Global Acetyls Market Report, published by Variant Market Research, forecast that the global market is expected to reach $39.4 billion by 2024 from $23.1 billion in 2016; growing at a CAGR of 6.9% from 2016 to 2024. The acetyl is a functional group of an organic compound comprising of a methyl group. This methyl group is attached to carbonyl with a single bond. Acetylation is the chemical process of introducing an acetyl group into a molecule.
"Acetyls Market (By Product Type: Acetic Acid, Vinyl Acetate Monomer, Ethyl Acetate, Acetic Anhydride, And Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Increasing demand for acetyl in paint and coatings to drive the growth of Acetyls market
Some of the factors propelling the growth of the market includes growing need in food & beverage industry, increasing research & development projects, and rising demand for acetyl in paint and coatings. Though, declining demand for solvent borne adhesives could hinder the market growth. Additionally, untapped market in emerging economies, and growing application would provide several growth opportunities in forecasted years.
GLOBAL ACETYLS MARKET SHARE BY GEOGRAPHY, 2016 (%)
The global acetyls market is segmented into product type, and geography. Product type is segmented on the basis of acetic acid, vinyl acetate monomer, ethyl acetate, acetic anhydride, and others. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world (RoW).
Acetic Acid accounted for the largest market share in the product type segment
Acetic acid accounted for the largest market share in 2016, and are expected to continue its dominance during the forecast period 2016-2024, driven by growing adoption of ester solvents in coating industry, and expanding textile and packaging industry.
RoW is anticipated to grow at a fastest CAGR over the forecast period
RoW is expected to attain the fastest CAGR during the forecast period 2016-2024, owing to growth in construction industry, expansion of vinyl acetate monomer and PTA capacities, and growth in food and beverage industry. Asia-Pacific held the largest market share of 52.5% in 2016, due to the widespread R&D and presence of various manufacturers in the region.
Key players operating in this market include LyondellBasell Industries Holdings B.V., BP p.l.c., The Dow Chemical Company, Eastman Chemical Company, Celanese Corporation, Wacker Chemie AG, and HELM AG, among others.