The global acetic acid market size is expected to reach USD 13.79 billion by 2027, exhibiting a CAGR of 8.4% during the forecast period. The rising consumption of solvents such as VAM in the chemical industry for paints & coatings, adhesives & sealants will bolster the healthy growth of the market, states Fortune Business Insights, in a report, titled “Acetic Acid Market Size, Share & COVID-19 Impact Analysis, By Application (Vinyl Acetate Monomer (VAM), Purified Terephthalic Acid (PTA), Ester Solvents, Acetic Anhydride, Others), and Regional Forecast, 2020-2027.” The market size stood at USD 8.34 billion in 2019.
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Advancements in Polymer Development to Bolster Growth
The growing technological advancements in polymers and products made out of VAM will significantly aid the expansion of the market. The growing demand for VAM in the production of ethylene vinyl alcohol (EVOH), a barrier resin in food packaging, gasoline tanks, and other engineering polymers will have an excellent effect on the market. Some other VAM derivatives such as vinyl chloride-vinyl acetate copolymers have applications in adhesives & sealants, which, in turn, will bolster the health of the market for acetic acid. Moreover, It also has applications in adhesive due to adhesion properties to different substrates that include wood, paper, metals, and plastic films.
Decreased Production to Hamper Market in COVID-19 Pandemic
The reduced production of chemicals has negatively impacted the market growth. The shutdown of factories due to a shortage of laborers and diminished supply of raw materials can dwindle the sales, in turn, affecting the growth of the market. However, the demand for acetic acid alongside the high consumption of sanitizers will subsequently aid in the recovery of the business amid coronavirus. Besides, health and safety concerns in healthcare facilities will further improve the prospects of the market in the near future.
Information source: https://www.fortunebusinessinsights.com/acetic-acid-market-103386