The glacial acetic acid industry is poised for promising growth at 6.5% CAGR over the duration of the forecast period (2019-2029). The market is majorly characterized by technological innovations aimed at diversifying the end-use applications of glacial acetic acid. Moreover, the production of acetic anhydride is augmenting the demand for glacial acetic acid.
“Variegated end-use areas such as food & beverages, pharmaceuticals, paints, and inks are inflating the sales of glacial acetic acid. Further, role of glacial acetic acid in producing terephthalic acid, synthetic camphor, aniline, and propylene terephthalate is fuelling its consumption. The upward trajectory will continue through the projection period,” opines FMI.
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Key Takeaways of Glacial Acetic Acid Market Study
- Food preservation remains the predominant application of glacial acetic acid.
- Oil & gas exploration industry will be the leading end-use industry through 2029.
- Asia Pacific accounts for approximately 69.8% revenue share in the global acetic acid market.
- North America glacial acetic acid market will register prolific growth over the forecast period.
Glacial Acetic Acid Market – Key Growth Factors
- Greater availability of raw materials facilitates the growth of the glacial acetic acid market.
- The shifting lifestyle of consumers is a major growth propeller of the glacial acetic acid market.
- Consumers’ greater economic wealth is adding to the revenue pool of the market.
- The glacial acetic acid market in Asia Pacific is favored by escalating infrastructure activities in the region.
Glacial Acetic Acid Market – Key Restraints
- The emerging trend of natural preservatives rather than chemical counterparts is hampering the glacial acetic acid market growth.
- Safety hazards associated with the manufacturing process are a significant factor threatening market growth.
Impact of COVID-19 on Glacial Acetic Acid Market
Demand for glacial acetic acid is witnessing severe shocks in view of COVID-19 outbreak. The glacial acetic acid prices have taken massive hits on account of supply chain deglobalization. The chemical industry is one of the worst affected industries by the coronavirus crisis. Moreover, the end-use industries of glacial acetic acid are experiencing an unprecedented hit amid the current pandemic.
Abrupt oversupply is a paramount cause of concern for top players in the glacial acetic acid market. Leading companies are ramping-up and relocating their production as a countermeasure for COVID-19. However, the pandemic presents unique opportunities as well where key stakeholders can use their R&D capacity to innovate their business models as per consumer needs.
Competitive Landscape of Glacial Acetic Acid Market
The global glacial acetic acid market is a swiftly evolving competitive landscape. Some of the prominent players featured in this FMI study include, but are not limited to, China Great Wall Energy Co., British Petroleum, BASF SE, Spectrum Chemical Mfg. Corp., MP Biomedicals, OM Group, Inc., Hawkins, Inc., Sinopec Great Wall Energy and Chemical, Innova Corporate (India), Celanese Corporation, Eastman Chemical Company, and Reliance. Sustainable transition remains the key strategic tenet of industry leaders. Furthermore, players continue to focus their resources on innovation in order to boost their profitability. Major stakeholders must work on robust sales execution strategies to strengthen their position in the glacial acetic acid market.
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More about the Report
This Future Market Insights study of 170 pages provides all-inclusive insights on the global glacial acetic acid market. The market analysis is based on grade (food grade, industrial grade, and pharmaceutical grade), end-use application (food additive, solvent, photographic chemical, paints & coatings, textile, cosmetics, and pharmaceutical intermediate) across five regions (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific).
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.
By Grade
- Food grade
- Industrial grade
- Pharmaceutical grade
By End-use Application
- Food additive
- Solvent
- Photographic Chemical
- Paints & Coating
- Textile
- Cosmetics
- Pharmaceutical Intermediate
By Region
- North America
- Latin America
- Europe
- MEA
- Asia Pacific
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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