North America acetic acid market to grow at a CAGR of 4.7% from 2013 to 2018

12-Jan-15

The North America acetic acid market is estimated to grow to US$1753.7 mln by 2018 at a CAGR of 4.7% from 2013 to 2018, as per Micro Market Monitor. Acetic acid is an organic compound and one of the carboxylic acids, which is majorly obtained from methanol by employing various processes such as methanol carbonylation. The acetic acid market is experiencing strong growth, and the market is expected to become stronger in the future. This is majorly due to the growing demand for acetic acid derivatives that include vinyl acetate monomer (VAM), purified terephthalic acid (PTA), ester solvents, and acetic anhydride. VAM is the single largest end-use application of acetic acid and is mainly used in paints, adhesives, and coatings. PTA is mainly used in the manufacture of polyester and fibers. An upcoming trend of acetate esters being used mainly as solvents for inks, paints, and coatings has also been observed in the last few years. In the North American region, the domestic demand for specialty and base chemicals is experiencing high growth with the rising number of domestic manufacturers and expansion of the industry’s export market. The growth of the industry in the future will be augmented by investments in chemical and petrochemical projects due to recent boom of shale gas and oil slates in the U.S. and Canada. Due to the emergence of shale gas, lighter feedstock is available to chemical and petrochemical industries in North America. The region is expected to be favored for petrochemical assets in the near future. In the North American region, growing population will require housing, transport, and household equipment; this in turn will increase the demand for paints and coatings in the market, indirectly increasing the demand for acetic acid.