Acetic Acid Market by Product Type (Glacial Acetic Acid, Acetic Acid Solution), End-Use Industry (Chemicals, Food & Beverage, Pharmaceuticals & Healthcare, Agriculture); Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Acetic Acid Market was valued at USD 18.1 billion in 2023 and will surpass USD 28.5 billion by 2030; growing at a CAGR of 6.7% during 2024 - 2030.

The acetic acid market plays a pivotal role in various industries, serving as a fundamental raw material in the production of numerous products. It is primarily used in the production of chemicals, food and beverages, pharmaceuticals, and agriculture. Acetic acid, in its purest form known as glacial acetic acid, is utilized in the manufacturing of products like acetic anhydride, acetate esters, and various plastics. The market has seen consistent growth owing to the increasing demand for acetic acid derivatives in diverse industrial applications, particularly in chemicals and food preservation. The ongoing trend of urbanization, industrialization, and demand for healthier food and pharmaceutical solutions is expected to continue driving the market forward.

Glacial Acetic Acid Is Largest Owing to Its Broad Industrial Applications

Among the different types of acetic acid, glacial acetic acid holds the largest share of the market. This highly concentrated form of acetic acid is widely used in the chemical industry for manufacturing a range of important derivatives, including acetic anhydride, acetate esters, and various other chemicals. Its broad application in the production of synthetic fibers, plastics, and solvents has significantly contributed to its dominance in the market. Additionally, glacial acetic acid is used in the production of vinegar and as a cleaning agent in both industrial and household settings.

The versatility of glacial acetic acid, combined with its essential role in manufacturing chemical products, makes it the most demanded type of acetic acid. As industries continue to expand, particularly in regions like Asia-Pacific, the demand for glacial acetic acid is expected to rise, further solidifying its position as the largest subsegment in the acetic acid market.

Food & Beverage Industry Is Largest End-Use Industry Owing to Rising Demand for Preservatives

The food and beverage industry is the largest end-use sector for acetic acid, driven by its role in food preservation and flavoring. Acetic acid is commonly used in the form of vinegar for pickling, preserving, and enhancing the taste of food products. The increasing demand for processed and convenience foods, coupled with the need for longer shelf life and food safety, has made acetic acid an essential ingredient in this sector. Moreover, as consumers become more health-conscious, the use of natural preservatives like vinegar in organic and clean-label foods has further boosted the demand for acetic acid.

In addition to its role in food preservation, acetic acid also contributes to the production of certain food additives and colorants, making it an integral component of the food and beverage supply chain. With growing consumer preferences for convenience foods and clean-label products, the food and beverage industry is expected to remain the largest contributor to the acetic acid market.

Asia-Pacific Is Largest Region Owing to Strong Industrial Base

Asia-Pacific is the largest region in the acetic acid market, owing to its strong industrial base and rapid economic development. Countries like China and India are significant consumers of acetic acid, driven by their large manufacturing sectors, including chemicals, textiles, and automotive industries. The region's robust demand for glacial acetic acid and acetic acid solutions, coupled with the expanding food and beverage industry, has contributed to the market’s substantial growth.

Furthermore, the increasing population in Asia-Pacific has led to higher food demand and a growing need for preservatives and additives in the food sector. The rise in disposable incomes and urbanization in countries like China, India, and Southeast Asia has fueled demand for processed and packaged foods, thereby driving the consumption of acetic acid. Asia-Pacific's position as the largest market is expected to continue as the region invests in expanding its industrial capabilities and infrastructure.

Leading Companies and Competitive Landscape

The acetic acid market is highly competitive, with several key players dominating the landscape. Major companies such as BP, Eastman Chemical Company, Sinopec, and Celanese Corporation hold significant market share due to their extensive production capabilities and global reach. These companies operate large-scale manufacturing plants, strategically positioned to serve the growing demand across various regions.

The competitive landscape is characterized by ongoing advancements in production technologies and sustainability initiatives. Companies are investing in research and development to improve the efficiency of acetic acid production, reduce costs, and minimize environmental impact. As the demand for eco-friendly solutions and renewable feedstocks grows, companies in the acetic acid market are increasingly focusing on green chemistry initiatives, such as bio-based acetic acid production. The market remains competitive with the emergence of new players and regional manufacturers striving to meet the growing demand, particularly in emerging markets in Asia-Pacific.

Recent Developments:

• SABIC announced the expansion of its acetic acid production capacity in Saudi Arabia to meet the increasing demand in global markets.
• Celanese Corporation launched a new line of acetic acid derivatives aimed at enhancing the production of bio-based chemicals.
• ExxonMobil Chemical completed a major investment in an acetic acid facility in the United States to cater to growing industrial and food-grade applications.
• BP Plc and Sinopec entered a joint venture to produce acetic acid and acetate derivatives in China to support regional supply chains.
• Eastman Chemical Company unveiled a new acetic acid-based polymer that is expected to reduce the environmental impact of plastic production.

List of Leading Companies:

• SABIC
• BP Plc
• Celanese Corporation
• China National Petroleum Corporation (CNPC)
• China Petroleum & Chemical Corporation (Sinopec)
• DuPont
• Eastman Chemical Company
• ExxonMobil Chemical
• Formosa Plastics Corporation
• Huntsman Corporation
• Indorama Ventures Public Company Limited
• LG Chem
• LyondellBasell Industries
• Nippon Shokubai Co., Ltd.
• Reliance Industries Ltd.

Report Scope: