H1 2023: The prominent players in the North America Acetic Acid market in H1 2023 were Celanese Corporation and Eastman Chemical Company. Celanese Corporation, a renowned chemical manufacturer based in the USA, reported the successful completion of a new 1.3 million tonnes acetic acid production facility situated in Clear Lake, Texas, in May 2023. The commissioning and startup processes for this facility are expected to conclude in the third quarter of the year 2023. In North America, acetic acid prices were full of ups and down in H1 2023. Acetic Acid prices weakened in January 2023 driven by sluggish downstream demand and resulting in subdued offtakes, ultimately causing a decline in prices. However, by February, market sentiments improved with increased demand. Participants in Acetates, VAM, and other downstream derivatives reported stable production rates, ensuring steady intake of Acetic acid. In March 2023, Acetic acid demand plateaued, and end-users exhibited limited instances of new orders, contributing to a bearish pricing sentiment in the domestic market. The market's lethargy mirrored the below-par performance of the manufacturing industry in the US market amid banking crises. Acetic Acid prices experienced a sharp decline early in Q2 2023 followed by a slower rate of decline in the latter half of Q2, primarily attributed to economic uncertainty, high inflation, and rising interest rates affecting demand from downstream industries like VAM.
The North America Acetic Acid market reached around 1580 thousand tonnes in 2022 and is expected to grow at a healthy CAGR of 4.95% till the year 2032.
Acetic acid, a colourless organic compound with a distinctive odour, is industrially produced through methanol carbonylation and ethylene oxidation. It serves as a versatile hydrophilic solvent, readily mixing with water, chloroform, and hexane, and dissolving substances like oils, sulphur, and iodine. Acetic acid acts as a chemical reagent for various compounds like acetic anhydride, ester, and vinyl acetate monomer (VAM), finding applications in the production of polymeric materials.
The primary market driver for acetic acid market is its role in synthesizing Vinyl Acetate Monomer (VAM), utilized in paints, textiles, wire and cable compounds, layered safety glass, and packaging materials. The increasing demand for these chemicals in diverse industries, including plastics, polymers, and food and beverage packaging, is anticipated to propel acetic acid demand. Additionally, its use in pharmaceuticals, such as acetylsalicylic acid (aspirin), contributes to market growth. Acetic acid is also instrumental in vinegar production, widely used in the food and beverage sector for marinades, pickling solutions, salad dressings, and as an additive in meat and poultry products to reduce contamination. By 2032, the North America Acetic Acid market is likely to reach 2550 thousand tonnes.
On the basis of region, North America Acetic Acid market is segmented into USA, Mexico, and Canada. Among these, USA is the leading consumer of Acetic Acid. In 2022, USA consumed roughly 80% of the North America Acetic Acid market demand. Also, Mexico will most likely experience a rise of Acetic Acid in the coming years due to the continued demand from the downstream sectors.
Based on the end-user industry, the North America Acetic Acid market is segmented into Vinyl Acetate Monomer (VAM), Purified Terephthalic Acid (PTA), Ethyl Acetate, Acetic Anhydride, and Others. However, Purified Terephthalic Acid (PTA) is the major segment and consumed approximately 42% of the market in 2022. Purified Terephthalic Acid (PTA) is primarily used in the production of polyester, a versatile polymer with extensive industrial applications. PTA is a key raw material in the manufacturing of polyester fibers, films, and resins. Polyester fibers find use in textiles, while polyester films are employed in packaging materials. PTA-derived resins are crucial for producing polyester bottles and containers commonly used in the beverage and packaging industries. The exceptional strength, durability, and chemical resistance of polyester make PTA a fundamental component in diverse sectors, including textiles, packaging, and plastics, contributing to its widespread industrial utilization. Vinyl Acetate Monomer (VAM) industry also holds prominent share of Acetic acid market.
Major players in the North America Acetic Acid market are Celanese Corporation, DowDuPont, Eastman Chemical Company, and LyondellBasell Industries N.V.
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Acetic Acid which covers production, demand and supply of Acetic Acid market in North America
• To analyse and forecast the market size of Acetic Acid
• To classify and forecast North America Acetic Acid market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Acetic Acid market in the North America
To extract data for North America Acetic Acid market, primary research surveys were conducted with Acetic Acid manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for North America Acetic Acid market over the coming years.
ChemAnalyst calculated Acetic Acid demand in the globe by analyzing the historical data and demand forecast which was carried out considering the consumption of raw material to produce Acetic Acids. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Acetic Acid manufacturers and other stakeholders
• Organizations, forums and alliances related to Acetic Acids distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Acetic Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
ChemAnalyst calculated Acetic Acid demand in the globe by analyzing the historical data and demand forecast which was carried out considering the historical extraction and supply and demand of Acetic Acid across the globe. ChemAnalyst sourced these values from industry experts, and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Report Scope:
In this report, North America Acetic Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process, Foreign Trade.
Segments covered
By End-Use: (Vinyl Acetate Monomer (VAM), Purified Terephthalic Acid (PTA), Ethyl Acetate, Acetic Anhydride, and Others)
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Member - Board of Directors
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What was North America market size of Acetic Acid in terms of volume for 2022?
Ans:
The North America market size of Acetic Acid was approximately 1580 thousand tonnes in 2022.
Q2.
What are the major end-use industries of Acetic Acid?
Ans:
Acetic Acid is used in a wide range of end use industries including Vinyl Acetate Monomer (VAM), Purified Terephthalic Acid (PTA), Ethyl Acetate, Acetic Anhydride, and Others.
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