TAGS: Sustainability / Natural Adhesives Sealants
Fact.MR anticipates that the global bio-based acetic acid market is forecast to exceed a valuation of USD 45.6 Mn by 2021, and expand at a CAGR of more than 5% over the forecast period of 2021 to 2031.
Bio-based acetic acid has huge potential in the chemical industry. This potential could be evaluated utilizing the rate of consumption of bio-based acetic acid in the production of vinyl acetate monomers (VAMs).
Growing utilization of vinyl acetate monomers is being seen as an intermediate in the production of a wide range of resins and polymers for adhesives, paints & coatings, glues & sealants, textile finishes, elastomers, films, binders, and other industrial and consumer goods applications. Extensive diversification of VAMs provides an image of robust market growth of bio-based acetic acid for the coming years.
Adoption of Bio-based Acetic Acid by Chemical Industry
Moreover, dynamic and stringent environmental standards adopted by policymakers across the globe to curb carbon footprint are also paving the way for increased adoption of bio-based acetic acid by titans in the chemical industry.
Bio-based acetic acid used in food products is forecast to register a CAGR of 5.9% and be valued at USD 30 Mn by 2031-end. Textile industry end-use is expected to hold a 12.2% market value share by 2031-end but is anticipated to lose 51 BPS in its market share by then.
Chemical production is anticipated to capture a 28.7% market value share by 2031-end and is projected to gain 114 BPS. Acidity regulator function has the highest growth potential in the bio-based acetic acid market in terms of market acceptance. This function is expected to gain 251 BPS by 2031.
Bio-based acetic acid usage in pharma products is projected to grow 1.5X in value during the forecast period, while usage in personal care products is projected to grow 1.4X.
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Rising inclination towards sustainability and focus on strengthening the bio-based economy is anticipated to open new opportunities for bio-based acetic acid manufacturers,” said a Fact.MR analyst.
Source: Fact.MR