North America Acetic Acid Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.94 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Acetic Acid Market Analysis
The North American Acetic Acid Market is estimated to reach 2.48 million tons by the end of this year and is projected to reach 2.86 million tons in the next five years, registering a CAGR of 2.94% during the forecast period.
The COVID-19 pandemic negatively impacted the market in 2020, owing to several restrictions imposed by the US, Canadian, and Mexican governments. The lockdown in these countries resulted in a production halt, affecting the acetic acid market. However, the market has been recovering well since restrictions were lifted. The market recovered significantly in 2021, owing to rising consumption from paints and coatings, food and beverage end-user industries in the region.
- Over the short term, the increasing demand for vinyl acetate monomer (VAM), the rising demand from the food and beverage industries, and the growing use of ester solvents in the paints and coatings industry are driving the growth of the acetic acid market.
- On the contrary, environmental concerns regarding the harmful effects and increasing prices of raw materials are hindering the growth of the studied market.
- The development of new separation technologies to increase the production efficiency of acetic acid is expected to create opportunities for the market during the forecast period.
- The United States is expected to dominate the market in North America. It is also expected to register the highest CAGR in the region due to the rising demand for acetic acid from paints and coatings, food and beverage, and chemical end-user industries in the region.
North America Acetic Acid Market Trends
Adhesives, Paints, and Coatings Industry to Dominate the Market
- The derivatives of acetic acid are used as raw materials in adhesives, paints, and coatings formulations. Ethyl acetate, butyl acetate, and vinyl acetate are major acetic acid derivatives used in the coatings industry. The acidic nature of acetic acid and its ability to dissolve polar and nonpolar compounds make it a useful ingredient in adhesives, paints, and coatings.
- In the North American region United States, Canada, and Mexico are the largest markets for adhesives, paints, and coatings. According to American Coatings Association, the paints and coatings industry has reached USD 28.06 billion in 2022 as compared to USD 25.21 billion in 2020.
- In the United States, the demand for paints and coatings is increasing in the automotive industry. The United States is the second largest automotive manufacturing country in the globe falling only behind China. According to OICA, automotive production in 2022 accounted for 10.06 million units, an increase of 10% from 9.16 million units reported in 2021. Thus the increase in automotive vehicle production is likely to hold a positive influence on the demand for acetic acid.
- Similalry in Mexico the market for paints and coatings registered significant growth rate, with various companies expanding their production capacities in the country. For instance, in August 2022, PPG Industries invested USD 11 million in order to double its production capacity of powder coatings in San Juan del Rio, Mexico.
- In Canada the market for adhesives, paints and coatings registered growth in 2022. According to the Chemistry Industry Association of Canada, the adhesives, paint and coatings exports in Canada accounted for USD 1,092 million in 2022, compared to USD 903 million in 2021.
- Therefore, the increasing market demand for adhesives, paints, and coatings is excepted to drive the demand for acetic acid market in the region.
United States to Dominate the Market
- The United States is the largest market for acetic acid in the region. Acetic acid is widely used in adhesives, coatings, and polyesters, which have extensive applications in numerous industries, such as construction, chemical industry, textiles, and packaging. The extensive growth in these industries is likely to contribute to driving the demand for acetic acid market in the country.
- The construction industry in the United States is the largest in North America. According to the US Census Bureau, the annual construction output in place in the United States accounted for USD 1,792 billion in 2022, as compared to USD 1,626.4 billion in 2021, at a growth rate of 10.2%. Therefore, the growth in the construction industry will likely drive the demand for paints and coatings in the country.
- Moreover, the annual value of residential construction output in the United States was valued at USD 902 billion in 2022, compared to USD 802 billion in 2021. The annual value of non-residential construction in the country was valued at USD 884 billion in 2022, compared to USD 823 billion in 2021. Such growth in residential and non-residential construction activities is likely to drive the market for paints and coatings in the country.
- The United States textile industry is the third-largest exporter of textile-related products in the world. According to National Council of Textile Organizations (NCTO), the exports of fibres, textiles and apparel from the country was recorded to be worth USD 34 billion in 2022, as compared to USD 28.4 billion worth exports in 2021, indicating a growth rate of 19.7%. Thus, increase in the exports of textiles indicating rise in textile production, is also likely to positively influence the demand for acetic acid in the country.
- United States is one of the largest chemical markets in the region. According to American Chemistry Council (ACC), in 2022, the United States chemical output increased by 3.9% due to the rising demand from the pharmaceuticals and cosmetics sectors. Therefore, the growth in chemical sector is also likely to drive the market for acetic acid in the country.
- Overall, the growth of the industries such as paints and coatings, chemicals, textiles is likely to positively influence the demand for acetic acid in the country.
