Acetic Acid Market Size, Share & Trends Report

Acetic Acid Market Size, Share & Trends Analysis Report By Application (Vinyl Acetate Monomer, Acetic Anhydride, Acetate Esters, Purified Terephthalic Acid), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: 978-1-68038-077-4
  • Number of Pages: 80
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the acetic acid market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for acetic acid market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of acetic acid market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Acetic Acid Market Categorization:

The acetic acid market was categorized into four segments, namely application (Vinyl Acetate Monomer, Acetic Anhydride, Acetate Esters,Purified Terephthalic Acid, Ethanol), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The acetic acid market was segmented into application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The acetic acid market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; Mexico; Germany; Belgium; Netherlands; China; India; Japan; South Korea; Brazil; Argentina; Saudi Arabia; South Africa; Egypt

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Acetic acid market companies & financials:

The acetic acid market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Eastman Chemical Company -Eastman Chemical Company is a manufacturer and supplier of chemicals, plastics, and fibers. The company has over 40 manufacturing sites in Latin America, Europe, and Asia Pacific. Its business is categorized into advanced materials; adhesives & plasticizers; specialty fluids & intermediates; fibers; and additives & functional products. Major end-use industries catered by the company include transportation, printing inks, industrials & chemical processing, construction, consumables, tobacco, food, biodiesel, and agriculture. It operates in more than 100 countries. The company also produces raw materials for adhesives and sealants. It provides differentiated goods to customers and downstream users in existing and emerging niche markets.

  • Celanese Corporation -Celanese Corporation is a specialty material and chemical manufacturing company. The company operates in engineered polymers. Its business is categorized into engineered materials, acetate tow, intermediate chemistry, EVA polymers, emulsion polymers, and food ingredients. Engineered materials segment produces specialty polymers for end-users in automotive, and medical applications. Acetate tow segment produces and supplies acetate tow, which is primarily used in applications offilter products. The company’s Acetic acid segment of the company is used as a raw material to manufacture vinyl acetate. The company’s chemistry business includes acetic acid, VAM, acetate esters, and acetic anhydride, which are used in various industries such as paints, coatings, adhesives, pharmaceuticals, and colorants.

  • LyondellBasell Industries Holdings B.V. - LyondellBasell Industries Holdings B.V. is a chemical manufacturing company. Its business segments include chemical, polymer, advanced polymer solutions, fuels, refining, and technology. Through its chemical business, it offers propylene, ethylene, propylene oxide, polypropylene compounds, polyolefins, and polyethylene. The company also develops and licenses polyolefin process technologies and provides various engineering services. It caters to over 100 countries across the globe. The company has a presence in the U.S., Hong Kong, Argentina, Brazil, India, China, Netherlands, and the UAE.

  • Saudi Basic Industries Corporation (SABIC) - Saudi Basic Industries Corporation (SABIC) is a Saudi state-owned company engaged in the manufacturing, marketing, and distribution of chemicals, agri-nutrients, and metal products. The company has a presence in over 50 countries. Its chemical segment offers chemicals, polymers, and plastic products. The company’s product portfolio includes polymers, specialties, chemicals, metals, agri-nutrients, olefins, methanol, methyl tertiary butyl ethers (MTBE), aromatics, glycols, linear alpha olefins, polyethylene, polypropylene, polyethylene terephthalate, polyvinyl chloride, polystyrene, polycarbonate, acrylonitrile butadiene styrene (ABS), and many other engineering thermoplastics and blends

  • HELM AG -HELM AG is a family- owned company specializing in chemicals, fertilizers, crop protection, and pharma businesses. It has more than 100 subsidiaries which are spread across 30 countries. The company’s major market is in Europe. Its chemical segment manufactures Acetic acid, Acetone, Adipic acid, Ammonia, Bisphenol, Butyl acetate, and many more chemicals. The company’s acetic acid product is available in bulk packaging that is transportable in seagoing vessels, rail tank cars, road tank cars, and ISO tank containers.

  • Airedale Chemical Company Limited - Airedale Chemical Company Limited is a UK- based manufacturer and supplier of general chemicals, surfactants, phosphates, and phosphonates. The company caters to end-user’s segment such as agrochemical, cleaning chemicals & detergents, energy & waste management, farm and livestock, and oil & gas. Product portfolio of the company includes disinfectants, general chemicals, phosphates, phosphonates, and polymers. It is a part of Airedale Group. The company caters to over 24 different industries across the Europe, and other global locations. The manufacturing capacity of the company is spread across 4 acres of land in the UK. Acetic Acid product of the company is available in various sizes such as 25-L, 200-L, and 1000-L.

  • Indian Oil Corporation Ltd. - Indian Oil Corporation Ltd. is India’s leading energy PSU, which is engaged in refining, pipeline transportation, exploration, and production of crude oil, petrochemicals, and gas marketing. It is spread across the globe with a presence in Sri Lanka, Mauritius, and the UAE. The company accounts for nearly half of India’s petroleum market share with sales of 81.027 million metric tons in 2020-21. Its cross-country pipeline network facilitates crude oil transportation to refineries and finished goods. The company has over 56,000 customer touch-points to reach out to every corner of the country.

  • Gujarat Narmada Valley Fertilizers & Chemicals Limited-(GNFC) - Gujarat Narmada Valley Fertilizers & Chemicals Limited-(GNFC) is a leading manufacturer and seller of fertilizers and, chemicals, and also provides various services. Fertilizer segment of the company manufactures urea- and nitrophosphate. Chemicals segment of the company offers chemicals such as Methanol, Acetic acid (Glacial), Ethyl acetate, Nitrobenzene, Formic acid, and Aniline. GNFC produces approximately 150,000 MTpa of acetic acid (Glacial) and is the largest manufacturer of acetic acid in India. The company uses technology of BP Chemicals, UK to produce Glacial Acetic acid.

  • Pentokey Organy - Pentokey Organy is engaged in the manufacturing of chemicals such as Acetic acid, ethyl acetate, and various other chemicals. The production unit of the company is located in MIDC of Ratnagiri district, in Maharashtra, India. The company caters to various end-use segments such as paints & coatings, pharmaceuticals, and transportation segment. The company has the production capacity of 4000T/annum of acetalhyde, 5000T/annum of acetic acid, and 2100T/annum of ethyl acetate

  • Ashok Alco Chem Limited - Ashok Alco Chem Limited is a chemical manufacturing and marketing company located in Maharashtra, India. It manufactures industrial alcohol, acetic acid, and various other downstream products such as ethyl acetate used in pharma, ink, adhesives, paints & inks, and perfumery products. Production plant of the company is spread across 28,000 square meters. The company’s chemical production facility has a capacity to produce 13,000 MTs of glacial acetic acid, 30,000 MTs of ethyl acetate, and 10,500 MTs of acetaldehyde per annum. It also operates in the trading of mineral products majorly for export.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Acetic Acid Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 - 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Acetic Acid Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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