Bio-Acetic Acid Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Bio-Acetic Acid Market is segmented by raw material (Biomass, Corn, Maize, Sugar, and Other Raw Materials), Application (Vinyl Acetate Monomer, Acetate Esters, Purified Terephthalic Acid, Acetic Anhydride, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts in terms of revenue (USD million) for all the above segments.

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Bio-Acetic Acid Market Size

Bio-Acetic Acid Market Summary
Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: Europe
CAGR: > 4 %

Major Players

Bio-Acetic Acid Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Bio-Acetic Acid Market Analysis

The Bio-Acetic Acid Market is expected to grow at a CAGR of above 4% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Construction activities and automotive manufacturing activities were on a temporary halt owing to the pandemic scenario, which had minimized the demand for vinyl acetate monomer used in the formulation of these end-user industry products such as adhesives, paints, coatings, plastics, and composites, in turn, negatively impacted the market demand for bio-acetic acid. However, the market retained its growth trajectory in 2022 due to all the industries' resumed production processes.

  • The major factors driving the market's growth are the rising crude oil prices and increasing demand for Vinyl Acetate Monomer (VAM).
  • On the flip side, the scarcity & social constraints for raw materials and environmental concerns regarding the harmful effects are some factors hampering the growth of the studied market.
  • Developing new separation technologies to increase production efficiency will likely provide opportunities for the studied market during the forecast period.
  • Asia-Pacific is expected to be the fastest growing market, owing to the rapidly growing construction and paint and coatings industries.

Bio-Acetic Acid Industry Segmentation

Bio-Acetic acid is used for the processing of substrates in many manufacturing processes. It is also used as a chemical reagent for producing various chemical compounds such as acetic anhydride, ester, monomer vinyl acetate, vinegar, and many other polymer products.

The Bio-Acetic Acid Market is segmented by raw material, application, and geography. By raw material, the market is segmented into biomass, corn, maize, sugar, and other raw materials. By application, the market is segmented into vinyl acetate monomer, acetate esters, purified terephthalic acid, acetic anhydride, and other applications. The report also covers the market size and forecasts for the bio-acetic acid market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD Million).

Raw Material
Biomass
Corn
Maize
Sugar
Other Raw Materials
Application
Vinyl Acetate Monomer (VAM)
Acetate Esters
Purified Terephthalic Acid (PTA)
Acetic Anhydride
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Bio-Acetic Acid Market Trends

Vinyl Acetate Monomer (VAM) Segment to Dominate the Market

Vinyl Acetate Monomer (VAM) produces water-based paints, adhesives, waterproofing coatings, and paper and paperboard coatings that can be used in various end-use industries such as construction, paints & coatings, plastic, solvents, adhesives, textiles, and others.

According to American Coatings Association, in 2021, the United States exported paint and coatings for USD 1.1 billion to Canada, and USD 632 million to Mexico, accounting for USD 1.7 billion in total.

The chemical industry plays an important role in the growth of the vinyl acetate monomer market. Over the three years till 2024, the industry is expected to grow in every segment, with overall industry growth expected to be 1.8% in 2024.

According to The European Chemical Industry Council, AISBL, the worldwide sales of chemicals increased by 15.2% and reached USD 4332.38 billion in 2021 from USD 3759.89 billion in the previous year.

Moreover, the consumption of VAMs in the construction industry drives the market's growth. The rising construction activities boost the demand for paints and coatings to be applied to the buildings, increasing the demand for VAMs.

According to the United States Census Bureau, the United States was among the top construction markets globally in 2021 and stood at USD 1.589 trillion, accounting for around 4.3% of the country's total GDP.

According to the European Commission, by the year 2030, Europe’s Renovation Wave aims at least to double the annual energy renovation rate of buildings and focus on a goal of renovating more than 35 million buildings, which means 13% of the total establishments in the region.

Vinyl acetate monomer (VAM) is a significant intermediate used in producing a wide range of resins and polymers for paints & coatings, adhesives, glues & sealants. In 2022, the production volume of the paint and coatings industry in the United States reached 1.36 billion gallons.

Thus, all such trends in the VAM market are expected to drive the demand for the bio-acetic acid market during the forecast period.

Bio-Acetic Acid Market: Production Volume of Acetic Acid, Volume (1,000 metric tons), India, 2018-2021

Asia-Pacific Region is Expected to be the Fastest Growing Market

Asia-Pacific is the largest consumer of acetic acid in the global market and stands to be the fastest-growing market for bio-acetic acid.

