LONDON--(BUSINESS WIRE)--The global acetic acid market is expected to post a CAGR of over 3% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increase in cigarette consumption. In APAC, cigarette consumption was the highest, followed by the Americas and EMEA. In countries such as China and Russia, the number of cigarettes smoked per person is the highest. Cellulose acetate flake is used for manufacturing cigarette filter tow, the main raw material for manufacturing cigarettes. Acetic anhydride is used for producing cellulose acetate flake. A rise in the demand for cellulose acetate flake will boost the growth of the global acetic acid market during the forecast period.
This market research report on the global acetic acid market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing demand for methanol as one of the key emerging trends in the global acetic acid market:
Global acetic acid market: Increasing demand for methanol
At present, acetic acid is produced by methanol carbonylation. The increase in methanol production will drive the demand for acetic acid. Research activities are underway for producing acetic acid by a process where methanol is hydrocarboxylated into acetic acid by carbon dioxide and hydrogen. Methanol can be produced from a range of feedstock, including natural gas, coal, biomass, and carbon dioxide.
“In countries such as the US, methanol production capacity has increased. Companies such as OCI, Shchekinoazot, Celanese are increasing their methanol production. For example, OCI completed the construction of their new plant which will be the largest methanol producing plant in the US. Thus, a rise in methanol production is estimated to surge the demand for acetic acid during the forecast period,” says a senior analyst at Technavio for research on specialty chemicals.
Global acetic acid market: Segmentation analysis
This market research report segments the global acetic acid market by application (VAM, PTA, and acetic anhydride) and geographical regions (APAC, EMEA, and the Americas).
The VAM segment held the largest market share in 2017, accounting for nearly 31% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 66%. This region is expected to dominate the market through 2022, with an increase in its market share by nearly 2%.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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