March 05, 2020
As per the report titled ‘North America Acetic Acid Market By Application, Bio-based Acetic Acid Industry Scope, Technology Insights, Commercialization, Addressable Market Potential Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2024’, available with Market Study Report LLC, North America acetic acid market is presumed to witness substantial growth during 2019-2024.
The report projects that North America acetic acid market will amass USD 2.5 billion by the year 2025. Acetic acid is widely used for the production of monochloroacetic acid which is used for manufacturing carboxymethyl cellulose (CMC). Increasing demand for carboxymethyl cellulose from the pharmaceutical industry for preparation of various drugs is stimulating the growth of acetic acid market in North America. According to reliable estimates, the United States pharmaceutical industry was worth USD 400 billion in 2017 and is anticipated to grow with 4.4% CAGR during the estimated timeframe, thereby positively impacting the North America acetic acid market growth.
Increasing use of acetic acid for varied applications including manufacturing of acetate esters, purified terephthalic acid, vinyl acetate monomer, and acetic anhydride, which are used for the production of adhesives, paints, films, construction, coatings, and textiles is fostering the market growth. In addition, escalating number of residential and non-residential construction projects across the region will bolster the demand for products such as paints and adhesives, which in turn will augment the demand for acetic acid. North America construction industry records an annual growth of 7% with a growth rate of approximately 10% in residential activities and 7% in non-residential activities. Also, U.S. government allotted USD 1 trillion for infrastructure development in 2018 budget, which is further complementing the acetic acid business landscape.
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According to the report, acetate esters segment of North America acetic acid market is expected to accrue USD 550 million by the end of 2024. Extensive product use for manufacturing various solvents such as methyl acetate, ethyl acetate, and isopropyl acetate which are employed in the production of paints, coffee, tea, and cigarettes, is driving the segment growth.
Major players operating in North America acetic acid market are PetroChina, LyondellBasell Industries N.V., Svensk Etanolkemi AB (SEKAB), Daicel Corporation, British Petroleum Plc, Wacker Chemie AG., and Mitsubishi Chemical Corporation.
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