Acetic acid is an important chemical reagent and industrial chemical used in producing plastic soft drink bottles, photographic films, paints, and coatings. The increasing construction activities boost the demand for paints and coatings to be used, boosting the demand for acetic acid.

There have been gradual developments in the Asian-Pacific construction sector and the growing production. The demand for adhesives in China, India, and the ASEAN countries from other sectors is increasing the demand for acetic acid used in coatings and adhesive production.

The increasing demand for acetic anhydride in the pharmaceutical industry also boosts the demand, which helps the market to grow. China’s pharmaceutical industry has experienced rapid progress since the country entered the World Trade Organization. As of 2021, China holds 12% of the global pharmaceutical market, following the United States, responsible for 40% of the total revenue worldwide.

The Indian pharmaceutical sector is expected to grow to USD 100 billion, while the medical device market will grow by USD 25 billion by 2025. In 2022, pharmaceutical exports from India were valued at USD 24.62 billion, which included pharmaceutical exports of bulk drugs, intermediates, drug formulations, and biologicals, among other products.

The factors above will likely increase the demand and consumption of bio-acetic acid in the region during the forecast period.

Bio-Acetic Acid Market - Growth Rate by Region

Bio-Acetic Acid Industry Overview

The Bio-Acetic Acid Market is a consolidated market, where few major players hold a significant share of the market demand. Some of the major players in the market include Zea2, Godavari Biorefineries Ltd., Sucroal SA, Novozymes, and Wacker Chemie AG, amongst others.

Bio-Acetic Acid Market Leaders

  1. Zea2

  2. Godavari Biorefineries Ltd.

  3. Sucroal SA

  4. Novozymes AS

  5. Wacker Chemie AG

*Disclaimer: Major Players sorted in no particular order

Bio-Acetic Acid Market Concentration

Bio-Acetic Acid Market News

  • July 2022: Novozymes launched Innova Apex and Innova Turbo, advanced yeast solutions that can tolerate up to 0.6% lactic acid and 0.4% acetic acid and 0.8% lactic acid, and 0.4% acetic acid, respectively. The solutions are tailored to work in specific fermentation times, enabling ethanol producers to maximize their fermentation process to achieve their desired production targets.
  • February 2022: the Indian Government announced the proposal to reduce the customs duty on critical chemicals such as Methanol, Acetic Acid, and heavy feedstocks for petroleum refining. This will lead to an enhancement to the domestic value addition.

Bio-Acetic Acid Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Rising Crude Oil Prices

      2. 4.1.2 Increasing Demand for Vinyl Acetate Monomer (VAM)

    2. 4.2 Restraints

      1. 4.2.1 Scarcity and Social Constraints for Raw Materials

      2. 4.2.2 Environmental Concerns Regarding the Harmful Effects

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Raw Material

      1. 5.1.1 Biomass

      2. 5.1.2 Corn

      3. 5.1.3 Maize

      4. 5.1.4 Sugar

      5. 5.1.5 Other Raw Materials

    2. 5.2 Application

      1. 5.2.1 Vinyl Acetate Monomer (VAM)

      2. 5.2.2 Acetate Esters

      3. 5.2.3 Purified Terephthalic Acid (PTA)

      4. 5.2.4 Acetic Anhydride

      5. 5.2.5 Other Applications

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share(%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Airedale Chemical Company Limited

      2. 6.4.2 GODAVARI BIOREFINERIES LTD.

      3. 6.4.3 SUCROAL S.A.

      4. 6.4.4 Zea2

      5. 6.4.5 Cargill, Incorporated

      6. 6.4.6 Novozymes

      7. 6.4.7 LanzaTech

      8. 6.4.8 btgbioliquids

      9. 6.4.9 AFYREN SA

    5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Development of New Separation Technologies to Increase Production Efficiency

**Subject to Availability
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Bio-Acetic Acid Market Research FAQs

The Bio-Acetic Acid Market is studied from 2018 - 2028.

The Bio-Acetic Acid Market is growing at a CAGR of >4% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021 - 2026.

Europe holds highest share in 2022.

Zea2, Godavari Biorefineries Ltd., Sucroal SA, Novozymes AS, Wacker Chemie AG are the major companies operating in Bio-Acetic Acid Market.

Bio-Acetic Acid Industry Report

Statistics for the 2023 Bio-Acetic Acid market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Bio-Acetic Acid analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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