Techno‐economic analysis of the production of acetic acid via thermochemical processing of residual woody biomass in Ecuador

Abstract

AbstractEcuador imports most of its chemicals for industrial use. Ecuador underutilizes its 19 million t year–1 of waste biomass, so there is potential to produce chemicals from it using biochemical or thermochemical pathways. This study performs a techno‐economic analysis with ASPEN Hysys to quantify the feasibility of a dedicated acetic acid production facility from biomass in Pichincha, Ecuador. Using sensitivity analysis and considering financial metrics such as the internal rate of return, minimum selling price, and net present value, it determines that the project is not feasible if the size of the plant targets only 10% of the Ecuadorian market. On the other hand, the project becomes feasible when the capacity factor of the plant increases to 360 t year–1 of acetic acid with a project lifespan of 10 years or more, as is expected when economies of scale reduce production costs. Minimum selling prices for acetic acid of 1.98 and 0.22 USD kg–1 were obtained considering a project lifespan of 10 and 20 years, respectively. The price for a product with the same characteristics in the local market is 23.50 USD kg–1. These values allow a price for acetic acid to be defined between 1.98 and 23.50 USD kg–1 for a 10‐year lifespan, and between 0.22 and 23.50 USD kg–1 for a 20‐year lifespan. The key factors affecting the project's outcome, identified from the sensitivity analysis, are plant service factors, production yields, and co‐product prices. © 2021 Society of Chemical Industry and John Wiley & Sons, Ltd