Acetic Acid Market Trends

Growth Drivers

• Increasing Demand for Vinegar Owing to Rising Demand for Preservatives – Vinegar is highly used in Asian cuisine and fast foods, which is increasing its market growth across the world. Also, an increasing preference among consumers for food dressings that involve vinegar is estimated to fuel the market’s growth during the forecast period. The export value of vinegar and substitutes of vinegar made from acetic acid increased from USD 719 million in 2019 to USD 797 million in 2020.
• Increasing Photography and Filmmakers to Reduce the Risk of Burning – Acetic acid is used in place of nitrate film since 1950 to reduce the risk of fire, and combustion. As per the U.S Bureau of Labor Statistics, every year around 12,700 openings are released for photographers.
• Elevating Growth of the Cosmetic Industry with Increasing Preference for Beauty – Vinegar and acetic acid are used in cosmetic products to control the pH. The estimated value of the beauty industry across the world was worth USD 530 billion with the U.S. comprising more than 15% of the overall share.
• Rising Consumption of Solvents such as Vinyl Acetate Monomer Across the World – Acetic acid acts as a solvent, with its hydrophilic nature, as it can dissolve oils, sulfur, and iodine and mix with water, and chloroform. The imported trade value of organic solvents across the world in 2021 was USD 2,277,915.
• Growing Textile Industry with Growing Fashion Industry – Acetic acid is used in the dyeing and generation of rayon and artificial fabrics. In 2021, the domestic textile and apparel industry in India was worth USD 152 billion as per the National Investment Promotion & Facilitation Agency, India.

Challenges

• Harmful Effects of Acetic Acid - Acetic acid causes irritation to the skin, eye, and mucous membranes on direct exposure. Long-term exposure to the skin will cause tissue damage, and inhalation will lead to throat, nose, and lung irritation, damaging them. Acetic acid market is estimated to cause hyperkeratosis of the skin, conjunctivitis, bronchitis, erosion of the teeth, and pharyngitis. All these factors hinder market growth in the coming years.
• Fluctuating Cost of Raw Materials Used in Acid Production
• Reduction in Consumption of Vinyl Acetate Monomer