Global Bio Based Acetic Acid Market: Introduction
Acetic acid is a colorless compound with a strong pungent smell and is commonly used as a solvent in different industrial processes & chemical reactions. Acetic acid is mainly produced from petroleum-based feedstock through carbonization of methanol. Rising environmental concerns over the utilization of petroleum based feedstock and growing emphasis on sustainable development has prompted a great amount of research for the development of greener alternatives. Bio based acetic acid was introduced as an alternative to petroleum-based products. Bio based acetic acid is produced by the fermentation of renewable feedstock, i.e. agricultural crops, such as sugars, starch and lignocellulosic materials, among others. It is mainly used for the production of vinegar and for other pharmaceuticals applications.
Global Bio Based Acetic Acid Market: Market Dynamics
Rising environmental concern and growing emphasis on sustainable development, supported by government initiatives, are two of of the key factors aiding the growth of the bio based acetic acid market. Further, increasing stringent regulations that govern the utilization of petroleum based products are expected to propel the demand for bio based acetic acid. Bio-based acetic acid finds widespread applications in food, pharmaceutical and chemical industries. Macroscopic factors, such as increasing population, industrialization and the expanding affluent middle-class are some of the other important factors contributing to the growth of the chemical and food & beverage industry and in turn, the bio-based acetic acid market.
Bio-based acetic acid has enormous benefits over conventional acetic acid, such as low toxicity, easy biodegradability and sustainability, among others. However, there are also certain challenges in the global bio based acetic acid market, such as higher production cost due to the complex nature of the manufacturing process (primarily due to the high purification and distillation cost) and low productivity. Key players are investing in research and development of alternative methods for the production of bio-based acetic acid to reduce the production cost and improve productivity.
Global Bio Based Acetic Acid Market: Segmentation
The global Bio Based Acetic Acid market on the basis of application can be segmented as:
- Purified Terephthalic Acid
- Vinyl Acetate Monomer
- Acetic Anhydride
- Ester Solvents
- Butyl Acetate
- Ethyl Acetate
The global Bio Based Acetic Acid market on the basis of end-use Industry can be segmented as:
- Paints & Coatings
- Food & Beverages
Global Bio Based Acetic Acid Market: Regional Outlook
Global bio-based acetic acid market, by region, is segmented into North America, Western Europe, Eastern Europe, South East Asia and Pacific, China, Japan and MEA. The global bio-based acetic acid market is expected to be dominated by Western Europe. Western Europe is one of the prominent consumers of bio-based acetic acid and is followed by North America. The Western Europe bio-based acetic acid is expected to witness a boost owing to the upcoming and already existent stringent rules and regulations. The North America bio-based acetic acid market is expected to grow at a moderate growth rate. However, abundant availability of natural gas at a low cost in the U.S. might pose a major challenge to the growth of the bio-based acetic acid market. Growing chemical and food & beverages industries and the rapidly increasing population are expected to drive the growth of the bio-based acetic acid market in China over the forecast period. Higher cost of natural gas in Japan is expected to impel manufacturers to develop and utilize bio-based acetic acid, thereby driving the growth of the market over the forecast period. The bio based acetic acid market in South East Asia and Pacific is in its nascent stage and is expected to grow substantially during the forecast period, supported by increasing government initiatives and favorable plans. The bio based acetic acid market in MEA and Latin America is expected to register sluggish growth over the forecast period.
Global Bio Based Acetic Acid Market: Key Players
Examples of some of the key players identified across the value chain of the global Bio Based Acetic Acid market are:
- Wacker Chemie AG
- AFYREN SAS
- ZeaChem Inc.
- SEKAB Biofuels & Chemicals AB
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