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Due to the good prospects for the future demand for acetic acid, new acetic acid production capacity has been launched worldwide, especially in Asia. Yangzijiang Acetyl Chemicals Co., Ltd., a joint venture between BP and Sinopec with a capital ratio of 51:49, has passed technological transformation in 2005 and expanded its acetic acid plant capacity in Chongqing from 150,000 tons/year to 350,000 tons/year. In addition, the company is also building a 500,000 tons/year acetic acid production facility in Nanjing, China, which is expected to be completed and put into production in early 2007. According to another report, China’s Daqing Petroleum Administration plans to open a 200,000-ton/year acetic acid production facility in Daqing later this year. Celanese is currently building a new 600,000-ton/year acetic acid production facility in Nanjing, China, and it is expected to be completed and put into operation in early 2007.
According to the latest statistics from SRI Consulting, the global capacity of acetic acid that has been built and under construction in 2006 reached 11.263 million tons/year. The distribution is as follows: North America 3.403 million tons/year, South America 72,000 tons/year, Western Europe 1.32 million tons / Year, 405,000 tons in Eastern Europe, 460,000 tons in the Middle East and 5.603 million tons in Asia Pacific.
SRI's analyst BalaSuresh further pointed out that about 30% of the acetic acid production in the United States is exported and the remaining production is consumed domestically, because most American acetic acid producers also produce downstream products. Acetic acid is an important chemical intermediate and solvent for chemical reactions. The largest use is in the preparation of VAM, which accounts for 40% of acetic acid production. VAM can be used to make protective coatings, adhesives and plastics. The second fastest growing use of acetic acid is the preparation of purified terephthalic acid.
According to a new study by SRI Consulting, the global acetic acid market is expected to grow at an average annual rate of 4% due to the rapid increase in demand for vinyl acetate monomer (VAM) from this year to 2010. According to David Weidman, president of Celanese, the famous acetic acid producer, the global demand for acetic acid has been growing at an average annual rate of 3% to 5% since 1999. The driving force behind this growth is China's annual double-digit growth rate. At the same time, the market demand in the United States and Western Europe did not change much.