Market Size of Bio-Acetic Acid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | High |
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.
