Carboxymethyl cellulose demand drive acetic acid market: Report

Carboxymethyl cellulose demand to drive acetic acid market: Report

6:19 AM, 5th August 2019
Acetic Acid. (File photo)
Acetic Acid. (File photo)

Increasing carboxymethyl cellulose (CMC) demand from the US pharmaceutical industry in the preparation of drugs in the form of disintegrants will help drive the overall acetic acid market size by 2024. According to the Graphical Research new growth forecast report, North America acetic acid market is estimated to surpass at $2.5 bn by 2024.

The product is used to produce monochloroacetic acid which is used to manufacture CMC. In 2017, the US pharmaceutical industry was valued over $400 billion and is likely to grow with CAGR around 4.4% in the coming years. These trends will contribute a significant share to the overall acetic acid market size over the forecast spell.

Acetic acid is gaining acceptance from different market avenues. It has diverse applications such as manufacturing of vinyl acetate monomer, purified terephthalic acid, acetate esters, acetic anhydride. All these applications are pertaining to adhesives, films, paints, coatings, construction, textiles, etc. Rising residential and non-residential construction activities in the US will also positively impact the product demand in the coming years.

The construction industry exhibits around 7% year-to-year increase including a growth rate of around 10% in residential activities and nearly 7% in non-residential activities. Additionally, in 2018, the U.S. government released a budget of USD 1 trillion for infrastructure development. These activities will boost the product demand across North America acetic acid market in the next few years.

On the basis of application, acetate esters will generate revenue of around $550 million by 2024. The product is used in manufacturing of solvent including methyl acetate, ethyl acetate, isopropyl acetate, etc. which are widely used in paints, nail polish remover, tea, coffee, cigarette, etc. Strong product demand from the food industry in North America is likely to make noteworthy contribution to the overall acetic acid market size in the coming years

Major players for the acetic acid market include LyondellBasell Industries N.V., PetroChina, Svensk Etanolkemi AB (SEKAB), British Petroleum Plc, Daicel Corporation, Mitsubishi Chemical Corporation and Wacker Chemie AG.

Source: Graphical Research

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