Global carboxylic acid market size is likely to cross USD 20 billion by 2024, growing with an estimated CAGR of 5.0% from 2016 to 2024.
Escalating vinyl acetate monomer (VAM) demand in food and beverage storage and packing industry will drive global carboxylic acid market growth. VAM market size was estimated to be worth over USD 7.4 billion in 2015 and is estimated to witness a healthy growth from 2016 to 2024. Population demographics and lifestyle dynamics will continue to drive packed food and beverage demand, which in turn will propel the food packaging industry. Acetic acid is used to produce vinyl esters that are used for coating of food packaging materials. Ethylene-vinyl acetate is a copolymer of VAM and is used in the production of adhesives.
U.S. Carboxylic Acid Market size, by end-user, 2015 & 2024 (USD million)
Global carboxylic acid market size is expected to be positively influenced by the rising cosmetics and personal care market. Stearic, butyric, and valeric acid, are extensively used for fragrance applications by esterification along with microbial prevention. Beauty products, skin care products, hair care products, and perfumes & deodorants comprise of the maximum share of the personal care products. Growing body care awareness and beauty consciousness will account for the rise of the cosmetics and personal care industry in the upcoming years, helping the carboxylic acid market grow consistently.
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Growing demand as growth promoters in the animal feed additives industry is also likely to steer the global carboxylic acid market in the next eight years. Formic and propionic acid find application in prevention of salmonella growth in food products. Animal feed industry will witness steady gains owing to increasing consumption demand of animal products such as meat, milk, leather, wool, etc. Strict regulations against antibiotic growth promoters may have a beneficial impact on the global carboxylic acid market throughout the forecast period.
Demand in carboxylic acid market may be hindered by the availability of natural and organic substitutes that are used as growth promoters in the animal feed additives market. Amino acids, probiotics, antimicrobials, antioxidants, nutraceuticals, etc. are gradually gaining importance in the market and pose a threat to the global carboxylic acid market growth. Regulations against petro-based carboxylic acids will also hamper the market growth as they have massive carbon footprints.
Browse key industry insights spread across 140 pages with 176 market data tables & 16 figures & charts from the report, “Carboxylic Acid Market Size By Product (Acetic, Valeric, Isovaleric, Formic, Propionic, Butyric, Isobutyric, Citric, Caproic, Stearic), By End-User (Food & Beverages, Animal Feed, Personal Care & Cosmetics, Lubricants, Consumer Goods), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Global carboxylic acid market size is likely to cross USD 20 billion by 2024, growing with an estimated CAGR of 5.0% from 2016 to 2024.
- Acetic acid market dominates carboxylic acid market landscape, accounting to more than 40% of the overall revenue. Exclusive applications across the food and beverages sector is expected to catalyze this dominance throughout the forecast period.
- Stearic acid market, with over USD 3.5 billion consumption in 2015, finds usage in manufacturing of consumer goods such as soaps, detergents, etc. along with industrial products such as lubricants, softening and release agents, and several other products. It comprises of over a quarter of the total carboxylic acid market share.
- Among the end-user industries, consumer goods find significant global carboxylic acid market share, with more than USD 4.5 billion in revenue for 2015, which is over one-third of the overall market share.
- Asia Pacific region registered more than 45% of the carboxylic acid market share with revenue in excess of USD 6.5 billion in 2015. APAC is also expected to be the quickest growing region with CAGR above 5.0%.
- Company level carboxylic acid market share is highly fragmented with top five companies accounting to less than 25% of the overall market share.
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