As per a new report published by Fact.MR, a market research and competitive intelligence provider, the global bio-based acetic acid market is forecast to exceed a valuation of US$ 45.6 Mn by 2021, and expand at a CAGR of more than 5% over the forecast period of 2021 to 2031.
Bio-based acetic acid has huge potential in the chemical industry. This potential could be evaluated utilizing the rate of consumption of bio-based acetic acid in the production of vinyl acetate monomers (VAMs). Growing utilization of vinyl acetate monomers is being seen as an intermediate in the production of a wide range of resins and polymers for adhesives, paints & coatings, glues & sealants, textile finishes, elastomers, films, binders, and other industrial and consumer goods applications. Extensive diversification of VAMs provides an image of robust market growth of bio-based acetic acid for the coming years.
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Moreover, dynamic and stringent environmental standards adopted by policy makers across the globe to curb carbon footprint are also paving the way for increased adoption of bio-based acetic acid by titans in the chemical industry.
Key Takeaways from Market Study
- Bio-based acetic acid usage in food products is forecast to register a CAGR of 5.9% and be valued at US$ 30 Mn by 2031-end.
- Textile industry end use is expected to hold 12.2% market value share by 2031-end, but is anticipated to lose 51 BPS in its market share by then.
- Chemical production is anticipated to capture 28.7% market value share by 2031-end, and is projected to gain 114 BPS.
- Acidity regulator function has the highest growth potential in the bio-based acetic acid market in terms of market acceptance. This function is expected to gain 251 BPS by 2031.
- Bio-based acetic acid usage in pharma products is projected to grow 1.5X in value during the forecast period, while usage in personal care products is projected to grow 1.4X.
“Rising inclination towards sustainability and focus on strengthening the bio-based economy are anticipated to open new opportunities for bio-based acetic acid manufacturers,” says a Fact.MR analyst.
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Market Segments Covered in Bio-based Acetic Acid Industry Analysis
- Corn Starch
- Acidifying agent
- Others (flavor enhancer, reagent etc.)
By End Use
- Food Products
- Chemical Production
- Terephthalic Acid (PTA)
- Vinyl Acetate Monomer (VAM)
- Textile Industry
- Pharma Products
- Personal Care Products
- Hair Care
- Breath fresheners
- Food Products
Consumption Analysis of Bio-based Acetic Acid from 2016 to 2020 Vs. Market Outlook for 2021 to 2031
Referring to the bio-based acetic acid industry research by Fact.MR, market value increased at a CAGR of 2% from 2016 to 2020. Countries such as the U.S., Austria, Sweden, Germany, China, and India held noteworthy share in the market and witnessed over 60% of total consumption in 2020.
Rising bio-based acetic acid production across the globe along with an upsurge in the adoption of bio-based chemicals across industries, ranging from personal care to chemicals, is the reason behind market growth. The global market for bio-based acetic acid is forecast to expand at a CAGR of 5% over the forecast period of 2021-2031.
- Historically, the market has grown at a nominal pace as demand had been stagnant till 2018. Thereafter, due to increase in requirement of bio-based acetic acid in the food industry along with other industries such as chemicals and textiles, the market has gained traction again.
- Fact.MR estimates the consumption of bio-based acetic acid is anticipated to exceed 47,234 MT by 2021
- Historically, demand for bio-based acetic acid (AcOH) for vinyl acetate monomer (VAM) production showed significant rise. Considering the current market scenario and future analysis, demand will accelerate at a steady pace.
- Consumption of bio-based acetic acid as an acidity regulator and preservative in the food industry had increased over the years. In terms of value, both functions accounted for over 58% market share in 2020, with a historical CAGR of 1.6% and 2.1%, respectively.
- According to the Fact.MR forecast outlook, the overall bio-acetic acid market is dominated by acidity regulator functions which is estimated to reach US$ 25.5 Mn by 2031-end.
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