Rising Demand for Vinyl Acetate Monomers to Provide Impetus to Bio-based Acetic Acid Market Growth, Evaluates Fact.MR
Published : 25 Aug 2021 Industry: Chemical & Materials
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.
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.
Prominent manufacturers have been focusing on developing a cost-effective production process of bio-based acetic acid. There are multiple companies owning bio-refineries with billions of dollars in annual revenues. But most of them are not focused on processing bio-based acetic acid due to the complex production process along with high costs associated with it. C
Companies with an effective production process and the capability of constant debottlenecking could survive the burden of margin maintenance and revenue generation over the coming years.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global bio-based acetic acid market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of source (biomass, corn starch, maize, others), function (additive, preservative, acidity regulator, intermediate, others (flavor enhancer, reagent etc.)), and end use (food products (vinegar, seasonings, pickles, sauces, mayonnaise, others), chemical production (terephthalic acid (PTA), vinyl acetate monomer (VAM)), textile industry (processing, dyeing), pharma products (personal care products (hair care, mouthwashes, breath fresheners, others), others, across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Fact.MR’s Domain Knowledge in Chemicals & Materials Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned consumer products team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemical industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Sr. Consultant – Chemicals & Materials