iCrowdNewswire Dec 30, 2020 4:58 PM ET
Global High-Purity Acetic Acid Market is projected to reach USD 12,471.1 Million by the end of 2025, at a CAGR of 5.16% during the forecast period. High-purity acetic acid also called glacial acetic acid or anhydrous acetic is extensively used in a range of applications such as paints and coatings, textiles, and food ingredients. The high demand for processed and ready-to-eat food on the backdrop of the growing population is expected to drive the demand for high-purity acetic acid.
Market Research Future (MRFR) identifies the following companies as the Key Players in the global high-purity acetic acid market: Mitsubishi Chemical Corporation (Japan), Eastman Chemical Company (US), Merck KGaA (Germany), Sipchem (Saudi Arabia), BP p.l.c. (UK), Celanese Corporation (US), LyondellBasell Industries Holdings B.V. (UK), Jubilant Life Sciences (India), Saanvi Corp (India), Tokyo Chemical Industry Co., Ltd (Japan), SHIJIAZHUANG XINLONGWEI CHEMICAL CO., LTD (China), Qingdao Hisea Chem Co.Ltd (China), and FINAR LIMITED (India).
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According to MRFR analysis, the Global High-Purity Acetic Acid Market has been segmented based on Type, Application, and Region.
By type, the global high-purity acetic acid market has been segmented into 99.9%, 99.8%, 99.5%, and others. The 99.8% acetic acid segment dominated the global market with the largest share of around 42% in 2018 and is expected to exhibit CAGR of 5.6% during the forecast period. This is largely attributed to the growing use of acetic acid as a raw material in the production of VAM, acetate ester, acetate fiber, and chloroacetic acid. It is also used as an organic solvent in the manufacturing of inks and coatings.
On the basis of application, the global high-purity acetic acid market has been divided into paints, coatings and inks, food ingredients & supplements, textiles, pharmaceuticals, semiconductor chips and PCB, and others. The paints, coatings and inks segment dominated with the largest market share in 2018. The segment was valued at USD 3,000.8 million in 2018 and is estimated to exhibit the highest CAGR during the forecast period. High-purity acetic acid is a key raw material used in the production of purified terephthalic acid (PTA) used for polymer coating resin. The key players in the market are focusing on the expansion of production capacity to meet the growing demand. For instance, BP and China’s Zhejiang Petroleum and Chemical Corporation (ZPCC) have signed a memorandum of understanding (MOU) to create a joint venture in October 2019. The joint venture will produce around 1 million tons per annum of acetic acid in China for manufacturing PTA and a variety of other products such as paints, solvents, and adhesives.
Additionally, glacial acetic acid is widely used in printing and dyeing industries, and it is one of the most widely used organic acids. Changing lifestyles and rising disposable income has resulted in the high demand for glacial acetic acid in the textile and apparel industry. Furthermore, growing demand for consumer electronics like laptops, gaming devices, and smartphones are likely to drive the global high-purity acetic acid market growth.
Geographically, the global high-purity acetic acid market has been divided into North America, Latin America, Asia-Pacific, the Middle East & Africa, and Europe. As per the analysis of MRFR, the Asia Pacific market was the dominant regional market, accounting for the leading market share of over 55% in 2018 and is expected to register the highest CAGR during the forecast period. North America closely follows the Asia-Pacific region and expected to follow the trend during the assessment period. This is attributed to the growing demand for food and limited availability of cultivable land, which have increased the demand for animal-based food products such as dairy and meat thus favoring the processed food industry.
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Key Findings of the Study
- The Global High-Purity Acetic Acid Market reached USD 8,826.0 million in 2018 and is projected to reach USD 12,471.1 million by the end of 2025, at a CAGR of 5.16% during the forecast period.
- Based on type, the 99.8% segment held the largest share of 42% in 2018 and expected to grow with significant CAGR during the forecast period.
- By application, the textile industry witnessed significant growth and is projected to reach USD 2,102.4 million by 2025.
- Asia-Pacific accounted for the largest market share in 2018 due to the rapid adoption of acetic acid as a chemical solution in the manufacturing of semiconductor chips and printed circuit boards (PCBs). The region is expected to reach USD 7,412.9 million by the end of 2025.
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