BP PLC is the largest producer of chemicals. The company is primarily engaged in production of fuel, lubricants, energy, and petrochemicals. It operates in a variety of markets and is organized in segments, namely oil and natural gas, oil refining, and marketing, alternative, and low carbon energy. The company has a total acetic acid capacity of 2.5 million tons and presence in all regions. It holds the largest market share in this market, owing to factors, such as increasing corporate agreements, continuous technological advancements, and new product developments. It accelerated its efforts on efficient growth of its operations and aims to create a distinguished platform for growth over the long term.
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In March 2010, Wacker developed a fermentation-based acetic acid process which has a capacity of 500 tons/year bio-based acetic acid pilot plant that first produces ethanol followed by acetic acid via a gas phased oxidation process. Wacker developed this process due to the rising prices of petrochemical raw materials and constant improvement in biotechnology. Wacker Chemie strategizes to supply its chemical inputs and services worldwide. The company focuses on driving constant developments in its base businesses; deriving value-added growth opportunities across the chemical value chain, geographical diversification, establishing and maintaining the lowest possible cost to serve wholesale position, and investing counter-cyclically.
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The key participants operating in the European acetic acid market are BASF SE (Germany), BP PLC (United Kingdom), Wacker Chemie (Germany), among others.
