Ethanoic Acid Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Ethanoic Acid Industry Hit Worst due to Russia-Ukraine War Impact?
The global ethanoic acid market size is anticipated to showcase considerable growth during the forecast period owing to high demand from the food and beverage industry. This information is published by Fortune Business Insights in its report, titled “Ethanoic Acid Market, 2021-2028“. The product is known for its antibacterial and antifungal applications in the household. Moreover, the recent developments in chemical industry are incurring considerable demand from the producers of Vinyl acetate monomer. This demand further integrates the acid into various sectors to produce different resins, films, textiles, coatings, and paints.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Ethanoic Acid Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Ethanoic Acid Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
China to Play Pivotal Part to Reduce Supply and Demand Gap
The global lockdown affected the chemical industry substantially in the year 2020. In spite of this a report by China Chemical Fiber Website delves into the depth of the matter and establishes certain key points. For instance according to the report, in February 2021, the US plants declared force majeure and decreased supply of the product. On the other hand, new plants in China started operating intensively to generate high revenue. The pandemic phases have witnessed various such situations and the ups and downs in the supply and demand graph of the product. After the lockdowns are uplifted, the market is expected to stabilize and experience a balanced supply and demand volume.
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By application, the market for ethanoic acid is segmented into acetic anhydride, vinyl acetate monomer, acetate esters, and purified terephthalic acid. On the basis of end users, the market is divided into paint and coatings, food and beverage, and pharmaceuticals. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The market report for ethanoic acid offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
Rapid-Paced Expansion of Construction Sector to Favor Market Growth
The increasing number of developmental projects across the globe is augmenting the growth for vinyl acetate monomer. This is basically used in several paints, resins, films and coatings. The expanding buildings and construction sector, therefore, is garnering a substantial demand for the product. Also, countries like India and China are experiencing a wide range of development in terms of infrastructure, which is expected to boost the global ethanoic acid market growth. Moreover, the pharmaceutical industry has developed and integrated the product into various medicines. This is expected to favor the product’s demand in the forthcoming years.
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Increasing Population in Asia Pacific Augments Growth to Supply Functional Food
Asia Pacific is it expected to hold substantial ethanoic acid market share during the forthcoming years. This is due to the increasing population of the region, coupled with the rising demand for functional food. Also, the considerable development and expansion construction and building sector is contributing heavily in the growth for the acid.
North America is projected to hold considerable market share in the foreseeable future. This is due to the growing investment, favorable reimbursement policies, expanding population, and high living standard in the region.
Technological Innovation by Prominent Companies to Intensify Market Competition
The market for ethanoic acid is fragmented by the presence of several major companies. Moreover, stringent regulatory scenarios in most of the leading economies intensify the company stability with constant updates and quality checks required to maintain standards. The growing investment in this market is expected to exponentially boost this industry and give lucrative returns. Prominent players are focused on technological innovation by investing in research and development.
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List of Key Players Profiled in the Market for Ethanoic Acid:
- British Petroleum Plc
- Celanese Corporation
- Daicel Corporation
- Eastman Chemical Company
- GNFC Limited
- HELM AG
- LyondellBasell Industries N.V.
- Mitsubishi Chemical Corporation
- Showa Denko K.K.
- Svensk Etanolkemi AB (SEKAB)
- Wacker Chemie AG
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