Global glacial acetic acid market is poised for strong growth at approximately 6.5% CAGR during the projection period (2019-2029). Multifaceted applications such as vinegar, paints, pharmaceuticals, inks, and in food & beverages industry are propelling the growth of glacial acetic acid market. Food preservation segment in particular is the growth engine of the market, says a recent Future Market Insights (FMI) report.
Glacial acetic acid is a colorless, transparent, and corrosive liquid with a pungent odor. It is a concentrated form of acetic acid, which is commonly found in vinegar. The term “glacial” refers to its ability to solidify at room temperature, forming a clear, crystalline substance resembling ice.
Glacial acetic acid is primarily used as a solvent in a variety of industrial applications, including the production of plastics, dyes, and pharmaceuticals. It is also used as a food additive and preservative, as well as in the manufacturing of textiles, rubber, and other materials.
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Key Takeaways of Glacial Acetic Acid Market Study
- Acetic anhydride production necessitates the demand for glacial acetic acid through the forecast period.
- Raw materials of glacial acetic acid have relatively low price point thereby supplementing the market growth.
- Variegated household applications are bolstering the market growth.
- Gains in glacial acetic acid market remain concentrated in Asia Pacific.
Asia Pacific Acquires 69.8% Share in Glacial Acetic Acid Market
Rising economic wealth in emerging Asian economies is bolstering the market growth in the region. Shifting consumer preferences and lifestyle factors are shaping up the regional glacial acetic acid market as well. Rising infrastructural activities accentuate the demand for glacial acetic acid. On that premise, Asia Pacific glacial acetic acid market constitutes 69.8% revenue share in the market.
Further, established end-use industries in developed economies such as United States are driving the market growth in North America. The regional market is projected to experience prolific growth during the forecast period. The predominant industry driving the consumption of glacial acetic acid in the region is oil and gas exploration industry.
Industry leaders Rely on Multipronged Strategies for Competitive Edge
Some of the prominent market players featured in this FMI report include, but are not limited to, Hawkins, Inc., MP Biomedicals, BASF SE, OM Group, Inc., Eastman Chemical Company, Celanese Corporation, Innova Corporate (India), Spectrum Chemical Mfg. Corp., British Petroleum, China Great Wall Energy Co, Sinopec Great Wall Energy and Chemical, and Reliance.
Major players are scrutinizing their sales execution strategies and working on efficient pricing to foster their market position. Top performers in the global glacial acetic acid market are focused on gaining attractive revenues through innovation and sustainable transition.
Will the COVID-19 Pandemic Hold an Abrupt Impact on Market?
Although manufacturing and supply sides of the glacial acetic acid market will be facing the heat of global coronavirus outbreak, the market will not be facing abrupt impacts as it falls under the basic chemicals category, i.e. acetic acid. Owing to its applicability, glacial acetic acid is often placed at the beginning of value chains. Looking at the dependence on China for production of basic and allied chemicals, the industry players now ought to reduce their reliance on Chinese markets. FMI’s analysis reveals that a visible shift from China to India in terms of glacial acetic acid manufacturing will be observed in the immediate future, marking an important trend in the global market.
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More about the Report
FMI’s study offers an in-depth market forecast and analysis on the global glacial acetic acid market. The major categories encompassed by the report include grade (food grade, industrial grade, and pharmaceutical grade), end-use application (Food additive, Solvent, Photographic Chemical, Paints & Coating, Textile, Cosmetics, and Pharmaceutical Intermediate) across five regions (North America, Latin America, Europe, Middle East & Africa, Asia Pacific).
Glacial Acetic Acid Market: Segmentation
By Grade
- Food grade
- Industrial grade
- Pharmaceutical grade
By End-use Application
- Food additive
- Solvent
- Photographic Chemical
- Paints & Coating
- Textile
- Cosmetics
- Pharmaceutical Intermediate
By Region
- North America
- Latin America
- Europe
- MEA
- Asia Pacific
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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