The global carboxylic acids market is extremely fragmented in nature with a presence of a large number of small- and mid-sized companies operating in it, states a research study by Transparency Market Research (TMR). In 2014, the prominent players in the global carboxylic acids market, namely Celanese Corporation, BASF SE, Jiangsu Sopo, and LyondellBasell, collectively accounted for a share of 21.1% in the global market. These players are focusing on innovation and product development in order to sustain in the competitive landscape of the market. In addition, the rising number of players participating in the global carboxylic acids market is expected to strengthen the competition in the market and offer lucrative opportunities for the market players. The high degree of integration among carboxylic acids manufacturers is estimated to contribute significantly towards the development of the market.
As per the research study, in 2015, the global market for carboxylic acids was worth US$12.63 bn and is estimated to reach a value of US$18.49 bn by the end of 2023. The market is projected to exhibit a steady growth rate throughout the forecast period.
Developing Chemical Industry to Bolster Carboxylic Acids Market in Asia Pacific
Asia Pacific is projected to lead and account for a share of 58.20% in the global carboxylic acids market by the end of 2023. A substantial contribution from Japan, China, and India and the growing demand for carboxylic acids are encouraging the growth of the carboxylic acids market in Asia Pacific. In addition, the high growth of the chemical industry and the rinsing demand in the food and beverage industry are some of the other factors fuelling the market. On the other hand, Europe is expected to witness sluggish growth in the forecast period.
On the basis of end use, the consumer goods segment is expected to lead the global carboxylic acids market in the forecast period. This segment is likely to account for a 39.50% share in the global market by the end of 2023. Plastics is one of the key application segments of carboxylic acids in the consumer goods industry and the increasing consumption of plastics is likely to fuel the consumer goods segment in the next few years.
Growing Demand in Personal Care Industry to Drive Global Carboxylic Acids Market
“The increasing use of vinyl acetate monomers in the food packaging sector is one of the key factors expected to fuel the global carboxylic acids market,” the author of the report states. In addition, the growing demand for butyric, stearic, and valeric acids in the cosmetics and personal care industry is estimated to contribute significantly towards the development of the overall market. These acids are used extensively for the production of shampoos, soaps, and shower gels.
Furthermore, the growing use of organic acids in the animal feed industry is anticipated to boost the demand for carboxylic acids across the globe. This is likely to fuel the market’s growth in the next few years.
Stringent Regulations for Petro-based Carboxylic Acids to Hamper Market Growth
The easy availability of natural and organic substitutes for animal feed is estimated to restrict the growth of the global carboxylic acids market in the next few years, the TMR analyst reports. In addition, the enactment of strict government regulations regarding the production of petro-based carboxylic acids is anticipated to curtail the market’s growth in the near future. Nonetheless, the increasing number of opportunities in the lubricants industry is predicted to encourage the growth of the global carboxylic acids market in the near future.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Carboxylic Acids Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2023.”
The global carboxylic acids market has been segmented as below:
Global Carboxylic Acids Market, by Product Type
- Acetic acid
- Valeric acid
- Isovaleric acid
- Formic acid
- Propionic acid
- Butyric acid
- Isobutyric acid
- Citric acid
- Caproic acid
- Stearic acid
- Others (including benzoic acid)
Global Carboxylic Acids Market, by End Use
- Food & beverages
- Animal feed
- Personal care & cosmetics
- Consumer goods
- Others (including agrochemicals, textiles, chemical intermediates, rubber, etc.)
Global Carboxylic Acids Market, by Geography
- 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 Middle East & Africa
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