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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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 5% in the forecast period.
- Based on grade, the industrial grade segment accounted for a market share of 7% in 2024.
- By end-use applications, the solvent segment is estimated to lead with a market share of 4% in 2024.
- India is expected to record a CAGR of 7% between 2024 and 2034.
- Sales in China are predicted to rise at a CAGR of 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 a lead analyst 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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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.
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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Website: https://www.futuremarketinsights.com
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