Bio-acetic Acid market COVID-19 Impact, Trends & Business Statistics By 2030Posted by Mrudula Anil Karmarkar on May 4th, 2023 The global bio-acetic acid market size is expected to reach USD 319.6 million by 2030, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 4.9% during the forecast period. This increase can be attributed to the need for bio-acetic acid in the food and beverages and construction industries. Asia Pacific region was valued at USD 100.7 Million in 2021 and is estimated to grow by registering a CAGR of 5.45% by 2030. The growth can be attributed to the growing automotive industry in the region and the developing economies. The automotive industry in Asia Pacific is expected to witness substantial growth in the coming years owing to the presence of leading motor vehicle brands such as Toyota, Kia, Nissan, and Hyundai in the region. According to the Association of Southeast Asian Nations Automotive Federation, Asia Pacific produced 3,538,396 units of motor vehicles and 3,144, 243 units of motorcycles and scooters in 2021. It sold over 2,791,307 and 3,550,848 units of motor vehicles and two-wheelers, respectively in the same year. The rise in the production and sales of vehicles can be attributed to the increasing purchasing power of consumers and the growing population in the Asia Pacific. This factor is expected to contribute to the requirement for plastics and paints & coatings over the forecast period leading to market growth. North America is another key region contributing to the industry’s growth due to the growing demand for paints and coatings in the region. It is estimated to reach USD 63.3 Million by 2030, registering a CAGR of 5.1% in the predicted years. The rising use of plastic is expected to positively influence the market, thus, driving the demand for Bio-acetic acid in the region in the forecast period. Some top plastic manufacturers in North America, such as Continental Structural Plastics Ltd., Nifco America Corp, and Sixarp LLC, produce plastics in large quantities and thus, highly rely on Bio-Acetic anhydride for the production of plastics which is anticipated to fuel the demand for Bio-acetic acid in the region over the coming years. Another major factor influencing the growth of the industry is the increasing preference for bio-based products by end users owing to the rising disposable income of consumers. Manufacturers are constantly upgrading their product portfolios to meet the increasing requirements of end users, thereby leading to the surged consumption of VAM and related products. The growing global population and the ongoing urbanization and industrialization in emerging economies such as India have led governments of different countries across the world to increase their manufacturing expenditure to cater to the rising demand for bio-acetic acid. The increasing use of bio-acetic acid in numerous end-use industries such as construction, automotive, packaging, and coatings is anticipated to create lucrative growth opportunities for the industry across the world, especially in the Asia Pacific. VAM is expected to witness significant market penetration globally owing to its increasing usage in the manufacturing of polymers, coatings, and adhesives. It is also widely used in films, textiles, and paints. Surging global demand for VAM is anticipated to positively impact the demand for bio-acetic acid worldwide. In addition, the increasing consumption of green chemicals globally is expected to fuel the utilization of bio-acetic acid. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/bio-acetic-acid-market-report/request/rs1 The market is competitive owing to the presence of several players such as Cargill, Inc., Novozymes A/S, LanzaTech, and Afyren SAS. These players have strong distribution networks worldwide.This trend is anticipated to continue worldwide owing to the increasing demand for bio-acetic acid from different end-use industries such as food and pharmaceuticals. The expanding demand-supply gap is also negatively impacting the growth of the bio-acetic acid market across the world, thereby increasing the prices of this acid. Moreover, the high costs incurred during the extraction and production process of bio-acetic acid are expected to influence its costs in the coming years across the world. Bio-acetic Acid Market Report Highlights
Increasing demand for bio-acetic acid for use in VAM, polymers, cellulose esters, resins, coatings, dyes & inks, pharmaceuticals, and textiles is expected to fuel the growth of the market. The volatility in the prices of crude oil is anticipated to impact the costs of bio-acetic acid, thereby restricting its global demand. A surge in the number of construction and infrastructure development projects worldwide, along with the increasing presence of automobile manufacturers in emerging economies of Asia Pacific, is expected to contribute to the demand for resins and coatings. This, in turn, is anticipated to drive the demand, thereby fueling the industry’s growth. The production and usage of bio-acetic acid help in tackling the issue of climate change. It replaces petrochemicals in various applications and ensures a clean environment. This acid is produced from corn, maize, sugar, and other raw materials. Bio-acetic acid is used as a significant substitute for various chemicals. It is used to produce bio-based vinyl acetate monomer, etc. The surging usage of bio-acetic acid in various end-use applications in food & beverages, chemicals, textiles, pharmaceuticals, personal care products, and cosmetics industries is expected to fuel the growth of the market in the coming years. The global demand for bio-acetic acid was not reduced completely during the pandemic considering its end-use applications in the pharmaceuticals industry as an antibiotic agent. Moreover, the increased focus of medical practitioners on the treatment of COVID-19 also led to stable global demand for bio-acetic acid. The industry witnessed substantial growth in 2021 and this trend is expected to continue in the coming years considering the ongoing research and development activities related to the product market for its use in the pharmaceuticals industry. List of Key Players in the Bio-acetic Acid Market
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