DUBLIN, Sept. 6, 2021 /PRNewswire/ — The “Global Acetic Acid Market Outlook to 2026” report has been added to ResearchAndMarkets.com’s offering.
The worldwide rise in environmental concerns has shown significant growth in the timber industry. The mainstream construction industry alone is responsible for around 15% of the global greenhouse gas emissions, to reduce the carbon impact of construction, it is essential to increase the use of timber in the buildings due to its renewability. Polyvinyl acetate is a vinyl acetate monomer that is primarily used as a construction adhesive in timber construction. In recent years regulatory authorities in the majority of the advanced countries are pushing the construction of timber buildings for sustainable development by providing funding and subsidies.
According to the publisher, the market for acetic acid is expected to grow at a significant CAGR during the market forecast period (2021-2026). More than 40% of acetic acid produced is converted into vinyl acetate. Vinyl acetate is primarily used as an intermediate monomer in the production of polyvinyl acetate and polyvinyl alcohol. Vinyl acetate is also used as a raw material in the production of adhesives, water-based paints, acrylic fibers, textile sizing and finishes, paper coatings, inks, films, and lacquers. Vinyl acetate adhesives are used in wooden construction which is a renewable option of development. At present global warming and greenhouse gas emission are the most significant environmental concerns that require immediate attention and the mainstream construction industry alone is responsible for around 15% of these global emissions. The worldwide rise in environmental concerns has shown significant growth in the timber industry as cement and steel production leaves a high carbon footprint than timber and is non-renewable. To reduce the carbon impact of construction, it is essential to increase the use of timber in the buildings.
Many organizations such as World Wildlife Fund are keeping a check on commercial timber harvesting to keep it 100% renewable and planting the required amount of trees to make net deforestation to zero. Polyvinyl acetate is a vinyl acetate monomer and is primarily used as a construction adhesive. Approximately 47% of vinyl acetate produced, is polymerized into polyvinyl acetate. It is the best timber adhesive available due to its cost-effectiveness and easy application. It also dries clear and has super strong holding strength on wood. In recent years regulatory authorities in the US, UK, Canada, Germany, Italy, Switzerland, Poland, Finland, and Australia are pushing the construction of timber buildings for sustainable development and other countries such as Singapore are offering to fund of up to 70% of the cost of adopting mass timber under the Productivity Innovation Project (PIP) scheme.
Some of the key players in the market are BP Plc, Celanese Corporation, PetroChina Company Limited, Daicel Corporation, and Mitsubishi Chemical Corporation.
In October 2019, BP announced an increase in its Asian presence with an initial agreement, or memorandum of understanding, with China’s Zhejiang Petroleum and Chemical Corporation (ZPCC) to build a one million ton a year acetic acid plant. The planned production site for acetic acid, which is used in chemical products such as paints and adhesives would be part of ZPCC’s refining and petrochemical plant in Zhoushan in eastern China.
In March 2019, BP and Lotte agreed on a major expansion of production capacity at their joint venture Lotte BP Chemical Company Limited facility in Ulsan, South Korea. The expansion added 100,000 tonnes a year of acetic acid capacity by May 2019 through debottlenecking.
Key Topics Covered:
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
3.2 Market Dynamics
3.3 Market Trends & Developments
3.4 Market Opportunities
3.5 Feedstock Analysis
3.6 Trade Scenario
3.7 Price Trend Analysis
3.8 Supply Scenario
3.9 Regulatory Policies
4. Industry Analysis
4.1 Supply Chain Analysis
4.2 Porter’s Five Forces Analysis
4.2.1 Competition in the Industry
4.2.2 Potential of New Entrants into the Industry
4.2.3 Bargaining Power of Suppliers
4.2.4 Bargaining Power of Consumers
4.2.5 Threat of substitute products
5. Market Segmentation & Forecast
5.1 By Application
5.1.1 Vinyl Acetate Monomer
5.1.2 Acetic Anhydride
5.1.3 Acetate Esters
5.1.4 Purified Terephthalic Acid
5.2 By End Use
5.2.1 Food & Beverage
5.2.2 Pharmaceuticals & Healthcare
5.2.3 Plastic & Polymers
5.2.4 Paints & Coatings
6. Regional Market Analysis
7. Key Company Profiles
8. Competitive Landscape
8.1 List of Notable Players in the Market
8.2 M&A, JV, and Agreements
8.3 Market Share Analysis
8.4 Strategies of Key Players
9. Conclusions and Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/chvbev
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SOURCE Research and Markets