Acetic acid, also known as ethanol, is an organic chemical compound that in vinegar that adds sour taste and pungent smell to it. It is a chemical reagent for the chemical compounds. As per the American Chemical Society, the chemical industry had a mass-production of about 14 million metrics tons of acetic acid globally in 2017, which was used as a reagent for making monomers and other related compounds. Vinyl acetate monomer has the largest single use of acetic acid in this production which makes up for a substantial acetic acid marketplace.
The global market size of propylene was at around $9 billion as of 2018, and the analyst estimated the CAGR of around 4% during the forecast period of 2019 to 2025, according to a recent business publication by IndusryARC titled “Acetic Acid Market: By Forms (Liquid, Solid); By Application (Easter Production, Vinegar, Vinyl Acetate Monomer, Purified Terephthalic Acid, Acetic Anhydride, Ph Regulation Agents, Photochemical); By Industry (Electroplating, Laboratory Chemicals,Others) & Geography – Forecast(2019 – 2025)”. APAC held the highest regional share in the acetic acid market at more than 30% as of 2018, due to its growing adoption of acetic acid in the industrial sector, with the application of the textile industries leading with an anticipated CAGR of around 6% through 2025.
Acetic Acid Market: Competitive Landscape
The acetic acid market has been making strides in the manufacturing and textile world owing to its effectiveness in chemical compounds for relevant research fields. In the recent past, there has been significant growth and it has been quite useful in various scientific projects globally.
- BP to Expand its Petrochemical Presence in Korea
In January 2019, BP and Lotte have merged to form a joint venture of Lotte BP Chemical Company in Ulsan, South Korea, for expanding BP’s production capacity. This joint venture is expected to produce more than 100,000 tonnes a year of acetic acid capacity by May 2019 through logjam process and to double the current 200,000tpa vinyl acetate monomer with the additional second VAM plant by 2020. The new expansion will have total production capacity to over 1 million TPA. This is done basically to fulfill the need of the customers and to build a long-standing successful partnership with Lotte. This will also allow the company to continue to meet Korea’s growing demand for petrochemicals with the growing acetic acid market.
- Celanese to Increase its Production Capacity for Acetic Acid
Celanese Corporation, a global technology leader for the production of chemistry solutions, has a global network of acetyls manufacturing plants. The company will implement and translate a series of capital efficient technology-oriented process improvement projects that will add 140kT per annum of acetic acid and 150kT per annum of VAM, with the increasing demand and growth, through to 2020. These debottlenecking projects will sway a new generation of Celanese’s AOPlus acetic acid. Celanese has the ability to add incredible growth in the acetic acid market. Recently in January 2019, the company announced that its Clear Lake acetic acid facility will be expanded from 1.3 million tons per annum to approximately 2.0 million tons per annum by late 2021.
The acetic acid market will experience a multitude of changes in the upcoming years. With constant innovation, not only will their costs be reduced, but the product will observe constant sales. Since they are useful in the chemical compound of the textile industry which has helped them to grow.
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Bio-Acetic Acid Market
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