March 18, 2020
According to the research report titled ‘Europe Acetic Acid Market Size by Application, Bio-based Acetic Acid, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Europe acetic acid market is expected to cross USD 2.5 billion by the year 2024.
As per the report, growing inclination towards fashionable apparel among millennials has impelled the demand for high quality fabrics, which in turn is driving the acetic acid market growth in Europe. Acetic acid is used for formulating sealants, polyester, coatings, and greases and is extensively used in various applications such as packaging, automotive, electronics, and textiles.
In addition, growing demand for purified terephthalic acid and vinyl acetic monomers is further aiding the market expansion. The construction industry in Europe has been witnessing robust growth over the years owing to rising renovation and refurbishment activities of existing infrastructure. Additionally, flourishing paints & coatings industry is fostering the demand for acetic acid products in Europe. However, factors such as acidic odor, impacted performance at low temperature, along with skin irritation, its corrosive nature towards metals, and low compatibility with quarts may hinder the growth of Europe acetic acid market.
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The report states that vinyl acetate monomer market segment is presumed to expand significantly during the forecast period. The growth is attributed to high demand for vinyl acetate monomers from footwear, solar energy, and packaging industries.
The prominent companies operating in Europe acetic acid industry are Wacker Chemie AG, Showa Denko K.K, SABIC, PetroChina, Sinopec Corp., Mitsubishi Chemical Corp., LyondellBasell Industries N.V., Eastman Chemical Co., GNFC Ltd., DowDuPont, HELM AG, Daicel Corp., Celanese Corp., and British Petroleum Plc.
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