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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<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 />
Transparency <strong>Market</strong> Research<br />
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