Global Acetic Acid Market Size and Share Analysis 2023-2028

Market Overview

Acetic acid, a monocarboxylic acid comprising two carbons, is a clear, colorless liquid with a strong, pungent odor reminiscent of vinegar. This versatile compound can be obtained through various methods such as the carbonylation of methanol, oxidation of acetaldehyde and ethylene, or biological processes like bacterial fermentation. Acetic acid serves as a vital chemical reagent for the production of numerous compounds including acetic anhydride, esters, vinyl acetate monomer, vinegar, and various polymeric materials.

The Global Acetic Acid Market is projected to experience substantial growth during the forecast period from 2023 to 2028. It is expected to expand from 17.9 million tons in 2023 to 22.4 million tons by 2028, at an impressive CAGR of 4.65%.

Product Type

Market Research



Release Date

May 2023

Base Year


Forecast Period


Market Size

17.3 million tons in 2021

Market Segments

Derivative, Application, Region



No. of Companies Mentioned


The market faced significant challenges in 2020 due to the COVID-19 pandemic and the subsequent governmental restrictions imposed worldwide. However, with the gradual lifting of restrictions, the sector has shown resilience and started recovering well. In 2021 and 2022, the market exhibited notable recovery, driven by increased consumption across various end-user industries, and this positive trend is expected to continue.

In the short term, the growth of the acetic acid market is primarily propelled by factors such as the rising demand for vinyl acetate monomer (VAM), increasing utilization in the textile and packaging sectors, and the growing use of ester solvents in the paints and coatings industry. Conversely, environmental concerns regarding the potential adverse effects of acetic acid hinder the market growth. However, the development of new separation technologies aimed at enhancing production efficiency holds promising opportunities for the market during the forecast period.

The Asia-Pacific region is anticipated to dominate the global acetic acid market and achieve the highest CAGR throughout the forecast period.

Market Segmentation

The market is segmented based on various factors, including derivative, application, and region.

Segmentation by Derivative
Vinyl Acetate Monomer (VAM)
Purified Terephthalic Acid (PTA)
Ethyl Acetate
Acetic Anhydride
Other Derivatives

Segmentation by Application
Plastics and Polymers
Food and Beverage
Adhesives, Paints, and Coatings
Other Applications

Segmentation by Region
North America – United States, Canada, and Mexico
Europe – United Kingdom, Germany, France, Italy, and Rest of Europe
Asia-Pacific – China, Japan, India, South Korea, and Rest of Asia-Pacific
Latin America – Brazil, Argentina, and Rest of Latin America
Middle East and Africa – Saudi Arabia, South Africa, and Rest of Middle East and Africa

The adhesives, paints, and coatings industry extensively utilizes acetic acid and its ester derivatives, such as ethyl acetate, butyl acetate, and vinyl acetate. The versatile properties of acetic acid, including its acidic nature and ability to dissolve both polar and nonpolar compounds, make it a valuable ingredient in these products.

According to the World’s Paint and Coatings Industry Association, global sales of paints and coatings surpassed USD 180 billion in 2022. The industry is projected to achieve a compound annual growth rate (CAGR) of around 3% by 2027. In terms of value, the North American market reached USD 33.92 billion, while the European market amounted to USD 42.37 billion in 2022. Both markets are expected to grow independently due to increased residential renovation projects in Canada, Germany, and the United States.

The American Coatings Association forecasts that the paint and coatings industry in the United States will reach USD 28.06 billion by 2022. Additionally, the volume of paint and coatings is estimated to reach 1,416 million gallons in the same year. These factors are likely to boost the demand for acetic acid in the country’s paints and coatings sector.

Europe houses significant paint companies and serves as the main market for paints and coatings. Germany, with over 300 coatings, paint, and printing ink production firms, stands as the largest market in Europe. The World’s Paint and Coatings Industry Association report indicates that Sherwin-Williams, PPG Industries, AkzoNobel NV, and Nippon Paints are key players dominating the market.

The Asia-Pacific region dominates the global consumption of acetic acid. It constitutes the largest market for various industries, including adhesives, paints and coatings, food and beverage, and textiles, owing to its robust industrial base. Acetic acid finds extensive use in greases, coatings, polyesters, and sealants, which are essential in electronics, automobiles, textiles, and packaging.

China leads the paints and coatings market in the Asia-Pacific region, with sales exceeding USD 45 billion in 2022 and a 78% market share in East Asia. The country is home to nearly 10,000 coatings manufacturers, including global giants like Nippon Paint, AkzoNobel, Chugoku Marine Paints, PPG Industries, BASF SE, and Axalta Coatings. These companies have been expanding their production bases and investing in China, strengthening its position in the industry.

India’s Ministry of Chemicals and Fertilizers recently published quality control orders on acetic acid, aniline, morpholine, and methanol, postponing their implementation dates. With a growing demand for various chemicals, including acetic acid, the country’s chemical production jumped by 5.73% in 2022-23 (up to July 2022), signaling increased demand for intermediates during the forecast period.

The rising global investments across various industries will drive the demand for adhesives, paints, and coatings, consequently positively impacting the acetic acid market. Furthermore, the Asia-Pacific region, particularly China, will continue to dominate the consumption of acetic acid due to its thriving industrial sectors and increasing demand for paints and coatings.

Competitive Landscape

The acetic acid market is partially consolidated in nature. Key Companies Profiled in this report include Celanese Corporation, Jiangsu SOPO (Group) Co., Ltd., Yankuang Energy Group Company Limited, Shanghai Huayi Group Co., Ltd., Shandong Hualu Hengsheng Chemical Co., Ltd., BP plc, Kingboard Holdings Limited, China National Chemical Corporation (Sinochem Holdings Corporation Ltd.), Ashok Alco-Chem Limited (AACL), Chang Chun Petrochemical Co., Ltd., Daicel Corporation, Eastman Chemical Company, EuroChem Group AG, Gujarat Narmada Valley Fertilizers Company Limited, Jubilant Life Sciences Limited, Kanoria Chemicals & Industries Limited (KCI), LyondellBasell Industries N.V., Mitsubishi Chemical Corporation, Pentokey Organy (India) Limited, Saudi Basic Industries Corporation (SABIC), Saudi International Petrochemical Company (Sipchem), Showa Denko K.K., Tanfac Industries Ltd., Thana Acid and Chemical Company, INEOS Group.

Recent Industry Developments

January 2023: Kingboard Holdings Limited has announced that its subsidiary, Hebei Kingboard Energy Development Co., Ltd., intends to submit the Environmental Impact Report of Hebei Kingboard Energy Development Co., Ltd. Acetic Acid Expansion and Transformation Project for approval. The complete content of the environmental impact study is available.

June 2022: Hebei Kingboard Energy Development Co., Ltd. has announced the commencement of construction for a new acetic acid facility with a capacity of 29,800 tons per year. The project, valued at CNY 23.20 billion (USD 3.6 billion), is based on a carbon capture and recycling project with a capacity of 35,200 tons per year. Its objective is to establish a carbon neutrality demonstration park for innovative chemical materials and achieve low-carbon development with high value-added products.

Key Questions Answered

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What is the growth rate of the Acetic Acid Market?
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Global Acetic Acid Market Size and Share Analysis 2023-2028

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Global Acetic Acid Market Size and Share Analysis 2023-2028

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Global Acetic Acid Market Size and Share Analysis 2023-2028

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