Report Description
Carboxylic acids are organic acids containing carboxyl group (-COOH). These acids are named according to the number of carbon atoms present in the molecule. Carboxylic acids are primarily used in the manufacture of soaps, detergents, pharmaceuticals, rubber, plastics, dyes, textile, perfumes, and animal feed. Rising demand for carboxylic acids derivatives is anticipated to boost the global market for these acids during the forecast period. Additionally, increasing demand for acids such as formic, propionic, and butyric in the animal feed industry is estimated to drive the market. However, factors such as enactment of stringent government regulations on the production of petro-based carboxylic acids and availability of organic and natural substitutes in the animal feed industry hamper the carboxylic acid market.
This report provides detailed description of the global carboxylic acids market in terms of volume share (Kilo Tons) and revenue (US$ Mn) for the period from 2014 to 2023. It highlights factors contributing to the growth of the market. It also enumerates the restraints faced by the market. The market is described with respect to various segments along with opportunities that are expected to arise during the next six years.
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Scope
Asia Pacific constituted the largest share of 56.04% of the global carboxylic acid market in 2014. Food & beverages, consumer goods, lubricants, and others are the most lucrative segments of the carboxylic acid market in the region. Asia Pacific is also emerging as the new epicenter for the production of bio-based and synthetic chemicals. China leads the market, with the addition of new capacities for carboxylic acids such as valeric acid, isovaleric acid, and isobutyric acid. North America is expected to outpace Europe by 2023 due to increasing demand for carboxylic acids in food & beverages and pharmaceutical industries. The carboxylic acids market in Europe is expected to expand at a sluggish rate during the forecast period. Latin America and Middle East & Africa are anticipated to offer immense growth opportunities for the carboxylic acids market in the next few years.
Key Players
Major players in the global carboxylic acids market include Celanese Corporation, BASF SE, The Dow Chemical Company, Eastman Chemical Company, and Jiangsu Sopo (Group) Co. Ltd.
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