Market Trends of Glacial Acetic Acid Industry
Vinyl Acetate Monomer to Dominate the Market
- Glacial acetic acid is witnessing increased consumption in various applications, such as preservatives in food and beverage, pharmaceuticals, paints, coatings, inks, and vinegar. It is also used to produce terephthalic acid, synthetic camphor, aniline, propylene terephthalate, vinyl acetate monomer, etc.
- The vinyl acetate monomer segment is the dominating segment, owing to its widespread consumption in various end-user industries, such as consumer goods, packaging, automotive, and construction.
- Vinyl acetate monomer is used in adhesives and sealant industries, and it can be commercially produced using glacial acetic acid. Demand for vinyl acetate monomer is witnessing a substantial rise, owing to the rising consumption of adhesives and sealants worldwide.
- Moreover, vinyl acetate monomer as an intermediate is used to manufacture several industrial polymers and resins to produce adhesives, coatings, paints, films, and textiles.
- In addition, glacial acetic acid is also considered a major raw material for producing purified terephthalic acid (PTA), which further finds application in the packaging industry. The growing demand for packaging worldwide is anticipated to drive the demand for the market studied.
- Therefore, all the factors above are expected to drive the glacial acetic acid market during the forecast period.
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Asia-Pacific to Dominate the Market
- The Asia-Pacific region is expected to dominate the global glacial acetic acid market, with China, India, and Japan accounting for the largest consumption in this particular region.
- Glacial acetic acid is used as a buffering agent in dyeing cloth with color, and it is used to print various designs on clothes in the textile industry. In addition, the production of acetic anhydride also seeks the use of glacial acetic acid as a condensing agent, which is further used in synthetic textiles and photographic films.
- Glacial acetic acid derivatives are increasingly used in adhesives and paper manufacturing applications for end-use in the packaging industry. The Chinese packaging industry grew rapidly and consistently in recent years, owing to the expanding economy and rising middle class with greater purchasing power.
- Food packaging is a major player in the packaging industry, accounting for roughly 60% of the total market share in China. According to Interpak, in China, in the foodstuff packaging category, total packaging is expected to reach 447 billion units in 2023, indicating an increased demand for plastic injection molding from the packaging industry.
- Vinyl Acetate Monomer and its derivatives are among the key applications of glacial acetic acid in the region, and these are used in the production of synthetic textiles. In India, the textile industry is one of the most vital sectors of the economy, contributing over 2% to the country's GDP. India is the world's second-largest manufacturer and exporter of textiles and apparel after China. As per the Ministry of Textiles in India, the textile industry is expected to reach USD 223 billion by 2023.
- Furthermore, glacial acetic acid is a flavoring agent in the food and beverage industry. The increasing demand for special foods and beverages is expected to propel the glacial acetic acid demand in the Asian region over the forecast period.
- Hence, all such market trends are expected to drive the region's glacial acetic acid market during the forecast period.
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