Carboxylic acid is an organic compound belongs to the carboxyl group, -COOH in chemical structure. This fatty acid compound has strong odor, high boiling point and is also classified as weak acids. Carboxylic acid is one of the most important industrial compounds used in the manufacture of rubber, animal feed, soaps, detergents, textiles, dyes, pharmaceuticals, perfumes and others. Compounds with fatty acid are also used in the manufacture of plastics, crayons and grease.
Figure: Carboxylic Acid Market by value by 2015-2023
Global carboxylic acid market is segmented on the basis of products such as acetic acid, formic acid, valeric acid, isovaleric acid, propionic acid, citric acid, caproic acid, stearic acid, butyric acid, isobutyric acid and others (such as benzoic acid). On the basis of end users the global carboxylic acid market can be segmented as animal feed, food & beverages, consumer goods, personal care & cosmetics, pharmaceuticals, lubricants and others (such as textiles, leather, rubber, agrochemicals).
Global carboxylic acid market is primarily driven by increasing demand in the animal feed (for acids such as butyric, formic and propionic) and food & beverage industries, it is expected to propel the market over the forecast period. Furthermore, rising demand for stearic acid, valeric acid and butyric acid in the cosmetic and personal care industry is likely to drive the global carboxylic acid market. On the other hand, stringent regulatory and legislative actions against the production of petroleum based carboxylic acids are one of the restraints in the global carboxylic acid market. Additionally, easily available substitutes for various applications are likely to restrain carboxylic acid market growth globally.
Asia-Pacific region is dominant consumer of carboxylic acid, rising industries have accelerated demand for the compound and is expected to continue over the forecast period. China is one of the major markets in the region due to growth in food & beverages, textile and consumer goods industries. Furthermore, increase in production capacities of pharmaceutical, plastic and lubricant industries in India, China, Indonesia and South Korea is expected to boost demand for carboxylic acid in coming future. Additionally, the US market is expected to witness high demand for carboxylic acid which is largely used in drug formulations such as antibiotics, anticoagulants, cholesterol lowering satins and anti-inflammatory drugs. Moreover, increase in geriatric population is driving pharmaceuticals segment leading to growth of carboxylic acid market.
The report provides profiles of the companies in the Global Carboxylic Acid Market such as OWEA, BASF SE, Celanese Corporation, The Dow Chemical Company, LyondellBasell Industries N.V., Eastman Chemical Company, Finetech Industry Limited, Perstorp Holdings AB, Jiangsu Sopo Co. Ltd., Hanwha Chemical Corporation and others.
The report also provides in depth analysis of impact of REACH policy (registration, evaluation and authorization of chemicals) adopted by the European Union on the carboxylic acid market over the period of 2017 to 2023. This section also provides crucial information on safety profiles of the chemicals in European Union.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global carboxylic acid market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and DRO analysis of carboxylic acid market.
Moreover, the study highlights current market trends and provides forecast from 2017 to 2023. We also have highlighted future trends in the carboxylic acid market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market. This report will help manufacturers, suppliers and distributors of the carboxylic acid market to understand the present and future trends in this market and formulate their strategies accordingly.
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