High-Purity Acetic Acid Market 2022 Outlook, Current and Future Industry Landscape Analysis 2030
Market Scope
Market Research
Future (MRFR) studied the global high-purity acetic acid market 2021 for the
review period till 2025. As per MRFR assessment, the global market of
high-purity acetic acid can surge at 5.16% CAGR through the review period. By
2025, the global high-purity acetic acid market is expected to value at USD
12,471.1 Mn.
Drivers
and Restrains
High-purity
acetic acid is an indispensable microelectronic chemical in the expanding
electronic industry. The surge in demand for high-purity acetic acid enabled
consumers electronics due to their better efficacy can support the expansion of
the high-purity acetic acid market in the near future. The growing demand for high-purity
acetic acid in the paint and coating sectors and its growing prominence as vinyl
acetate monomer (VAM) can support the market in the years to come. The rise in
demand for paints and coatings across construction, automotive, and marine
industries can also positively impact the growth of the high-purity acetic acid
market.
Key
Players
Shandong Debang
(China), Mitsubishi Chemical Corporation (Japan), Jianghua Microelectronics,
Merck KGaA (Germany), Tokyo Chemical Industry Co., Ltd (Japan), Sipchem (Saudi
Arabia), Jubilant Life Sciences (India), BP p.l.c. (UK), Celanese Corporation
(US), Eastman Chemical Company(US), LyondellBasell Industries Holdings B.V.
(UK), SHIJIAZHUANG XINLONGWEI CHEMICAL CO., LTD (China), BASF (Germany), FINAR
LIMITED (India), Saanvi Corp (India), Qingdao Hisea Chem Co.Ltd (China), Dongyue
Group Ltd (China), and Jinmao Group (China).
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In several developed
economies, there are food laws that promoted the high utility of the bio-based
process that contributes to the increasing demand for vinegar in the production.
The rise in prominence of high-purity acetic acid as a natural preservative in
pickling of vegetable, along with the surging awarness about antimicrobial
agent can promote the expansion of the market. The large-volume of production
of chemical compounds, such as; VAM, by undiluted acetic acid can favor the
market upsurge in the near future. High purity acetic acid or glacial acetic
acid also act as an acidity regulator and the increase in its adoption by food and
beverage industry due to growing demand for ready to eat food can underpin the
market expansion.
The upscaling demand
for high purity acetic acid product in the pharma sector, textile and apparel
industry, along with the chemical sector for the synthesis of polymers and
resin, can prompt the market rise in the analysis tenure. Automobile,
construction, and marine are other affluent industries with exhibiting high
demand for high purity acetic acid, thus is expected to cast a positive impact on
the market growth. The rapid adoption of the product as etching solutions for
semiconductor chips among various other electronic devices can support the market
rise in the assessment period. On the contrary, price volatility of raw
materials can restraints the market from churning up maximum profits in the
near future.
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Segment
Study
The type-based
segments of the global market of high-purity acetic acid market are 99.9%,
99.5%, and 99.8% among others. The segment of 99.8% acetic acid is likely to dominate
the worldwide market with the highest share of around 42% at 5.6% CAGR by end
of the evaluation period. The rise in the utility of acetic acid as a an
important material in the production of acetate fiber, VAM, acetate ester, and
chloroacetic acid, and its growing utility as an organic solvent in the production
of coatings and inks can benefit the market over the assessment term.
The application-based
segments of the global high-purity acetic acid market are food ingredients and supplements,
paints, textiles, pharmaceuticals, coatings and inks, PCB, and semiconductor chips
and among others. The paints, inks, and coating segment can dominate the global
market over the review period and earn revenue of around USD 3,000.8 Mn. The
segment is expected to rise at the highest CAGR over the forecast period. The
increase in the demand for high-purity acetic acid as the key raw material in
the manufacturing of purified terephthalic acid (PTA) for the production of polymer
coating resin can favor he market upsurge.
Regional
Analysis of High Purity Acetic Acid
Asia Pacific high
purity acetic acid market can dominate the regional market over the review
period, and can hold around 55% share of the market. The market in North
America, followed by Asia Pacific, can thrive in during the assessment period
owing to the upscaling demand for organic acids in the textile, and the paper
and pulp sector. The presence of expanding consumer electronic sector in this
region can favor the market.
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