Carboxylic acid refers to a homologous series containing compounds with at least one carboxyl functional group. Being polar in nature, carboxylic acids can participate in hydrogen bonding, owing to which they are widely used in the production of polymers, pharmaceuticals, food additives, and other industrial applications. The esters of carboxylic acids are extensively used in the manufacturing of perfumes due to their strong odor. According to MRFR analysis, the global carboxylic acid market was valued at over USD 14 billion in 2018 and is projected to register a CAGR of 5.3% during the forecast period.
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The product segments analyzed under the scope of the global carboxylic acid market are acetic acid, formic acid, valeric acid, citric acid, stearic acid, ascorbic acid, azelaic acid, caproic acid, benzoic acid, and others. The acetic acid segment accounted for the largest market share in 2018 owing to its growing use in the production of chemical intermediates in the textile, rubber, and polymer industries. Carboxylic acid derivatives prevalently ascorbic acid, azelaic acid, and aldobionic acids are expected to register the highest CAGR during the forecast period owing their growing use in the production of anti-ageing and antioxidant skincare products.
The end use segments of the global carboxylic acid market are food & beverages, animal feed, pharmaceuticals, rubber, chemicals, consumer goods, agrochemicals, and others. The food & beverage segment is expected to dominate the global market during the review period owing to the increasing use of carboxylic acid derivatives in the production of food products, for instance, the use of acetic acid in the production of vinegar. The animal feed is likely to be the fastest-growing segment in the coming years owing to the high demand for organic acids such as lactic acid, butyric acid, and others as dietary acidifiers in monogastric animals. According to the United Nations Food and Agriculture Organization (FAO), the demand for food is expected to grow by 60% by 2050 and the production of animal proteins is expected to grow by 1.7% per year, which is expected to propel the demand for carboxylic acids.
The global carboxylic acid market has been analyzed across five key regions, namely Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
The Asia-Pacific market dominated the global market and is likely to register the highest CAGR in the coming years owing to growing industrialization in the region. China accounted for the largest market share in 2018 owing to the increasing application of carboxylic acids derivatives in the food & beverage industry such as in the production of cheese, vinegar, juices, and others. India, Malaysia, and South Korea are the other contributors to the regional market growth.
North America accounted for a substantial market share in 2018 and is expected to register a significant CAGR during the forecast period owing to the rising demand for carboxylic acids among the various end-use industries such as pharmaceutical, perfume, and food & beverage.
Europe is expected to register a considerable CAGR owing to the wide use of carboxylic acids derivatives in the production of cosmetic products.
Latin America and the Middle East & Africa are expected to witness substantial growth during the forecast period owing to rising industrialization and growing per capita disposable income in the regions.
Celanese Corporation (US), Blue Marble Biomaterials(US), Perstorp (Sweden), Alfa Aesar (US), LyondellBasell Industries Holdings B.V. (US), Hydrite Chemical (US), OXEA GmbH (Germany), BASF SE (Germany), Eastman Chemical Company (US), Dow (US), Pacific Oleochemicals Sdn Bhd (Malaysia), Jiangsu SOPO (Group) Co., Ltd (China), FINETECH INDUSTRY LIMITED (UK), and Snowco industrial Co., Ltd (China).
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Based on product, the global market is classified into acetic acid, ascorbic acid, azelaic acid, formic acid, valeric acid, citric acid, stearic acid, caproic acid, benzoic acid, and others.
By end use, the global market has been divided into food & beverages, aromas, animal feed, pharmaceuticals, agrochemicals, and others.
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regions analyzed under the scope of the report.
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