ID: MRFR/CnM/6766-HCR | February 2021 | Region: Global | 140 pages
Global Carboxylic Acid Market is projected to register a CAGR of 5.3% during the forecast period. The global market, in terms of value, accounted for USD 14 billion in 2018.
Carboxylic acid is a polar organic compound that belongs to the carboxyl functional group, which on deprotonation forms carboxylate anion. These chemicals tend to have a high boiling point than water on the account of strong hydrogen bonding. Carboxylic acid groups are generally more acidic than other organic compounds containing hydroxyl groups, but weaker than mineral acids such as sulfuric acid and hydrochloric acid.
The growing use of carboxylic derivatives particularly in the food & beverage and cosmetic industries is expected to drive the global market growth during the forecast period. The demand for carboxylic acid derivates is high in the production of soft drinks, vinegar, cheese, vegetable oils, and other food products. For instance, propionic acid and acetic acid are used in the production of swiss cheese. Besides, the surging demand for carboxylic acid derivatives, such as azelaic acid and oleic acid, in the production of shampoos and skincare products is likely to fuel the demand for the product in the coming years. In addition, the increasing use of organic acids owing to their high nutritional value and antimicrobial benefits as animal feed additives and agrochemical-market-749'>agrochemical formulations is also projected to boost the demand for carboxylic acids globally. Furthermore, the adoption of carboxylic acid derivatives is increasing in the pharmaceutical industry to produce drugs, which is expected to create lucrative opportunities for the players operating in the global carboxylic acids market.
However, the health hazards associated with the use of certain carboxylic acids in high concentration is likely to hamper the growth of the global market. For instance, on accumulation of high amount of short-chain carboxylic acids in the human body, cytotoxic effects of short-chain carboxylic acid have been observed in the gingival epithelial cells.
Global Carboxylic Acids Market Share, by End-Use Industry, 2018 (%)
Source: MRFR Analysis
The global carboxylic acids market is analyzed for five major regions, namely North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific was the dominant market for carboxylic acids in 2018 and is projected to register the highest CAGR during the forecast period owing to the rapid industrialization. The increasing use of carboxylic acid derivatives in the expanding food and beverage industry as additives and preservatives is expected to drive the growth of the regional market. Furthermore, the use of carboxylic acids mainly butyric, propionic, and citric in the production of feed dietary acidifiers in the animal feed industry is also expected to support the regional market growth. China, being one of the leading countries in the animal feed industry, is expected to the fastest-growing country-level market in the region. India and other Southeast Asian countries are also expected to propel the regional market growth owing to increasing demand for carboxylic acids derivatives in various end-use industries such as rubber and pharmaceutical. For instance, the industrial output in China increased by 6.3% in 2018, whereas a similar trend has been observed in India with a growth rate of 3.4% in the first half of 2019.
North America accounted for a substantial market share in 2018. The growing demand for carboxylic acids in the food & beverage, pharmaceutical, and chemical industries is expected to drive the regional market growth. In addition, esters of carboxylic acids on the account of strong odor are used in the production of perfumes, which is projected to boost the demand in the region.
Europe is expected to showcase significant growth during the forecast period owing to extensive use of carboxylic acid derivatives in the personal care & cosmetic industry to produce beauty care products and dyes. Germany is the major contributor followed by France and the UK as it is the largest market for cosmetics and personal care products in the region. According to the Cosmetics Europe, the European cosmetics and personal care market was valued worth USD 92.7 billion in 2018, with Germany accounting USD 16.2 billion of the total net worth.
Latin America and the Middle East & Africa are expected to witness substantial growth during the forecast period owing to growing industrialization and per capita disposable income of individuals.
The global carboxylic acids market has been segmented based on product, end use, and region.
Based on product, the global market has been classified into acetic acid, ascorbic acid, azelaic acid, formic acid, valeric acid, citric acid, stearic acid, caproic acid, benzoic acid, and others.
Based on end use, the global market has been divided into food & beverages, aromas, animal feed, pharmaceuticals, agrochemicals, and others
The global market, by region, has been categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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).
Frequently Asked Questions (FAQ) :
The market worth in the year 2018 was USD 14 billion.
The market is projected to expand at rate of 5.3% during the conjectured period.
The mounting use of carboxylic derivatives in the cosmetic and food & beverage industries has induced significant market growth. The market is also boosted by the rising use of carboxylic acid derivatives in the pharmaceutical sector to produce drugs.
The health hazards with regard to over use of a few types of carboxylic acids could demotivate the demand rate and most likely slow down the market growth in the near future.
APAC is believed to accrue the fastest growth rate during the evaluation period