Acetic Acid Market Flourishes as Paint and Coating Industry Thrive

According to iMarc’s report, the size of the world’s acetic acid market was US$ 11.2 billion in 2022. Looking ahead, the market is anticipated to reach US$ 16.1 billion by 2028, growing at a compound annual growth rate (CAGR) of 6.2% from 2023 to 2028.

One of the elements driving the market’s expansion is the expanding demand from the paint and coating industry, with VAM representing the largest segment of its derivative products. While the market in the Asia Pacific is anticipated to have the largest market share throughout the course of the projected period.

Acetic acid, commonly referred to as ethanoic acid, is a clear, colorless liquid with an overpowering, unpleasant smell. In both everyday life and industrial applications, acetic acid is frequently utilized for a variety of objectives.

In everyday life, acetic acid is frequently referred to as vinegar, which is acetic acid in a diluted solution. While acetic acid has several uses in industrial applications. It plays a crucial role in the creation of vinyl acetate monomer (VAM), a crucial component in the production of synthetic fibers, paints, and coatings. Additionally, cellulose acetate, which is used to make fabrics, photographic film, and cigarette filters, is made using acetic acid. In the chemical industry, it also functions as a solvent for many reactions and procedures.

In the production of adhesives, paints, and coatings, acetic acid and its ester derivatives, including ethyl acetate, butyl acetate, and vinyl acetate, are frequently employed. Acetic acid is a helpful component in adhesives, paints, and coatings due to its acidic nature and capacity to dissolve polar and nonpolar molecules.

Water-based paints, adhesives, waterproofing coatings, and paper and paperboard coatings are all made with vinyl acetate monomer (VAM). Hot-melt adhesives also use polyesters and polyamides based on PTA. Even paints employ PTA as a carrier.

As reported by Mordor Intelligence, the expanding applications from the paint and coating industry propellers the growth of the acetic acid market in the forecast period. According to the World’s Paint and Coatings Industry Association, paint and coating sales will surpass USD 180 billion worldwide in 2022. At the same time, a CAGR of roughly 3% is predicted for the paints and coatings sector by 2027. The North American market was valued at 33.92 billion USD in 2022, while the European market was worth 42.37 billion USD, per to the association’s annual report. It was anticipated that because of a growth in home restoration projects in Canada, Germany, and the United States, each of these areas would expand on its own. All of these factors will enhance demand for adhesives, paints, and coatings globally, which would favorably impact the acetic acid market. Asia-Pacific is the world’s biggest acetic acid consumer, as reported by Mordor Intelligence. Due to its robust industrial base, the Asia-Pacific market is predicted to be the largest market for the adhesives, paints and coatings, food and beverage, and textile industries. In many different industries, including electronics, vehicles, textiles, and packaging, acetic acid is extensively utilized in greases, coatings, polyesters, and sealants. One of the key reasons propelling market expansion in the Asia-Pacific region is the broad growth in these industries.

Reference:

iMarc Group. 2023. Acetic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028. Retrieved from https://www.imarcgroup.com/acetic-acid-technical-material-market-report

Mordor Intelligence. 2023. ACETIC ACID MARKET SIZE & SHARE ANALYSIS – GROWTH TRENDS & FORECASTS (2023 – 2028). Retrieved from https://www.mordorintelligence.com/industry-reports/acetic-acid-market

Image by atlascompany via https://www.freepik.com/