Carboxylic Acids Market is Expected to Reach US$ 18.49 Bn in 2023
Transparency Market Research has published a new report titled “Carboxylic Acids Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” According to the report, the 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% between 2015 and 2023. In terms of volume, the global carboxylic acids market stood at 17.82 million tons in 2014.
The market for carboxylic acids is largely driven by growth of vinyl acetate monomer (VAM) in the food packaging industry; high demand for stearic, butyric, and valeric acid in the personal care & cosmetics industry; and rising usage of organic acids as growth promoters in animal feed. However, factors such as enactment of stringent government regulations on the production of petro-based carboxylic acids and availability of organic and natural substitutes in the animal feed industry hamper market market. End-use industries such as lubricants, rubber, and agrochemicals are likely to provide immense growth opportunities to manufacturers of carboxylic acids.
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Acetic acid dominated the global carboxylic acids market in terms of volume in 2014. The segment accounted for nearly 42.5% of the global carboxylic acids market in 2014. It is estimated to be the fastest growing segment during the forecast period. Acetic acid is majorly used in the production of vinyl acetate monomer (VAM), PTA, acetic anhydride, etc. Some carboxylic acids such as citric acid, acetic acid, and benzoic acid are widely used as preservatives in the food & beverages end-user industry.
Citric acid is largely used as a flavor enhancer in beverages such as teas and juices to impart tart flavor and balance sweetness. Stearic acid held significant share of the global carboxylic acids market, as the acid is extensively used in the manufacture of adhesives & sealants, agrochemicals, chemical intermediates, additives, pigments, and surface active agents. Acids used in animal feed industry such as formic acid, propionic acid, and butyric acid are projected to expand at an average rate during the forecast period.
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Consumer goods emerged as the largest end-use industry in terms of volume in 2014. Rising demand for plastics in packaging, construction, and automotive industries is expected to drive the consumer goods segment during the forecast period. The segment constituted nearly 38.9% share of the global carboxylic acids market in 2014. Other end-use industries such as rubber, textile, and agrochemicals are anticipated to be the fastest growing industries between 2015 and 2023. Salts or derivatives of carboxylic acids such as stearic acid, caproic acid, and formic acid are widely used in these end-use industries.
The global carboxylic acids market was highly fragmented, with the top five players accounting for nearly 22% share in 2014. Key players operating in the carboxylic market include Eastman Chemical Company, The Dow Chemical Company, OXEA, LyondellBasell Industries N.V., Finetech Industry Limited, Celanese Corporation, and Perstorp.
This report segments the global carboxylic acids market as follows:
- Carboxylic Acids Market – Product Segment Analysis
- Acetic acid
- Valeric acid
- Isovaleric acid
- Formic acid
- Propionic acid
- Butyric acid
- Isobutyric acid
- Citric acid
- Caproic acid
- Stearic acid
- Others (including benzoic acid)
- Carboxylic Acids Market & End-user Analysis
- Food & beverages
- Animal feed
- Personal care & cosmetics
- Consumer goods
- Others (including agrochemicals, textiles, chemical intermediates, rubber, etc.)
The review is based on a recent market research report published by Transparency Market Research, titled “Carboxylic Acids Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”