Carboxylic Acids Market - Global Industry Analysis and Forecast | 2023
Global carboxylic acids market was valued at US$ 12.14 Bn in 2014 and is anticipated to reach US$ 18.49 Bn by 2023, expanding at a CAGR of 4.9
Global carboxylic acids market was valued at US$ 12.14 Bn in 2014 and is anticipated to reach US$ 18.49 Bn by 2023, expanding at a CAGR of 4.9
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Transparency <strong>Market</strong><br />
Research<br />
<strong>Carboxylic</strong> <strong>Acids</strong> (Acetic, Valeric, Isovaleric, Formic,<br />
Propionic, Butyric, Isobutyric, Citric, Caproic, Stearic,<br />
<strong>and</strong> Others) <strong>Market</strong> for Food & Beverages, Animal<br />
Feed, Pharmaceuticals- <strong>Global</strong> <strong>Industry</strong> <strong>Analysis</strong>, Size,<br />
Share, Growth, Trends <strong>and</strong> <strong>Forecast</strong> 2015<br />
Published Date<br />
2015-07-15<br />
185 Page Report<br />
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Press Release<br />
<strong>Global</strong> <strong>Carboxylic</strong> <strong>Acids</strong> <strong>Market</strong>: Extensive Applications in<br />
Manufacturing of Lubricants <strong>and</strong> Agrochemicals to Catalyze<br />
Growth, notes TMR<br />
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<strong>Carboxylic</strong> <strong>Acids</strong> <strong>Market</strong><br />
REPORT DESCRIPTION<br />
<strong>Carboxylic</strong> acids are organic compounds with high boiling point. These are made up of two<br />
functional groups: carbonyl <strong>and</strong> hydroxyl. <strong>Carboxylic</strong> acid is used in several applications such as<br />
food & beverages, animal feed, pharmaceuticals, personal care & cosmetics, consumer goods,<br />
lubricants, <strong>and</strong> agriculture. It possesses a strong odor, especially volatile derivatives. The market<br />
for carboxylic acids is largely driven by growth of vinyl acetate monomer (VAM) in the food<br />
packaging industry <strong>and</strong> high dem<strong>and</strong> for stearic, butyric, <strong>and</strong> valeric acid in the personal care &<br />
cosmetics industry. Rising usage of organic acids as growth promoters in the animal feed<br />
industry is likely to boost dem<strong>and</strong> for carboxylic acid. However, stringent regulations regarding<br />
the production of petro-based carboxylic acids are expected to hamper the global carboxylic<br />
acids market. Furthermore, easy availability of substitutes in various end-use industries is likely<br />
to inhibit market growth.<br />
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In terms of volume, acetic acid was the largest product segment of the global carboxylic acids<br />
market in 2014. It is majorly used in the production of vinyl acetate monomer (VAM), PTA, acetic<br />
anhydride, etc. The segment is anticipated to exhibit the fastest growth rate from 2015 to <strong>2023</strong>.<br />
Stearic acid, a straight chain saturated fatty acid, is extensively used in adhesives & sealants,<br />
agrochemicals, chemical intermediates, additives, pigments, <strong>and</strong> surface active agents. Stearic<br />
acid held significant share of the global carboxylic acids market in 2014. The citric acid segment<br />
is expected to exp<strong>and</strong> at an above average rate during the forecast period owing to increasing<br />
usage of the acid to impart tart flavor in the food & beverages industry. Formic acid, propionic<br />
acid, <strong>and</strong> butyric acid are projected to exp<strong>and</strong> at a moderate rate due to high dem<strong>and</strong> for these<br />
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<strong>Carboxylic</strong> <strong>Acids</strong> <strong>Market</strong><br />
acids in animal feed <strong>and</strong> silage & grain preservation applications. Isovaleric acid, known for its<br />
strong sweaty odor, <strong>and</strong> hence used in wine manufacturing in smaller quantities.<br />
In terms of volume, consumer goods was the largest end-user segment of the global carboxylic<br />
acids market in 2014. Other end-use industries such as textile, leather, chemical intermediate,<br />
<strong>and</strong> agrochemicals are projected to witness the fastest growth during the forecast period.<br />
<strong>Carboxylic</strong> acids are largely used in the production of their derivatives such as stearates, ester<br />
solvents, <strong>and</strong> ester lubricants. In terms of volume, lubricants segment accounted for significant<br />
share of the global carboxylic acids market in 2014. <strong>Carboxylic</strong> acids such as caproic acid, stearic<br />
acid, <strong>and</strong> valeric acid are widely used in the manufacture of lubricants. <strong>Carboxylic</strong> acid is used as<br />
an active ingredient in several drug formulations such as non-steroidal anti-inflammatory drugs<br />
(NSAIDs), anticoagulants, antibiotics, <strong>and</strong> cholesterol-lowering statins. Growth in geriatric<br />
population is estimated to drive the pharmaceuticals segment during the forecast period.<br />
Similarly, rising dem<strong>and</strong> for bio-based personal care & cosmetic products is boosting the<br />
carboxylic acid market, especially in developed countries.<br />
Get accurate market forecast <strong>and</strong> analysis on the <strong>Carboxylic</strong> <strong>Acids</strong> market. Request a<br />
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Asia Pacific constituted the largest share of 56.04% of the global carboxylic acid market in 2014.<br />
Food & beverages, consumer goods, lubricants, <strong>and</strong> others are the most lucrative segments of<br />
the carboxylic acid market in the region. Asia Pacific is also emerging as the new epicenter for<br />
the production of bio-based <strong>and</strong> synthetic chemicals. China leads the market, with the addition of<br />
new capacities for carboxylic acids such as valeric acid, isovaleric acid, <strong>and</strong> isobutyric acid. North<br />
America is expected to outpace Europe by <strong>2023</strong> due to increasing dem<strong>and</strong> for carboxylic acids in<br />
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<strong>Carboxylic</strong> <strong>Acids</strong> <strong>Market</strong><br />
food & beverages <strong>and</strong> pharmaceutical industries. The carboxylic acids market in Europe is<br />
expected to exp<strong>and</strong> at a sluggish rate during the forecast period. Latin America <strong>and</strong> Middle East<br />
& Africa are anticipated to offer immense growth opportunities for the carboxylic acids market in<br />
the next few years.<br />
The global carboxylic acids market is highly fragmented; various small players operate in Asia<br />
Pacific. Major players in the global carboxylic acids market include Celanese Corporation, BASF<br />
SE, The Dow Chemical Company, Eastman Chemical Company, <strong>and</strong> Jiangsu Sopo (Group) Co. Ltd.<br />
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