Nov 10, 2023   SOURCE: BusinessWire

Global Bio-acetic Acid Market Analysis Report 2023-2030: Growing Demand in the Pharmaceuticals Industry & Increasing Usage of Bio-based Vinyl Acetate Monomer - ResearchAndMarkets.com

The "Bio-acetic Acid Market Size, Share & Trends Analysis Report By Application (Vinyl Acetate Monomer, Acetic Anhydride, Acetate Esters, Ethanol), By Region, And Segment Forecasts, 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The global bio-acetic acid market size is expected to reach USD 317.8 million by 2030, registering a CAGR of 5.3% from 2023 to 2030

The demand for acetic anhydride is increasing, particularly in the pharmaceutical industry, where it is used in the production of various pharmaceuticals such as aspirin, paracetamol, and other analgesics.

Acetic anhydride is widely used in the manufacturing of medicines like paracetamol, which is commonly used to treat conditions such as fever, headaches, and body pain. The growing consumption of paracetamol and other medications is driving the demand for acetic anhydride globally. Additionally, acetic anhydride serves as a raw material for producing medicines like theophylline and cortisone.

However, it's important to note that bio-acetic anhydride, which is derived from bio-based sources, can be more expensive to produce compared to traditional acetic anhydride, which is typically derived from fossil fuels.

Bio-acetic acid production often involves processes like the fermentation of natural sugars or waste materials, which can be slower and more costly than traditional methods. Additionally, the cost of raw materials used in bio-acetic acid production may be higher than those used in traditional fossil-based production.

Factors contributing to the high costs of bio-acetic acid include rising crude oil prices, growing demand for renewable materials, and increased investments in green technologies. Fluctuations in the prices of raw materials can lead to cost spikes in bio-acetic acid production, particularly as the global demand for bio-based products continues to rise.

While there is a growing demand for bio-based products, the cost challenges associated with bio-acetic acid production may present obstacles to its widespread adoption in various industries.

Bio-acetic Acid Market Report Highlights

  • The Vinyl Acetate Monomer (VAM) application segment is expected to witness the fastest CAGR of 6.0% from 2023 to 2030, due to the increasing demand for VAM in paints & coatings, plastics, solvents, adhesives, and textiles industries
  • North America is expected to register the fastest CAGR of 5.5% from 2023 to 2030, owing to the presence of numerous global multinational companies with high demand from end-use markets such as food & beverages and paints & coatings
  • The key market players include Airedale Chemicals; Novozymes A/S; GODAVARI BIOREFINARIES LTD.; and Afyren. These companies are involved in extensive research & development and dominate the global market with their strong presence throughout the value chain
  • In February 2022, the Indian Government proposed a reduction in customs duty for essential chemicals such as Methanol, Acetic Acid, and heavy feedstocks for petroleum refining. The purpose of this proposal is to increase the domestic value addition of the aforementioned chemicals within the country
  • Various strategic initiatives are being taken by manufacturers to minimize the dependency on a single raw material as well as its supplier. For instance, in 2021, Cargill has been diversifying its supply chain by sourcing bio-acetic acid from multiple suppliers. The company stated that this strategy would help to ensure a reliable supply of market and improve its ability to meet customer demand

Key Attributes:

Report Attribute Details
No. of Pages 101
Forecast Period 2022 - 2030
Estimated Market Value (USD) in 2022 $209.6 Million
Forecasted Market Value (USD) by 2030 $317.8 Million
Compound Annual Growth Rate 5.3%
Regions Covered Global

Market Dynamics

Market Driver Analysis

  • Growing demand for bio-based acetic anhydride in the pharmaceuticals industry
  • Increasing usage of bio-based vinyl acetate monomer (VAM)

Market Restraint Analysis

  • High Global Prices of Bio-Acetic Acid
  • Industry opportunities
  • Industry Challenges

Impact of the COVID-19 Pandemic

Impact of European Geopolitical Conflict

Industry Analysis Tools

  • PORTER's Analysis
  • Macroeconomic Analysis
  • PESTLE Analysis

Companies Mentioned

  • Airedale Chemicals
  • Bio-Corn Products EPZ Ltd.
  • GODAVARI BIOREFINARIES LTD.
  • Sucroal SA
  • Cargill, Inc.
  • Novozymes A/S
  • LanzaTech
  • Afyren SAS
  • BTG Bioliquids

For more information about this report visit https://www.researchandmarkets.com/r/a5hq8f

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.