Glacial Acetic Acid Market to Witness Sales Slump in Near Term Due to COVID-19; Long-term Outlook Remains Positive

VALLEY COTTAGE -- is poised for promising growth at 6.5% CAGR over the duration of forecast period (2019-2029). The market is majorly characterized by technological innovations aimed at diversifying the end-use applications of glacial acetic acid. Moreover, the production of acetic anhydride is augmenting the demand for glacial acetic acid.
"Variegated end-use areas such as food & beverages, pharmaceuticals, paints, and inks are inflating the sales of glacial acetic acid. Further, role of glacial acetic acid in producing terephthalic acid, synthetic camphor, aniline, and propylene terephthalate is fuelling its consumption. The upward trajectory will continue through the projection period," opines Fact.MR.
Key Takeaways of Glacial Acetic Acid Market Study
  • Food preservation remains predominant application of glacial acetic acid.
  • Oil & gas exploration industry will be leading end-use industry through 2029.
  • Asia Pacific accounts for approximately 69.8% revenue share in the global acetic acid market.
  • North America glacial acetic acid market will register prolific growth over the forecast period.
Glacial Acetic Acid Market - Key Growth Factors
  • Greater availability of raw materials facilitates the growth of glacial acetic acid market.
  • Shifting lifestyle of consumers is a major growth propeller of the glacial acetic acid market.
  • Consumers' greater economic wealth is adding to the revenue pool of market.
  • Glacial acetic acid market in Asia Pacific is favored by escalating infrastructure activities in the region.
Glacial Acetic Acid Market - Key Restraints
  • Emerging trend of natural preservatives rather than chemical counterparts is hampering the glacial acetic acid market growth.
  • Safety hazards associated with manufacturing process is a significant factor threatening the market growth.
Impact of COVID-19 on Glacial Acetic Acid Market
Demand for glacial acetic acid is witnessing severe shocks in view of COVID-19 outbreak. The glacial acetic acid prices have taken massive hits on account of supply chains deglobalisation. The chemical industry is one of the worst affected industries by the coronavirus crisis. Moreover, the end-use industries of glacial acetic acid are experiencing unprecedented hit amid the current pandemic.
Abrupt oversupply is a paramount cause of concern for top players in the glacial acetic acid market. Leading companies are ramping-up and relocating their production as a countermeasure for COVID-19. However, the pandemic presents unique opportunities as well where key stakeholders can use their R&D capacity to innovate their business models as per consumer needs.
Competitive Landscape of Glacial Acetic Acid Market
The global glacial acetic acid market is a swiftly evolving competitive landscape. Some of the prominent players featured in this FMI study include, but are not limited to, China Great Wall Energy Co., British Petroleum, BASF SE, Spectrum Chemical Mfg. Corp., MP Biomedicals, OM Group, Inc., Hawkins, Inc., Sinopec Great Wall Energy and Chemical, Innova Corporate (India), Celanese Corporation, Eastman Chemical Company, and Reliance. Sustainable transition remains the key strategic tenet of industry leaders. Furthermore, players continue to focus their resources on innovation in order to boost their profitability. Major stakeholders must work on robust sales execution strategies to strengthen their position in glacial acetic acid market.
Explore Future Market Insights’ detailed coverage on, COVID-19 IMPACT ASSESSMENT TRACKER
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