Increasing demand from pharmaceuticals sector and end user industries is expected to drive Global Bio-acetic acid market in the forecast period 2024-2028
According to TechSci Research report, “Bio-acetic acid Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, Global Bio-acetic acid market is anticipated to upsurge at an impressive rate in the forecast period of 2028 due to rising awareness of sustainable product. The key reason driving the demand for bio-acetic acids from the pharmaceuticals sector and food and beverage industries as pain reliever, anti-inflammatory drug, flavoring agent, and preservative. The growing awareness about the Bio based product to lessen the reliance on other renewable source are expected to increase the demand for Bio- acetic acid market worldwide.
The cost of the product and scalability are key restraint for the bio-acetic acid market growth Bio-based acetic acid is often more expensive to produce than traditional acetic acid, due in part to the higher costs associated with using renewable feedstocks. This can make it difficult for companies to compete in markets where cost is a primary concern. Apart from these, while there has been significant progress in the development of bio-based acetic acid production methods, scaling up these methods to meet commercial demand can be challenging. This can limit the availability and scalability of bio-based acetic acid products hence, all these factors can further slowdown the bio-acetic acid market growth.
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Global Bio-acetic acid Market is segmented based on source, application, and region.
Based on the source, the market is categorized into biomass, corn, maize, sugar, and other. Biomass type segment is expected to hold the largest market share in the forecast period, 2024-2028 due to its properties such as carbon neutral, less residue release. Bio mass are cheaper than other alternative which is constantly and widely available as a renewable source of energy. Apart from these, it helps to save extra money and increase their profitability.
Based on application, the market is fragmented into vinyl acetate monomer, acetate esters, purified terephthalic acid, acetic anhydride, and others. Vinyl Acetate Monomer segment is expected to dominate the segment in forecast period of 2028. As it is widely used by end-user industries, including construction, and packaging, particularly for packaged foods, and textile. Which make it more demanded in the segment.
Major companies operating in the global Bio-acetic acid market are:
- Airedale Chemical Co Ltd
- Bio-Corn Products EPZ Ltd
- Godavari Biorefineries Ltd (GBL)
- Sucroal SA
- Zea2 LLC
- Cargill Corporation
- Novozymes AS
- LanzaTech Inc
- Wacker Chemie AG
- SEKAB Biofuels & Chemicals AB
- Novomer Inc
- Cleanse International, Inc
- Eastman Chemical Company
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“The Asia-Pacific region is expected to dominate the bio-acetic acid market in the coming years due to the growing demand from countries such as China, India, and Japan. The increasing population, urbanization, and industrialization in these countries are driving the demand for bio-acetic acid for various applications. The increasing demand for different industries for production of chemicals across the world is expected to drive the demand for bio-acetic acids and creating huge prospects of market growth during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Bio-acetic acid Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Source (Biomass, Corn, Maize, Sugar, and Other Raw Materials), By Application (Vinyl Acetate Monomer, Acetate Esters, Purified Terephthalic Acid, Acetic Anhydride, and Other Applications), By Region, and Competition, has evaluated the future growth potential of global bio-acetic acid market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global bio-acetic acid market.”
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