, Asia Pacific glacial acetic acid market constitutes 69.8% revenue share in the market.
Further, established end-use industries in developed economies such as United States are driving the market growth in North America. The regional market is projected to experience prolific growth during the forecast period. The predominant industry driving the consumption of glacial acetic acid in the region is oil and gas exploration industry.
Industry leaders Rely on Multipronged Strategies for Competitive Edge
Some of the prominent market players featured in this FMI report include, but are not limited to, 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.
Major players are scrutinizing their sales execution strategies and working on efficient pricing to foster their market position. Top performers in the global glacial acetic acid market are focused on gaining attractive revenues through innovation and sustainable transition.
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Will the COVID-19 Pandemic Hold an Abrupt Impact on Market?
Although manufacturing and supply sides of the glacial acetic acid market will be facing the heat of global coronavirus outbreak, the market will not be facing abrupt impacts as it falls under the basic chemicals category, i.e. acetic acid. Owing to its applicability, glacial acetic acid is often placed at the beginning of value chains. Looking at the dependence on China for production of basic and allied chemicals, the industry players now ought to reduce their reliance on Chinese markets. FMI’s analysis reveals that a visible shift from China to India in terms of glacial acetic acid manufacturing will be observed in the immediate future, marking an important trend in the global market.
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