Global Acetic Acid Market size is valued at US$ 9.3 Bn in 2017 and expected to grow at a CAGR of 10% in the forecasting period. Acetic acid acts as an intermediary for formulating coatings, greases, polyester, and sealants that have applications in diversified industries such as electronics, automotive, textiles, and packaging. Increasing trend amongst youngsters for fashionable apparels and superior quality fabrics produced by mills is augmenting the textile industry.
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Bio-based chemicals are gaining acceptance as these can act as a complete replacement for fossil-based feedstocks. Product synthesis with bio-based materials is also gaining momentum. Bio-based acetic acid may be manufactured by fermenting corn starch., sugar for ethanol etc. Manufacturers are scouting for bio-based pathways for better understanding of the relative costs of manufacturing the product from biomass as compared to petroleum-based feedstocks.
Acetic Acid market is majorly segmented by the application and region wise. Based on applications, the market is segmented as vinyl acetate monomer [VAM], purified terephthalic acid [PTA], acetate esters, and acetic anhydrid. Under this, Vinyl Acetate Monomer (VAM) contributes significantly in the application segment of the acetic acid market.
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