New York, Nov. 04, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Analysis Report of Bioacetic Acid Market Size, Share, and Trends by Application, Region, and Growth.” segment, 2022-2030″ – https://www.reportlinker.com/p06360868/?utm_source=GNW
Bioacetic Acid Market Growth and Trends
The global bio-acetic acid market size is expected to reach USD 319.6 million by 2030. The market is expected to grow at a CAGR of 4.9% during the forecast period. This increase can be attributed to the need for bioacetic acid in the food and beverage and construction industries.
The Asia-Pacific region was valued at USD 100.7 Million in 2021 and is expected to grow by registering a CAGR of 5.45% by 2030. This growth can be attributed to the growing automotive industry in the region and the developing economies. The automotive industry in Asia-Pacific is expected to witness substantial growth in the coming years owing to the presence of major automotive brands such as Toyota, Kia, Nissan, and Hyundai in the region.
According to the Association of Southeast Asian Nations Automobile Federation, Asia-Pacific produced 3,538,396 units of motor vehicles and 3,144,243 units of motorcycles and scooters in 2021. It sold more than 2,791,307 and 3,550,848 units of motor vehicles and two-wheelers, respectively in the same year.
The increase in vehicle production and sales can be attributed to increasing consumer purchasing power and population growth in the Asia-Pacific region. This factor is expected to contribute to the demand for plastics, paints and coatings over the forecast period, driving the market growth.
North America is another key region contributing to the growth of the industry owing to the growing demand for paints and coatings in the region. It is estimated to reach $63.3 million by 2030, registering a CAGR of 5.1% over the forecasted years. The increasing use of plastic is expected to influence the market positively, thereby driving the demand for bio-acetic acid in the region over the forecast period. Some large plastic manufacturers in North America, such as Continental Structural Plastics Ltd., Nifco America Corp and Sixarp LLC, produce plastics in large quantities and therefore rely heavily on bioacetic anhydride for plastics production which is expected to fuel demand. of bio-acetic acid in the region over the next few years.
Another major factor influencing the growth of the industry is the growing preference for bio-based products by end users owing to the increase in consumer disposable income. Manufacturers are constantly improving their product portfolios to meet the growing demands of end users, which leads to the high consumption of vinyl acetate and related products.
Growing global population and ongoing urbanization and industrialization in emerging economies such as India have led governments of different countries across the globe to increase their manufacturing expenditures to meet the growing demand for bio acid -acetic.
The increasing use of bio-acetic acid in many end-use industries such as construction, automotive, packaging and coatings is expected to create lucrative growth opportunities for the industry across the globe, especially in Asia-Pacific. global market penetration due to its increasing use in the manufacture of polymers, coatings and adhesives.
It is also widely used in films, textiles and paints. The growing global demand for VAM is expected to have a positive impact on the demand for bioacetic acid worldwide.
Additionally, the growing consumption of green chemicals around the world is expected to fuel the use of bio-acetic acid.
The market is competitive thanks to the presence of several players such as Cargill, Inc., Novozymes A/S, LanzaTech and Afyren SAS. These players have strong distribution networks around the world.
Highlights of Bioacetic Acid Market Report
• Vinyl acetate monomer (VAM) applications segment dominated with USD 91.9 million in 2021. VAM is used for the production of packaged films, paints and coatings, which is the main industry of use final
• Asia-Pacific dominated the market owing to factors such as the presence of global multinational corporations in the region with high demand from end-use markets such as food and beverages, paints and coatings
• Companies like Afyren are ready to launch new brands for their bio-based products to offer another level of sustainable solutions. This strategy should attract more customers and investors looking for greener solutions
• The COVID-19 pandemic has positively influenced the growth of the industry, due to the increasing consumption of paracetamol to treat high fever
Read the full report: https://www.reportlinker.com/p06360868/?utm_source=GNW
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