Carboxylic Acid Market
Carboxylic Acid Market (Product: Acetic Acid, Propionic Acid, Butyric Acid, Isobutyric Acid, Valeric Acid, Isovaleric Acid, and Caproic Acid; and End User: Food & Beverages, Animal Feed, Flavors & Fragrances, Material Sciences, Life Sciences, and Lubricants) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
- Chemicals & Materials
- 235 Pages
Life Sciences & F&B Generating Income Sources amid COVID-19 Outbreak
Carboxylic acid is under scrutiny for the development of medicines and pharmaceuticals for the treatment of COVID-19 patients. Companies in the carboxylic acid market are increasing efforts to maintain robust supply chains in essential industries such as food & beverages (F&B) and life sciences to keep economies running during the pandemic. As such, staggered growth in the lubricants industry, the animal feed industry and the fragrances industry is emerging as a challenge for manufacturers in the carboxylic acid market.
Manufacturers in the market are increasing efforts to achieve financial flexibility by focusing on debt planning and limiting their investment in new technologies due to poor revenue flow in the market. Companies are ensuring business continuity for mission critical applications in the sciences, agriculture, and F&B industries. They are adopting the plug-and-play mode for the production to align with volatile demand & supply for goods.
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Extractive Fermentation Technologies Help Overcome Challenges of Chemical Synthesis
The fermentation helps to produce a pure isomer of the carboxylic acid, which can be used for better processing and applications purposes. The fermentation process does have an advantage over chemical synthesis of carboxylic acid, since the latter usually produces a mixture of optical isomers that are difficult to separate from each other. Nevertheless, the fermentation has a disadvantage of low productivity and product concentration that tend to limit its industrial applications. Hence, companies in the carboxylic acid market are gaining a strong research base in extractive fermentation technologies that help to alleviate product inhibition.
Extractive fermentation technologies are being highly publicized to improve the fermentation for economical production of many industrially important carboxylic acids that are currently produced by petrochemical routes.
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Acetic Acid, Citric Acid Gain Strong Application Grounds in F&B Industry
The F&B industry is creating reliable revenue channels for chemical companies in the carboxylic acid market. Acetic acid, which is made by fermenting cider and honey in the presence of oxygen, helps to produce vinegar used in the food service industry for cooking. The apple cider vinegar is being highly publicized in healthcare for the treatment of chronic arthritis. The acetic acid is also known as a weak acid used in educational and industrial chemistry laboratories.
The demand for natural preservatives and additives for sour taste in food and drinks is translating into incremental opportunities for manufacturers in the carboxylic acid market. Citric acid has gained a strong presence in the beverage industry and is being widely used in carbonated beverages, owing to its flavoring and buffering properties. The high solubility properties of citric acid make it a supreme additive for syrup concentrates.
CAFIPLA Project Unlocking Potential to Valorize Biomass into Bio-products
The carboxylic acid market is predicted to expand at a favorable CAGR of 6% during the assessment period. In Europe, the biomass usage for the bioeconomy is mainly focused on raw materials based on sugar or starch, which are associated with high costs for the environment in terms of land use, resource, and energy consumption. However, cities and rural areas in Europe hold great potential for biowaste streams, owing to their heterogeneity. This has led to the recognition of the EU-funded CAFIPLA project, which is helping to unlock the potential of the combination of a Carboxylic Acid Platform (CAP) and Fibre Recovery Platform (FRP).
Currently, biowaste streams are valorized only to a limited extent or used exclusively in low-value applications. Companies in the Europe carboxylic acid market are gaining awareness about the CAFIPLA project, which is helping to valorize biomass into biochemical, feed, biomaterials, and other bio products.
Fumaric Acid-based Waterproofing Admixtures Help Reduce Maintenance of Concrete Structures
The innovative carboxylic acid-based admixture is under scrutiny for improving concrete watertightness and self-sealing ability of the cement matrix. Companies in the carboxylic acid market are increasing their production capabilities in fumaric acid-based waterproofing admixtures, which improve concrete watertightness.
The concrete has been considered as an eternal material in the construction industry and is contributing toward growth of the carboxylic acid market. However, reinforced concrete structures have shown several vulnerabilities in terms of design, placing, and environmental exposure conditions. This has led to the usage of fumaric acid-based waterproofing admixtures that have helped to significantly reduce maintenance operations over the entire lifespan of buildings.
