The North America Acetic Acid Market would witness market growth of 4.5% CAGR during the forecast period (2023-2030).In the year 2019, the North America market's volume surged to 4,585.1 Kilo Tonnes, showcasing a growth of 2.7% (2019-2022).
The development is attributed to the increasing need for products in various industries like construction, pharmaceuticals, and textiles. It is used to manufacture pigments and coatings. The demand for paints & coatings is increasing as the desire to improve the aesthetics of homes increases, thereby driving up the need for the product. In North America, acetic acid is extensively used in the culinary and beverage industry. Increasing food consumption in the region directly affects the product's demand.
As an effective preservative, acetic acid helps extend the expiration life of many of these commodities. There is a growing demand for "clean label" products, in which consumers search out foods with natural constituents and no added chemicals. As a naturally occurring constituent of numerous foods, acetic acid suits well within this paradigm. Food manufacturers are seeking natural alternatives in response to increasing consumer awareness and opposition to synthetic preservatives. As a natural preservative, acetic acid inhibits microbial proliferation in food products.
The region's industrial robustness, advanced manufacturing infrastructure, and strong emphasis on research and development have rendered it a pivotal hub in the acetic acid value chain. At the production front, North America, with the U.S. at its helm, ranks among the world's top-tier acetic acid producers. The exploration of innovative production methods, the discovery of avant-garde applications, and a genuine drive towards sustainable and eco-friendly practices all find their genesis in this research ecosystem. In summation, the North America market, with its intricate interplay of production prowess, consumption dynamics, trade intricacies, and research-centric approach, is a prominent layer in the market globally.
The US market dominated the North America Acetic Acid Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3.9 billion by 2029. The Canada market is poised to grow at a CAGR of 4.9% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 4.8% during (2023 - 2030).
Based on Type, the market is segmented into Vinyl Acetate Monomer, Acetic Anhydride, Acetate Esters, Purified Terephthalic Acid, Ethanol, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Acetic Acid Market is Projected to reach USD 28.4 Billion by 2030, at a CAGR of 4.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Eastman Chemical Company, Celanese Corporation, The Dow Chemical Company (Dow Corning Ltd.), Indian Oil Corporation Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Limited, Daicel Corporation, Airedale Chemical Holdings Limited, Helm AG, SABIC (Saudi Arabian Oil Company), and LyondellBasell Industries Holdings B.V.
By Type (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Million, 2019-2030)
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