This can be attributed to factors such as rapid industrialisation and urbanisation, product innovations, a strong growth in end-use industries and demand from emerging regions.
Acetic acid is a two-carbon carboxylic acid which is most commonly associated with vinegar. Also known as ethanoic acid, it is a colourless liquid with a pungent odour and represents an essential chemical reagent. Acetic acid is produced through the carbonylation of methanol and is used for treating several medical conditions such as ear canal infections. It is also used as a feedstock in the production of several synthetic chemicals which range from polymers to esters. A new research report by IMARC Group, titled “Acetic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global acetic acid market was worth more than US$ 9.2 Billion in 2017, registering a CAGR of more than 8% during the year 2010-2017. The report further anticipates the market to cross US$ 12.7 Billion by 2023, at a projected CAGR of 5% over the forecast period.
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Global Acetic Acid Market Drivers/Constraints:
There has been a rise in the demand for vinegar owing to its health benefits such as regulating blood sugar and cholesterol levels, maintaining blood pressure and reducing weight. This has majorly driven the growth of the global acetic acid market.
Acetic acid is used for dyeing purposes and also acts as a building block for various packaging materials. Therefore, a significant growth in the textile and packaging industries is positively contributing to the market growth.
There has also been an increase in the industrialisation and urbanisation rates in developing regions including Asia-Pacific, the Middle-East, and Latin America. This has resulted in an augmented demand for acetic acid and its derivatives across several end-use industries.
Another factor positively influencing the growth of the market is the initiatives taken by the manufacturers towards product innovation which is facilitating improved production process and assured quality.