Pune, India, August 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Carboxylic Acid Market.
Market Research Future (MRFR) has published a cooked research report on the “Carboxylic Acid Market” that contains information from 2018 to 2032. The Carboxylic Acid market is estimated to register a CAGR of 5.30% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Carboxylic Acid market— BASF SE (Germany), Eastman Chemical Company (US), Dow (US), Jiangsu SOPO (Group) Co. Ltd (China), FINETECH INDUSTRY LIMITED (UK), Celanese Corporation (US), Perstorp (Sweden), Alfa Aesar (US), LyondellBasell Industries Holdings B.V. (US), OXEA GmbH (Germany), Snowco industrial Co. Ltd (China), Blue Marble Biomaterials (US), Hydrite Chemical (US), and Pacific Oleochemicals Sdn Bhd (Malaysia).
The global Carboxylic Acid market is accounted to register a CAGR of 5.30% during the forecast period and is estimated to reach USD 23.716 Billion by 2032.
The Carboxylic Acid Market encompasses the worldwide trade and production of carboxylic acids, a group of organic compounds containing the carboxyl functional group (COOH). These acids find extensive use in various industries, including food additives, pharmaceuticals, and chemical synthesis, owing to their versatile properties and applications.
The global Carboxylic Acid market has been segmented on based Product and End-Use.
On the basis of Product, the market is segmented into acetic acid, ascorbic acid, azelaic acid, formic acid, valeric acid, citric acid, stearic acid, caproic acid, benzoic acid and others. The market was dominated by the acetic acid category. Acetic carboxylic acid, often known as acetic acid or ethanoic acid, is an odourless liquid. It serves a number of industrial and culinary functions and is the main component of vinegar.
Based on End-Use, the global Carboxylic Acid market has been segmented into food & beverages, aromas, animal feed, pharmaceuticals, agrochemicals and others. Due to its increased use in a variety of products, including flavourings, preservatives, and colourants, the food and beverage industry produced the highest revenue. Carboxylic acids are widely used in the food and beverage industry due to their ability to provide a sour flavour and their acidic properties.
The global Carboxylic Acid market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Carboxylic Acid market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Carboxylic Acid market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Carboxylic Acid market comprises of Middle East, Africa, and Latin America.
The North American Carboxylic Acid Market dominated this market in 2022 The rising demand for carboxylic acids in the pharmaceutical, chemical, and food and beverage sectors is expected to drive regional market growth. Esters of carboxylic acids are also used to make fragrances because of their intense scent, which is anticipated to lead to an increase in demand.
Additionally, the second-largest market share for Carboxylic Acid is held by Europe. the common use of derivatives of carboxylic acids in dyes, personal care products, and cosmetics. Germany makes the most contribution, followed by France and the UK, because it has the biggest market in the area for cosmetics and personal care products.
Due to its rapid industrialisation, the Asia-Pacific Carboxylic Acid Market is anticipated to develop at the quickest CAGR between 2023 and 2032. The increased usage of carboxylic acid derivatives as additives and preservatives in the expanding food and beverage industry is predicted to lead to a growth in the regional market. Furthermore, it is anticipated that using carboxylic acids, notably butyric, propionic, and citric, in the production of feed nutritious acidifiers for the animal feed industry will aid in the development of the local market. Additionally, the Asia-Pacific region's carboxylic acid market in China had the highest market share, and the market in India had the fastest rate of expansion.
Key Findings of the Study
- The global Carboxylic Acid market is expected to reach USD 23.72 Billion by 2032, at a CAGR of 5.30% during the forecast period.
- The North American Carboxylic Acid Market dominated this market in 2022 The rising demand for carboxylic acids in the pharmaceutical, chemical, and food and beverage sectors is expected to drive regional market growth.
- Based on Product, The market was dominated by the acetic acid category.
- BASF SE (Germany), Eastman Chemical Company (US), Dow (US), Jiangsu SOPO (Group) Co. Ltd (China), FINETECH INDUSTRY LIMITED (UK), Celanese Corporation (US), Perstorp (Sweden), and Alfa Aesar (US).
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