The worldwide market for glacial acetic acid is slated for sturdy expansion at around CAGR of 6.5% amid the estimation period (2019-2029). Multifaceted applications, for example, paints, vinegar, inks, pharmaceuticals, and in the food & beverage sector are boosting market development. Additionally, the broad range of household applications carries on to drive usage. The food preservation category particularly is the development engine of the market, says the latest Future Market Insights (FMI) study.
Key Takeaways of Market Research
- Acetic anhydride manufacturing calls for the need in the approaching years.
- The raw materials have comparatively lower cost point thus supplementing the market development.
- Variegated household applications are supporting market development.
- The worldwide market gains stay concentrated in the APAC region.
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Key participants must develop the sustainability feature of their business and expand their product contributions to gain a stronghold in the worldwide market.
Asia Pacific Gains 69.8% Market Share
Growing economic wealth in rising Asian economies is supporting market development in the region. Altering customer preferences, lifestyle aspects as well as rising health concerns are determining the regional market as well. Increasing infrastructural behavior emphasizes the need. On that basis, the Asia Pacific market comprises a 69.8% market revenue share over the years to come.
In addition, established end-use sectors in emerged economies, for instance, the United States are fueling the market development in North America. The regional market is anticipated to grow prolific development all through the assessment time frame. The major industry fueling the usage in the region is the gas and oil exploration sector during the projected period.
Industry leaders Depend upon Multipronged Schemes for Competitive Edge
A few of the foremost market players functioning in the worldwide market comprise, but are not limited to, MP Biomedicals, Hawkins, Inc., BASF SE, Eastman Chemical Company, OM Group, Inc., Celanese Corporation, Spectrum Chemical Mfg. Corp., Innova Corporate (India), British Petroleum, Sinopec Great Wall Energy and Chemical, China Great Wall Energy Co, and Reliance.
The foremost participant is working on efficient pricing and sizing up their sales execution strategies to nurture their market place. Top participants in the worldwide market are centered on attaining attractive revenues by sustainable transition and innovation all through the years to come.
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Coronavirus Pandemic not likely to Influence the Market
Even though supply and manufacturing sides of the market are likely to be facing the heat of worldwide coronavirus outbreak, the market would not be confronting rapid impacts since it falls under the basic chemicals group, i.e. acetic acid. Due to its pertinence, glacial acetic acid is frequently directed at the outset of value chains. Seeking the reliance on China for the manufacturing of allied and basic chemicals, the industry participants now should lessen their dependence on Chinese markets. FMI’s study discloses that a visible shift from India to China on the basis of production will be foreseen in the immediate future, marking a significant trend in the worldwide market.
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