North America acetic acid market is chiefly driven by rising product demand from plastic packaging industry. The product is extensively used in the production of PTA, which is used in manufacturing PET bottles, highly preferred for storing carbonated drinks due to its several advantages such as unbreakable, easy to handle, reseal ability, etc. In addition, acetic acid demand in the region is also driven by the renovation and restructuring infrastructure activities which will trigger demand for adhesives, coatings, films, paints, etc. This will made notable contribution to the acetic acid market size in the coming years.
Acetic acid is majorly used in the VAM production, which is a primary intermediate for manufacturing variety of polymers and resins for adhesives, films, paints, coatings, textiles and other end-user products. North America paint and coating demand was 8.3 million tons in 2014, which rose to 9.9 million tons in 2017, registering substantial CAGR during the forecast period. Strong product demand for renovation and restructuring activities in the U.S. will have significant impact on product demand which in turn will help boost acetic acid market size by 2024.
Based on product types, PTA will generate revenue around USD 600 million by 2024. The product is used to manufacture tera phthalic acid which is further used in polyester fibers, polyester films and PET bottles production. North America polyester resin market is projected to grow at the annual rate of around 3.5%. which will trigger the overall acetic acid market size in the coming years
Major participants include Wacker Chemie AG, Sinopec, PetroChina, SABIC, Mitsubishi Chemical Corporation, HELM AG, Showa Denko K.K., Eastman Chemical Company, Celanese Corporation, British Petroleum Plc and DowDupont.