Radiation Dermatitis, Need for Biomass-derived Carboxylic Acids Boosts Market Growth
The high prevalence of radiation dermatitis among individuals is acting as a key driver for the expansion of the global carboxylic acid market. The topical application of Benzene-Poly-Carboxylic Acid and Molybdenum Complex (BP-C2) prophylactically has the potential to protect mice skin from irradiation-induced dermatitis. Such findings hold significance in irradiation-induced skin dermatitis among individuals.
On the other hand, recent advancements in catalytic routes for the production of carboxylic acids from biomass are grabbing the attention of stakeholders. Companies in the carboxylic acid market are aiming to adopt a circular consumption of plastics and produce renewable carbon-neutral monomers. This has led to innovations in the chemocatalytic processes for producing biomass-derived carboxylic acids. Manufacturers are gaining proficiency in developing renewable carboxylic acid that are relevant for use as specialty polyesters and polyamides. Polyesters and polyamides are suitable to be depolymerized to other valuable chemicals or to their constituent monomers that enable the circular reutilization of these monomers.
Formic Acid Acquires Prominence in Households, Industrial Cleaning Applications
The formic acid being publicized as an all-rounder for gaining prominence in cleaning & biocide applications, feed & silage, and latex coagulation processes. BASF SE - a Germany-based multinational chemical company is developing its portfolio in carboxylic acid and its types such as formic acid, which is acquiring prominence in households, industrial cleaning, and leather processing applications.
Animal feed additives and preservation mixes are creating revenue opportunities for manufacturers in the carboxylic acid market. Grass silage and fish silage are bolstering the demand for formic acid. This is evident since formic acid prevents bacteria and mold growth to avoid spoilage in open storage structures. The traditional use of formic acid such as in the coagulation of natural rubber, which is further processed into tires and numerous other rubber products is leading to market expansion.
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Due to the unprecedented demand for cleaners and disinfectants, manufacturers are capitalizing on this opportunity to work at break-neck speeds to ensure the availability of products during the COVID-19 outbreak. The carboxylic acid market is expected to reach the valuation of US$ 26.7 Bn by 2031. However, the fermentation of carboxylic acid leads to low productivity and product concentration, thus limiting its industrial applications. Hence, companies should increase their research in extractive fermentation technologies that have the potential to alleviate product inhibition and improve fermentation for economical production of many industrially important carboxylic acids. Manufacturers should focus on developing topical treatments of radiation dermatitis in individuals.
Carboxylic Acid Market: Overview
- Carboxylic acid is made up of two functional groups: carbonyl and hydroxyl
- According to Transparency Market Research’s latest research report on the global carboxylic acid market for the actual year of 2020, and the forecast period of 2021 to 2031, rise in usage of carboxylic acid in end-use industries such as material sciences, food & beverages, life sciences, and animal feed is a key factor that is expected to boost the global carboxylic acid market during the forecast period
- In terms of revenue, the global carboxylic acid market is estimated to reach US$ 26.7 Bn by 2031, expanding at a CAGR of 6% during the forecast period
Growth in Demand for Food and Beverages: Key Driver of Carboxylic Acid Market
- The usage of carboxylic acid in the food & beverages industry has been rising significantly, especially in developed and developing economies such as the U.S., the U.K., China, Russia, Brazil, South Africa, India, and Japan. Growth of the industry can be ascribed to the rise in consumption of processed foods and increase in government initiatives in developing markets such as India to encourage foreign investment in the food & beverages industry.
- Increase in urbanization, rise in disposable income of consumers, and growth in preference for diverse culinary styles are also contributing to the rise in the demand for food additives. This is expected to fuel the food industry during the forecast period.
- Carboxylic acid is a key ingredient used in food additives. It is used as flavor enhancer. Some sodium salts of carboxylic acid are also used as food preservatives. Carboxylic acid has the ability to enhance flavor by providing fruity taste to food. It also acts as preservative. As a result, it is commonly added in soft drinks and vinegar. Flavor enhancers and preservatives are widely used in the food industry. Carboxylic acid is used to meet these requirements. This is fueling the demand for carboxylic acid in the food & beverages industry.
Increase in Demand for Nutritional Products in Animal Feed Industry
- Rise in awareness about nutrition enrichment among farmers and presence of large population of livestock in various developed as well as developing regions are estimated to boost the global animal feed market during the forecast period
- Carboxylic acid is used depending on species and growth stage of animals in the animal feed industry. Addition of carboxylic acid to animal feed helps lower the feed cost; improve feed efficiency; and boost animal growth. Acetic acid, propionic acid, and butyric acid are commonly used in animal feed, as these essential carboxylic acids tend to be deficient in natural feedstuff.
