Global Capric Acid Market: Snapshot
Capric acid, also known as decanoic acid, is seeing its market soar steadily. One reason behind it is the presence of several smaller regional vendors, which has served to drive up competition. To surge ahead of their rivals, players in the global capric acid market are seen expending money into research and development of better products. This has led to a diversification of products. The players are also seen competing on the basis of pricing.
Mainly fuelling the global capric acid market is the solid demand from food and beverage and personal care industries. This is mainly because of the economic development worldwide which has increased purchasing capacities of people thereby leading to increased demand for personal care products and convenience foods. Despite the overall bright prospects, the global capric acid is running into headwinds owing to fluctuating raw material prices and easy availability of substitutes. Nonetheless, the market is predicted to grow because of the unearthing of new types of raw materials for manufacturing capric acid.
A report on the global capric acid market by Transparency Market Research finds that it would rise at a steady 5.0% CAGR between 2015 and 2023. Expanding at this pace, the market is projected to attain a value of US$1.86 bn by 2023 from US$1.21 bn in 2014.
Usage in Personal Care Products Mainly Serves to Drive Global Capric Acid Market
The different end use industries serving to drive demand in the global capric acid market are industrial chemicals, food and beverage, pharmaceutical, personal care, and others. Capric acid functions as an emulsifier and emollient. It is used for formulating lotions and creams in the personal care industry. In the food and beverage industry, it is used in the production of artificial flavors where it acts as an antimicrobial agent. This makes capric acid an ideal choice for commercial food handling. As a result, wineries, breweries, and meat processing plants are majorly boosting demand in the global capric acid market.
Other uses fuelling demand in the global capric acid market are in treatment of textiles and dye production. It is also used in the pharmaceutical industry and for the production of synthetic rubber. Apart from that, capric acid finds usage in making various kinds of plastics and lubricating grease.
Despite such wide ranging uses, the global capric acid market is predicted to surge mainly on account of the demand from the personal care sector. It is predicted to prop up demand at the maximum pace. Meanwhile, the food and beverage industry is expected to trail the personal care sector with respect to generating demand.
Asia Pacific Food and Beverage and Personal Care Industry Significantly Buoys Capric Acid Market
From a geographical standpoint, the global capric acid market can be segmented into Asia Pacific, Europe, North America, South America, and the Middle East and Africa. Among them, Asia Pacific is the leading regional segment. The Asia Pacific capric acid market has been catapulted mainly by the burgeoning personal care and food and beverage industries. This, in turn, is because of the solid economic development in the nations of China and India that has upped the purchasing power of people. In fact, China and India are leading demand drivers for capric acid in the region.
Apart from Asia Pacific, Latin America and the Middle East and Africa have also emerged as crucial regions in the global capric acid market.
Some of the prominent participants in the global capric acid market are Oleocomm Global SDN BHD, Chemical Associates, P&G Chemicals, KLK OLEO, and IOI Oleochemicals.
This report analyzes and forecasts the market for capric acid at the global and regional level. The market has been forecast based on volume (kilo tons) and revenue (US$ Mn) from 2015 to 2023. The study includes drivers and restraints of the global capric acid market. It also covers the impact of these drivers and restraints on demand for capric acid during the forecast period. The report also highlights opportunities in the capric acid market at the global and regional level.
The report includes a detailed value chain analysis, which provides a comprehensive view of the global capric acid market. Porter’s Five Forces Model for the capric acid market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global capric acid market by segmenting it in terms of end-users. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The report also covers demand in individual end-user segments in all regions.
The study includes profiles of major companies operating in the global capric acid market. Key players profiled in the report include Chemical Associates, Oleocomm Global SDN BHD, KLK OLEO, P&G Chemicals, IOI Oleochemicals, Ecogreen Oleochemicals, HENAN EASTAR CHEMICALS CO., LTD., Temix Oleo Srl, VVF L.L.C, and PT Bakrie Sumatera Plantations Tbk. Market players are profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The report provides the estimated market size of capric acid for 2015 and forecast for the next eight years. The global market size of capric acid is provided in terms of both volume and revenue. Market volume is defined in kilo tons, while revenue is in US$ Mn. Market numbers are estimated based on key end-user segments of the capric acid market. Market size and forecast for each major end-user is provided in terms of global and regional markets.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research includes a search of recent trade, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, SEC filings, TPE magazine, internal and external proprietary databases, and relevant patent and regulatory databases such as ICIS, Hoover’s, oneSOURCE, Factiva, and Bloomberg, national government documents, statistical databases, trade journals, market reports, news articles, press releases, and webcasts specific to companies operating in the market.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
The report segments the global capric acid market as follows:
Capric Acid Market - End-user Analysis
- Food & Beverage
- Industrial Chemicals
- Personal Care
- Others (Rubber, Plastic, etc.)
Capric Acid Market: Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA