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Acetyls Market Overview:
The Acetyls Market size is estimated to reach $45.3 billion by 2030, growing at a CAGR of 5.5% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Acetyls Market – By Product Type (Acetic Acid, Acetic Anhydride, Vinyl Acetate Monomer (VAM), Ethylene Acetate and Others) By Form (Liquid and Powder), By End-use Industry (Automotive (Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles), Food & Beverage (Food Additives, Flavoring and Processing Aids), Pharmaceutical, Paints & Coating, Adhesives & Sealants, Packaging, Oil & Gas, Furniture and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”.
The market for acetyls, which includes goods like vinyl acetate monomer (VAM), acetic acid, and acetic anhydride, is essential to many different industries, such as paints and coatings, textiles, plastics, medicines, and food and drink. The demand is driven across multiple end-use industries by the extensive usage of these compounds as intermediates in the production of adhesives, solvents, synthetic fibers, and other products. The market has grown steadily due to rising preservative usage in the food and beverage industry as well as in the production of paints and coatings.
APAC Dominated the Market in 2023:
APAC dominated the Acetyls Market in 2023 with a market share of 48.1%. The Asia-Pacific (APAC) region became the leading market for acetyls in 2023 due to its strong manufacturing base, fast industrialization, and rising demand from a variety of industries, including textiles, chemicals, and food and beverage. The region's major nations—China, India, and Japan—were important because of their capacity for large-scale production and the rising need for acetyl products such as acetic acid, vinyl acetate monomer (VAM), and acetic anhydride. Acetyls were in great demand due to China's vast chemical production sector and India's growing pharmaceutical industry. Additionally, APAC's expanding population, urbanization, and disposable income increased demand for food products, packaging, and consumer goods that contain acetyl-based chemicals and derivatives.
Acetyls Market: Key Takeaways
Rising Use in Food and Beverage Industry:
The growing usage of acetyl derivatives in the food and beverage industry has led to a notable expansion in the acetyls market. According to Farm Credit Canada, Food and beverage industry sales accounted for a value of $164 billion in 2023. Acetyl-based substances, such as acetic acid and its derivatives, are frequently employed in a variety of culinary products, including sauces, dressings, and baked goods, as preservatives, taste enhancers, and acidity regulators. The need for efficient preservatives and flavoring agents has increased due to the growing demand for convenience foods and ready-to-eat meals, particularly in metropolitan areas. This has increased the market for acetyls. Acetyl compounds are increasingly being used in food processing to guarantee quality and safety while extending shelf life as a result of the move towards healthier and organic food options. Additionally, the growth of the food and beverage sector in developing nations, driven by changing lifestyles and dietary preferences, is creating new opportunities for acetyl applications.
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Growth in Chemical Manufacturing:
The market for acetyls has been significantly influenced by the expansion of the chemical manufacturing sector. Important intermediates in the synthesis of numerous chemicals, such as adhesives, coatings, solvents, and synthetic fibers, include acetyl compounds such as acetic acid, VAM, and acetic anhydride. The usage of acetyls in chemical manufacture has increased because to the growing need for high-performance materials and specialty chemicals in sectors like packaging, building, automotive, and textiles. Furthermore, the market's expansion has been aided by advancements in acetyl production methods brought about by the move towards sustainable and bio-based chemicals. Acetyls' position in the chemical production sector is anticipated to grow considerably as producers continue to look for adaptable and effective chemical intermediates to satisfy the growing demand for innovative materials.
Scope of the Report:
Recent Developments:
- In September 2023, the INEOS Group is a global manufacturer and supplier of acetic acid and associated chemicals, and Eastman Chemical Company announced that it has reached a final agreement to sell its Texas City Operations, situated in Texas City, Texas, to INEOS Acetyls.
- In September 2022, a contract has been concluded between Technip Energies and INEOS Acetyls for the exclusive provision of early engineering services to assist the implementation and use of INEOS Acetyls CATIVA® technology.
- In September 2022, Altiras Chemicals is pleased to report that the Chemaris Acetyls Acetic Acid Manufacturing Plant in Cresson, Texas, has opened successfully. The Low Carbon Footprint New Chemaris Acetyls Acetic Acid Manufacturing Facility in Cresson, Texas, is already operational.
Acetyls Market: Competitive Landscape
Key companies profiled in the Acetyls Market are BP PLC, Celanese Corporation, Daicel Corporation, Dow Inc., Eastman Chemical Company, Helm AG, LyondellBasell Industries Holdings B.V., Quzhou Weirong Pharmaceutical & Chemical Co. Ltd. , Wacker Chemie AG , Aquapharm Chemicals., and others.
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