- Growth in demand for carboxylic acid in animal feed led by its ability to increase metabolism rate in livestock is projected to propel the global market during the forecast period. Furthermore, growth in population of livestock, rise in pet ownership, increase in expenditure on animal health and fitness, and spread of awareness about animal nutrition are likely to augment the demand for carboxylic acid in animal feed products across the globe during the forecast period.
Acetic Acid Dominates Carboxylic Acid Market
- In terms of product, the acetic acid segment held a major share of the global carboxylic acid market in 2020. Acetic acid is widely used in animal feed as a supplementing layer feed. The acetic acid segment is anticipated to expand at a CAGR of 5.6% during the forecast period.
- Other highly lucrative segments of the carboxylic acid market are propionic acid and butyric acid
Carboxylic Acid Market: Competition Landscape
- Detailed profiles of providers of carboxylic acid have been included in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global carboxylic acid market are
- BASF SE
- Celanese Corporation
- The Dow Chemical Company
- LyondellBasell Industries N.V.
- Eastman Chemical Company
- Thirumalai Chemicals Ltd.
- Alfa Aesar
- Ashok Alco - chem Limited
- Finetech Industry Limited
- VanDeMark Inc.
- Shenyang Zhangming Chemical Co., Ltd.
- VVF LLC
- Perstorp Holding AB (Perstorp)
Carboxylic Acid Market: Key Developments
- Major providers of carboxylic acid, such as BASF SE, Celanese Corporation, and Eastman Chemical Company are focusing on the expansion of production of carboxylic acid, owing to rise in demand for carboxylic acid in various applications. Prominent developments in the global carboxylic acid market are highlighted below:
- In August 2018, LyondellBasell Industries N.V. officially announced that it would build the largest propylene oxide (PO) and tertiary butyl alcohol (TBA) plant in Houston, Texas, the U.S. Once in operation, the plant is expected to produce 1 billion pounds (470,000 metric tons) of PO and 2.2 billion pounds (1 million metric tons) of TBA annually. The plant is expected to commence operations by the end of 2021.
- Eastman Chemical Company focuses on accelerating innovation across its product portfolio by strengthening its specialty chemicals business. In 2018, the company increased its investments by US$ 50 Mn, which included 10 plant startups and expansions in order to cater to the demand for specialty chemicals.
- In November 2019, Perstorp Holding AB announced that it had commissioned a new plant for the production of Penta (pentaerythritol), including the renewable grade Voxtar, in Gujarat, India. It plans to start commercial production in Q1 2022.
- In the global carboxylic acid market report, we have discussed individual strategies, followed by company profiles of providers of carboxylic acid. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global carboxylic acid market.
Carboxylic Acid Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global carboxylic acid market in order to accurately gauge its future growth. The study presents detailed information about the important growth factors, restraints, and trends that are creating a landscape for the growth of the global carboxylic acid market to identify growth opportunities for market stakeholders. The report also provides insightful information about how the global carboxylic acid market would expand during the forecast period of 2021 to 2031.
The report offers intricate dynamics about different aspects of the global carboxylic acid market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure growth of the global carboxylic acid market during the forecast period. It also includes a key indicator assessment that highlights growth prospects of the global carboxylic acid market and estimates statistics related to growth of the market in terms of volume (kilo tons) and value (US$ Mn).
This study covers a detailed segmentation of the global carboxylic acid market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global carboxylic acid market, wherein various development, expansion, and winning strategies practiced and implemented by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Carboxylic Acid Market
The report provides detailed information about the global carboxylic acid market on the basis of a comprehensive research on various factors that are playing a key role in accelerating the growth potential of the global market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global carboxylic acid market, so as to help them design successful strategies and make target-driven decisions.
- Which end user segment of the global carboxylic acid market would emerge as a major revenue generator during the forecast period?
- How are key market players successfully earning revenue out of advantages of carboxylic acid?
- What would be the Y-o-Y growth trend of the global carboxylic acid market between 2021 and 2031?
- What are the winning imperatives of leading players operating in the global carboxylic acid market?
- Which segment is expected to create lucrative opportunities for the global carboxylic acid market during the forecast period?
- Which are the leading companies operating in the global carboxylic acid market?
Research Methodology – Carboxylic Acid Market
The research methodology adopted by analysts for compiling the global carboxylic acid market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic Forecast for the global carboxylic acid market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the global carboxylic acid market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global carboxylic acid market.
Carboxylic Acid Market – Segmentation
TMR’s research study assesses the global carboxylic acid market in terms of product, end user, and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects of the global carboxylic acid market.