NEW YORK, Aug. 08, 2017 (GLOBE NEWSWIRE) -- According to a new market research report titled “Global Acetyls Market Size, Share, Development, Growth and Demand Forecast to 2022 – Industry Insights by Product (Acetic Acid, Vinyl Acetate Monomer, Ethyl Acetate, Acetic Anhydride and Others)” published by P&S Market Research, the global acetyls market is likely to witness CAGR of 6.9% during 2016 – 2022.
As per the research findings, the global acetyls market was worth $22,004.7 million in 2015. It is expected to witness a CAGR of 6.9% during the forecast period, owing to factors such as growing demand for acetic acid for manufacturing purified terephthalic acid (PTA) and ester solvents.
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The global acetyls market has been segmented on the basis of product. Based on product, the market has further been segmented into acetic acid, vinyl acetate monomer, ethyl acetate, acetic anhydride and others. Of all, vinyl acetate monomer has wide application in manufacturing adhesives, due to its superior fiber forming, optical and electrical properties.
Geographically, Asia-Pacific has been the largest market for acetyls, in terms of value. The region is also likely to witness the fastest growth during 2016 – 2022, due to factors such as fast-growing electronics industry, developing automobile industry, and augmented investment in oil & gas industry. Besides, improved living standards and increasing per capita income are contributing to increased individual expenditure on healthcare, electronics and automobile industries. Due to the presence of a large count of chemical industries in the region, the demand for acetyls is expected to increase in Asia-Pacific, which is further likely to help this market in becoming the largest revenue generator for the global market.
Developing economies, including India, China and Malaysia, are witnessing an increased demand for acetyls. The reason behind the same is growth in the textile and packaging industry, growing consumption of adhesives by industries like furniture and construction, and escalated demand from the paints and coatings industry.
Some of the major industries, such as furniture and construction, have shown increased consumption of adhesives. This is expected to boost the demand for vinyl acetate monomer. Further, it is also expected to increase the demand for adhesives in Asia-Pacific. In addition, the research uncovered that the extended use of photovoltaic cell would add to the demand for vinyl acetate monomer. PV cells use Ethylene Vinyl Acetate (EVA) copolymers to offer a secure adhesives layer between electronic component and glass. EVA also provides structural balance when it comes to shielding PV cell from adverse effects of rain, wind or dirt.
According to the research, due to increasing investment in paints and coatings, automotive, pharmaceuticals and oil and gas industries, the Rest of the World region is emerging as a luring market for acetyls. This creates a huge opportunity for the acetyls market to grow during the forecast period. Besides, increasing industrialization and urbanization is also boosting the RoW acetyls market growth.
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Some of the major companies in the global acetyls market comprise The Dow Chemical Company, BP Plc, Celanese Corporation, LyondellBasell Industries Holdings B.V., Saudi International Petrochemical Company (Sipchem), DuPont, Eastman Chemical Company, Helm AG, Wacker Chemie AG and Jubilant Life Sciences.
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