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.
ccording to MRFR analysis, the global Carboxylic Acid Market Growth was valued at over USD 14 billion in 2018 and is projected to register a CAGR of 5.3% during the forecast period.
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.
Market Segmentation
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.
Regional Analysis
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.
Competitive Analysis
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).
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/carboxylic-acid-market-8238
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