growing crude oil prices is driving the Bio Acetic Acid Market
Technavio analyzes that the Bio Acetic Acid Market is expected to grow at a CAGR of 5.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 68.8 million.There are various factors that contribute to the growth of the market. The rising prices of crude oil have significantly impacted the Bio Acetic Acid market. This trend has increased production costs for manufacturers, leading to potential price hikes for consumers. However, the demand for bio-based acetic acid as a sustainable alternative to petroleum-derived acetic acid remains strong, providing opportunities for growth in this sector. Despite challenges, the market is expected to expand, driven by increasing awareness of renewable chemicals and government incentives for green manufacturing.
The global bio acetic acid market is witnessing significant growth due to the increasing demand for sustainable and healthier alternatives in various industries, including construction, paints and coatings, plastics, composites, bio-based chemicals, and renewable chemicals. Fermentation, a crucial process in this market, transforms natural feedstocks into valuable bio acetic acid using fermented sugars. This method offers a more eco-friendly and safer alternative to traditional acetic acid, which is derived from methanol, a substance known for its toxicity and carcinogenic properties. Jubilant Ingrevia Limited is at the forefront of this trend, providing Bio Acetic Acid-Food Grade, which is derived from natural feedstocks through fermentation, catering to the growing consumer preference for safer and environmentally friendly options.
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Bio Acetic Acid Market Segmentation
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Bio-acetic acid serves as a renewable alternative to petrochemical-based acetic acid, finding applications in various industries. In polymer production, it is used in the manufacture of polyvinyl alcohol (PVOH), adhesives, emulsions, and polyvinyl acetate (PVA). It also functions as a feedstock for producing bio-based chemicals like Terephthalic Acid, used in plastics and composites, and Vinyl Acetate Monomer, used in paints, coatings, textiles, and other applications. Additionally, it is used in food and beverages, solvents, and as a raw material in the production of acetic anhydride, ethyl acetate, and other chemicals. In construction activities, it is utilized in paints, coatings, and construction chemicals. Furthermore, it is employed in the production of acetic acid, which is used in various industries including plastics, rubber, ink, textiles, and terephthalic acid for PET bottles and fibers. Bio-acetic acid is a sustainable alternative to petrochemical-based acetic acid, offering environmental benefits and reducing reliance on non-renewable resources.
The global commodity chemicals market encompasses businesses primarily engaged in the production of industrial and basic chemicals, such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Bio-acetic acid, as a renewable alternative to petrochemical-based acetic acid, gains significance in this context. This sustainable alternative finds extensive applications in various industries, including polymer production, textiles, solvents, and paints and coatings. The market's expansion is driven by the increasing demand for plastic packaging, with plastic being the most widely used material in this sector due to its lightweight and corrosion-resistant properties. Continuous innovation in the industry leads to the development of advanced chemical solutions, making bio-acetic acid a valuable addition to the commodity chemicals market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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