Global Carboxylic Acids Market to Reach US$18.5 bn by 2023, Propelled by Increasing Use of Organic Acids
Transparency Market Research has published a new report on the global carboxylic acids market. According to the report, the global carboxylic acids market is predicted to expand at a 4.90% CAGR from 2015 to 2023. The report, titled ‘Carboxylic Acids Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,’ states that the global carboxylic acids market is expected to progress from US$12.1 bn in 2014 to US$18.5 bn by 2023 due to the growth in demand for vinyl acetate monomer in the food packaging industry.
Carboxylic acids are organic acids containing a carboxyl group (R-COOH). These organic acids are named as per the number of carbon atoms that are present in the molecule. Carboxylic acids are used in the manufacture of various products such as soaps, pharmaceuticals, plastics, detergents, rubber, perfumes, animal feed, textile, and dyes. The increasing demand for carboxylic acids and their derivatives is expected to boost the global carboxylic acids market throughout the forecast period. The demand for acids such as propionic acid, butyric acid, and formic acid is expected to increase across the world in the years to come, which is expected to propel the global carboxylic acids market.
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Factors such as stringent government rules and availability of natural and organic substitutes in the animal feed industry are predicted to restrict the growth of the global carboxylic acids market in the next few years. The global carboxylic acids market is segmented on the basis of product, end use, and region. Based on product, the global carboxylic acids market is classified into acetic acid, valeric acid, formic acid, butyric acid, isovaleric acid, isobutyric acid, citric acid, and stearic acid. Currently, in terms of volume, the global carboxylic acids market is dominated by the acetic acid segment. In 2014, the acetic acid segment accounted for 42.5% of the global carboxylic acids market and is estimated to be the fastest developing segment in the years to come.
Some carboxylic acids, including citric acid, benzoic acid, and acetic acid, are used as preservatives in various food products and beverages. The global carboxylic acids market is divided by geography into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. In 2014, Asia Pacific accounted for 56.04% of the global carboxylic acids market. North America is predicted to be in second place by 2023, followed by Europe in third.
The top five players accounted for 22% of the global carboxylic acids market in 2014. Some of the leading companies operating in the global carboxylic acids market are Eastman Chemical Company, OXEA, Finetech Industry Limited, Perstorp, The Dow Chemical Company, LyondellBasell Industries N.V., and Celanese Corporation.
By end use, the global carboxylic acids market is classified into food and beverages, animal feed, lubricants, consumer goods, pharmaceuticals, and personal care and cosmetics. In 2014, in terms of volume, the global carboxylic acids market was dominated by the consumer goods market, which accounted for 38.9% of the global carboxylic acids market.
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