Carboxylic Acid Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Carboxylic Acid Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : August, 2020 | Chemical & Materials | PPT format

Report Digest


Global Carboxylic Acid Market: Snapshot

The global market for carboxylic acid is characterized by stiff competition on account of the presence of a large number of players who are involved in increasing their production capacities to outgun their rivals. The fragmented market is seeing swift progress on account of such initiatives of keen players. Some such prominent savvy participants in the market are Celanese Corporation, BASF SE, Eastman Chemical Company, The Dow Chemical Company, Jiangsu Sopo Group, OXEA, Perstorp Holdings AB, Alfa Aesar, Finetech Industry Limited, LyondellBasell Industries N.V., and Perstorp Holding.

Carboxylic acids find application in the manufacture of pharmaceuticals, dyes, plastics, detergents, textile, rubber, animal feed, soaps, and perfumes. Certain varieties of carboxylic acids such as benzoic acid, acetic acid, and citric acid are also used as preservatives in the food and beverages industry.

Other industrially-viable varieties of carboxylic acids are isovaleric acid, valeric acid, formic acid, isobutyric acid, butyric acid, propionic acid, and stearic acid. The last couple of years saw demand from end-use industries soar substantially, which resulted in companies upping their production capacities to meet the demand. Carboxylic acid is also used as an active ingredient in a number of drug formulations such as antibiotics, anticoagulants, cholesterol-lowering statins, and non-steroidal anti-inflammatory drugs (NSAIDs).

Asia Pacific, powered by China, is a dominant manufacturer of carboxylic acid, at present. China not only produces maximum carboxylic acid, but also consumes it because of key end-use industries such as consumer goods, lubricants, food and beverages. Asia Pacific is also an upcoming hub for the production of bio-based chemicals. 

Global Carboxylic Acid Market: Overview

Organic acids containing the carboxyl group (-COOH) are called carboxylic acids. These compounds are extensively used in the manufacture of products such as dyes, pharmaceuticals, plastics, detergents, textile, animal feed, rubber, soaps, and perfumes. Some carboxylic acids such as acetic acid, benzoic acid, and citric acid find wide usage as preservatives in the food and beverages industry.

Some of the other industrially-viable varieties of carboxylic acids are valeric acid, isovaleric acid, formic acid, propionic acid, butyric acid, isobutyric acid, and stearic acid. In the past few years, high demand from end-use industries has significantly increased the annual global consumption of these compounds and in response, companies in the market are increasing their production capacities.

Global Carboxylic Acid Market: Key Trends

The global market for carboxylic acid is chiefly driven by the increased consumption of vinyl acetate monomer (VAM) in the food and beverages industry and the rising demand for valeric, butyric, and stearic acid in cosmetics and personal care products. The rising consumer preference to bio-based products will be the key factor driving the increased use of carboxylic acid in the cosmetics and personal care industries, especially in developed economies. The market will also gain traction on account of the increased use of organic acids in animal feed as growth promoters for animals.

Carboxylic acid is also used as an active ingredient in a number of drug formulations such as antibiotics, anticoagulants, cholesterol-lowering statins, and non-steroidal anti-inflammatory drugs (NSAIDs). As the global geriatric population leads to the increased demand for these drugs, the pharmaceutical industry is also expected to be a key force driving the market in the near future.

Global Carboxylic Acid Market: Market Potential

Research activities have always been abundant in the area of developing commonly used organic compounds such as carboxylic acids from raw materials derived from natural sources, replacing the use of possibly hazardous chemicals. In a similar attempt, South Korean scientists have demonstrated the use of enzymes to turn algae into plastic. Researchers hope that the process can also be used in biopreservatives as a replacement to synthetic ingredients in foods and beverages, personal care products, and cosmetics.

Algae’s quick proliferation and low input needs have allowed its use in research activities for years as a possible biofuel and a way of capturing carbon dioxide for making plastic. This method, as the researchers claim, is unique because it uses enzymes as an environment-friendly method to develop heavy-chain carboxylic acid, a monomer which is considered the basic building block for the manufacture of a variety of high-quality plastics. Heavy-chain carboxylic acid is conventionally produced through a harsh chemical process.

Global Carboxylic Acid Market: Regional Overview

Credited with being the largest producer of carboxylic acid, thanks to the thriving manufacturing sector in China, the Asia Pacific carboxylic acid market holds a dominant position in the global market. The region is also a significant consumer of the chemical owing to the steady growth of key end-use industries such as consumer goods, lubricants, food and beverages. The region is also emerging as the hub for the production of bio-based chemicals. China’s role in the global carboxylic market, with the addition of more production capacities for the chemical, continues to be of significance.

Global Carboxylic Acid Market: Competitive Dynamics

The presence of a large number of carboxylic acid producers has made the competitive landscape of global carboxylic acid market highly fragmented. The market is witnessing continuous expansions of production capacities and is expected to become highly competitive in the next few years. Some of the leading companies operating in the highly competitive market are BASF SE, Eastman Chemical Company, Celanese Corporation, Jiangsu Sopo Group, The Dow Chemical Company, OXEA, Perstorp Holdings AB, Alfa Aesar, LyondellBasell Industries N.V., Perstorp Holding, and Finetech Industry Limited.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.