The market is expanding because to the high demand for polyvinyl acetate (PVA) and polyvinyl alcohol (PVOH), two important vinyl acetate monomer derivatives. Many different products, including packing films, thickeners, and photosensitive coatings, use polyvinyl acetate. Due to its outstanding adhesive qualities, polyvinyl alcohol is mostly employed in paints and paper coatings. Consequently, the market growth of acetic acid is quickening due to the rising demand for polyvinyl acetate and polyvinyl alcohol. Regionally, Asia-Pacific led the world market for acetic acid in 2019, accounting for 62% of the industry's revenue, followed by Europe and North America.
The global Acetic Acid Market was estimated to be valued more than US$ 10,551.4 million in terms of revenue in 2019 and is predicted to grow at a CAGR of 9.5% during the forecast period (2020 to 2027).
Leading Companies in the Acetic Acid Industry:
1. Celanese Corporation
Celanese Corporation is a global chemical leader in the production of differentiated chemistry solutions and especially materials used in major industries. It has headquarters in Irving, Texas. Celanese Corporation was founded in 1918.
2. BASF SE
Founded in 1856 is a chemical manufacturing company that include the sectors materials, industrial solution, surface technology, Nutrition and agricultural solutions. Operational in more than 90 countries. Headquarters in Ludwigshafen, DE.
3. British Petroleum
BP p.l.c. engages in the energy business worldwide. It operates through Gas & Low Carbon Energy, Oil Production & Operations, Customers & Products, and Rosneft segments. The company was founded in 1908 and is headquartered in London, the United Kingdom.In February, 2023 bp and Deep Wind Offshore have formed a joint venture to develop offshore wind opportunities in South Korea.
4. Eastman Chemical Company
Eastman Chemical Company operates as a specialty materials company in the United States and internationally. Eastman Chemical Company was founded in 1920 and is headquartered in Kingsport, Tennessee. The company operates in more than 100 countries. In February, 2023 Eastman Chemical Company announced it has acquired Ai-Red Technology (Dalian) Co., Ltd., a manufacturer and supplier of paint protection and window film for auto and architectural markets in the Asia Pacific region.
5. Jiangsu Sopo (Group) Co., Ltd.
Jiangsu SOPO Chemical Co. Ltd. manufactures and sells chemical products in China and internationally. The company was founded in 1996 and is headquartered in Zhenjiang, the People's Republic of China.
6. China Petroleum & Chemical Corporation (Sinopec)
China Petroleum & Chemical Corporation, an energy and chemical company, engages in the oil and gas and chemical operations in Mainland China, Singapore, and internationally. The company was incorporated in 2000 and is headquartered in Beijing, China.
7. Lyondell Basell Industries
LyondellBasell Industries N.V. operates as a chemical company in the United States, Germany, Mexico, Italy, Poland, France, Japan, China, the Netherlands, and internationally. LyondellBasell Industries N.V. was incorporated in 2009 and is headquartered in Houston, Texas. In February, 2023 LyondellBasell (NYSE: LYB), a global leader in the chemical industry and KIRKBI A/S, the family-owned holding and investment company of the LEGO® brand, announce they have signed an agreement to make an investment in APK, which specializes in a unique solvent-based recycling technology for low density polyethylene (LDPE).
8. Saudi Basic Industries Corporation (SABIC)
Saudi Basic Industries Corporation manufactures, markets, and distributes chemicals, polymers, plastics, agri-nutrients, and metal products worldwide. The company was incorporated in 1976 and is headquartered in Riyadh, Saudi Arabia. Saudi Basic Industries Corporation operates as a subsidiary of Aramco Chemicals Company.
9. Mitsubishi Gas Chemical Company Inc.
Mitsubishi Gas Chemical Company, Inc. manufactures and sells basic and fine chemicals, and functional materials in Japan. Mitsubishi Gas Chemical Company, Inc. was founded in 1918 and is headquartered in Tokyo, Japan.
10. PetroChina Co. Ltd
PetroChina Company Limited, together with its subsidiaries, engages in a range of petroleum related products, services, and activities in Mainland China and internationally. The company was founded in 1999 and is headquartered in Beijing, the People's Republic of China. In July, 2019 PetroChina Company Limited) and China Petroleum and Chemical Corporation have reached a joint research framework agreement regarding the Tarim Basin, Junggar Basin and Sichuan Basin, involving 81 prospecting rights of both parties, with an area of 305,800 square kilometers.
*Definition - A naturally occurring liquid chemical molecule called acetic acid is colourless. Ethanoic acid is another name for acetic acid.
