Market Report Acetic Acid: Markets Shift Eastward
There might be still a market potential for acetic acid: While markets common basic chemical are more or less saturated in Europe and the US, especially China accounts for growing demands states a new GBI study...
Industrial growth in China and technological progress is driving the global chemicals industry, states a new report by industry experts GBI Research: The new report studies acetic acid, an important chemical with applications in several downstream industries like textiles, food processing and several other industrial chemical processes.
Acetic acid prices are mainly driven by the prices of feedstock and methanol and demand for its derivatives, including Vinyl Acetate Monomer (VAM) which is used in paints, adhesives and coatings, and Purified Terephthalic Acid (PTA) which is mainly used in the manufacture of polyester and fibers, as well as acetic anhydride and ethyl acetate. An increasing trend in acetate esters being used mainly as solvents for inks, paints and coatings has also been observed in the last few years.
New Technology Bring Significant Savings for Production Processes
On the technological front, emerging technologies are offering promising opportunities for growth within the chemicals industry. Manufacturers of acetic acid are increasingly updating their processes from older technologies such as the methanol carbonylation process.
Next-generation technologies like BP’s Cativa and Celanese’s AO-plus (Acid Optimisation Plus) boast significant savings in variable costs, lower capital costs for the construction of new plants, increased capacity, enhanced production efficiency, reduced energy consumption by approximately 30%, and lower operating costs. An increasing trend towards the adoption of these new technologies is likely to be seen across the world in the coming years, which will drive the global growth of the acetic acid market.