North America Acetic Acid Industry Overview
The North American acetic acid market is partially consolidated in nature. Some of the major players in the market include (not in any particular order) Celanese Corporation, INEOS, Eastman Chemical Company, LyondellBasell Industries Holdings BV, and SABIC.
North America Acetic Acid Market Leaders
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Celanese Corporation
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INEOS
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Eastman Chemical Company
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LyondellBasell Industries Holdings B.V.
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SABIC
*Disclaimer: Major Players sorted in no particular order
North America Acetic Acid Market News
- Feb 2023: Celanese Corporation expanded its portfolio of Sustainable Products of Acetyl Chain materials. The company will offer ECO-B versions of acetyl chain intermediate chemicals, including acetic acid, vinyl acetate monomer, amines, acetate esters, and anhydrides. These products are used as raw materials to synthesize various bio-based products.
- Sept 2022: INEOS made an Engineering Services Agreement with Technip Energies for acetic acid technology. Under this agreement, Technip Energies will provide engineering support to INEOS for acetic acid production.
Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Increasing Demand for Vinyl Acetate Monomer (VAM)
- 4.1.2 Increasing Demand from the Textile and Packaging Industry
- 4.1.3 Increasing Use of Ester Solvents in The Paints and Coatings Industry
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4.2 Restraints
- 4.2.1 Environmental Concerns Regarding the Harmful Effects
- 4.2.2 Increasing Prices of Raw Materials
- 4.3 Industry Value-Chain Analysis
-
4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
-
5.1 Derivative
- 5.1.1 Vinyl Acetate Monomer (VAM)
- 5.1.2 Purified Terephthalic Acid (PTA)
- 5.1.3 Ethyl Acetate
- 5.1.4 Acetic Anhydride
- 5.1.5 Other Derivatives
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5.2 Application
- 5.2.1 Plastics and Polymers
- 5.2.2 Food and Beverage
- 5.2.3 Adhesives, Paints, and Coatings
- 5.2.4 Textile
- 5.2.5 Medical
- 5.2.6 Other Applications
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Celanese Corporation
- 6.4.2 Eastman Chemical Company
- 6.4.3 GFS Chemicals, Inc.
- 6.4.4 Hawkins
- 6.4.5 Hydrite Chemical
- 6.4.6 INEOS
- 6.4.7 Kanto Corporation
- 6.4.8 LyondellBasell Industries Holdings B.V.
- 6.4.9 Mitsubishi Chemical Corporation
- 6.4.10 Noah Chemicals
- 6.4.11 Reagents
- 6.4.12 SABIC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Development of New Separation Technologies to Increase The Production Efficiency
- 7.2 Other Opportunities
North America Acetic Acid Industry Segmentation
Acetic acid is a monocarboxylic acid containing two carbons. It is a clear, colorless liquid with a strong, pungent odor, like vinegar. Acetic acid can be derived from the carbonylation of methanol, the oxidation of acetaldehyde and ethylene, or a biological method like bacterial fermentation. It is used as a chemical reagent to produce several chemical compounds like acetic anhydride, ester, vinyl acetate monomer, vinegar, and many other polymeric materials.
North America's Acetic Acid Market is segmented by Derivatives (Vinyl Acetate Monomer (VAM), Purified Terephthalic Acid (PTA), Ethyl Acetate, Acetic Anhydride, and Other Derivatives), Application (Polymers, Food and Beverage, Adhesives, Paints and Coatings, Textiles, Medical, and Other Applications), and Geography (United States, Canada, and Mexico). Each segment's market sizing and forecasts are based on volume (Million tons).
| Derivative | Vinyl Acetate Monomer (VAM) | |
| Purified Terephthalic Acid (PTA) | ||
| Ethyl Acetate | ||
| Acetic Anhydride | ||
| Other Derivatives | ||
| Application | Plastics and Polymers | |
| Food and Beverage | ||
| Adhesives, Paints, and Coatings | ||
| Textile | ||
| Medical | ||
| Other Applications | ||
| Geography | North America | United States |
| Canada | ||
| Mexico |
Frequently Asked Questions
What is the current North America Acetic Acid Market size?
The North America Acetic Acid Market is projected to register a CAGR of 2.94% during the forecast period (2024-2029)
Who are the key players in North America Acetic Acid Market?
Celanese Corporation, INEOS, Eastman Chemical Company, LyondellBasell Industries Holdings B.V. and SABIC are the major companies operating in the North America Acetic Acid Market.
What years does this North America Acetic Acid Market cover?
The report covers the North America Acetic Acid Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Acetic Acid Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Acetic Acid Industry Report
Statistics for the 2024 North America Acetic Acid market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Acetic Acid analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
