Acetic Acid Market

The article analyzes the current state and future outlook of the global acetic acid market, with a focus on consumption patterns, production volumes, import and export trends, and key market players. It provides detailed insights into market performance, growth rates, major consuming and producing countries, as well as price fluctuations over the past decade. The data presented showcases the overall growth trajectory of the acetic acid market and highlights key factors driving its development in the coming years.

Market Forecast

Driven by increasing demand for acetic acid worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.2% for the period from 2022 to 2030, which is projected to bring the market volume to 6.8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market value to $4.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Acetic Acid

In 2022, global acetic acid consumption shrank to 5.7M tons, waning by -9.2% on 2021 figures. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak volume of 6.3M tons, and then fell in the following year.

The global acetic acid market size dropped slightly to $3.9B in 2022, which is down by -2.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $4B, and then dropped in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (1.1M tons), the United States (838K tons) and China (636K tons), together accounting for 45% of global consumption. Germany, Japan, Mexico, Russia, South Korea, Brazil, Saudi Arabia, Iran, Turkey and Thailand lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +15.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest acetic acid markets worldwide were India ($686M), the United States ($467M) and China ($339M), together accounting for 38% of the global market. Germany, Mexico, Japan, Brazil, Russia, South Korea, Turkey, Saudi Arabia, Thailand and Iran lagged somewhat behind, together comprising a further 35%.

Among the main consuming countries, Saudi Arabia, with a CAGR of +17.0%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of acetic acid per capita consumption in 2022 were Germany (4.8 kg per person), Saudi Arabia (3.8 kg per person) and South Korea (3.4 kg per person).

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +12.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Acetic Acid

In 2022, production of acetic acid decreased by -14% to 5.7M tons for the first time since 2019, thus ending a two-year rising trend. The total output volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the production volume increased by 18% against the previous year. As a result, production attained the peak volume of 6.6M tons, and then shrank in the following year.

In value terms, acetic acid production dropped notably to $3.2B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when the production volume increased by 41%. As a result, production attained the peak level of $3.9B, and then declined markedly in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were China (1.7M tons), the United States (1.5M tons) and Malaysia (449K tons), together comprising 65% of global production. Singapore, Taiwan (Chinese), Russia, South Korea, Saudi Arabia, Iran and Japan lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +26.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Acetic Acid

In 2022, supplies from abroad of acetic acid decreased by -22.6% to 4.2M tons for the first time since 2019, thus ending a two-year rising trend. Overall, total imports indicated a slight increase from 2012 to 2022: its volume increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +44.9% against 2014 indices. The pace of growth was the most pronounced in 2021 with an increase of 45%. As a result, imports attained the peak of 5.5M tons, and then declined dramatically in the following year.

In value terms, acetic acid imports contracted to $3.4B in 2022. Over the period under review, imports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of 111%. As a result, imports reached the peak of $3.5B, and then dropped in the following year.

Imports By Country

In 2022, India (1.2M tons), distantly followed by Belgium (681K tons), Germany (384K tons), Mexico (291K tons) and Singapore (249K tons) represented the main importers of acetic acid, together comprising 65% of total imports. Japan (178K tons), Brazil (157K tons), Turkey (127K tons), Thailand (121K tons), South Korea (110K tons), the Netherlands (83K tons), Indonesia (68K tons) and Pakistan (64K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Japan (with a CAGR of +14.3%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest acetic acid importing markets worldwide were India ($773M), Belgium ($498M) and Germany ($351M), with a combined 48% share of global imports. Mexico, Singapore, Brazil, Japan, Turkey, the Netherlands, Thailand, South Korea, Pakistan and Indonesia lagged somewhat behind, together accounting for a further 32%.

In terms of the main importing countries, Japan, with a CAGR of +16.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average acetic acid import price amounted to $790 per ton, increasing by 25% against the previous year. In general, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, acetic acid import price increased by +80.5% against 2020 indices. The growth pace was the most rapid in 2021 when the average import price increased by 45%. Global import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($1,104 per ton), while South Korea ($603 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+7.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Acetic Acid

In 2022, after two years of growth, there was significant decline in overseas shipments of acetic acid, when their volume decreased by -27.5% to 4.2M tons. Over the period under review, exports, however, posted a pronounced expansion. The growth pace was the most rapid in 2021 when exports increased by 56%. As a result, the exports reached the peak of 5.8M tons, and then shrank sharply in the following year.

In value terms, acetic acid exports declined to $2.9B in 2022. Overall, exports, however, posted a strong increase. The pace of growth appeared the most rapid in 2021 when exports increased by 121% against the previous year. As a result, the exports attained the peak of $3.3B, and then contracted in the following year.

Exports By Country

In 2022, China (1.1M tons), distantly followed by the United States (686K tons), Singapore (662K tons), Belgium (653K tons), Malaysia (402K tons) and Taiwan (Chinese) (291K tons) represented the largest exporters of acetic acid, together mixing up 91% of total exports. South Korea (106K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Taiwan (Chinese) (with a CAGR of +18.4%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest acetic acid supplying countries worldwide were Belgium ($664M), China ($609M) and the United States ($540M), with a combined 62% share of global exports. Malaysia, Singapore, Taiwan (Chinese) and South Korea lagged somewhat behind, together comprising a further 28%.

In terms of the main exporting countries, Taiwan (Chinese), with a CAGR of +21.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average acetic acid export price amounted to $697 per ton, surging by 22% against the previous year. Overall, export price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, acetic acid export price increased by +72.6% against 2020 indices. The most prominent rate of growth was recorded in 2018 an increase of 43% against the previous year. The global export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Belgium ($1,016 per ton), while Singapore ($350 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+6.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform