Press release
Carboxylic Acid Market 2018 Top Key Vendors: BASF SE, Celanese Corporation, LyondellBasell Industries, Jiangsu Sopo Group, Eastman Chemical Company
Global carboxylic acid market growth is anticipated to witness growing demand of VAM (vinyl acetate monomer) and vinyl ester resins. Global VAM Market is likely to grow up to 4.5% CAGR by 2024. Demand for EVA (ethylene-vinyl acetate) will rise significantly in the coming years owing to its usage in the production of food packaging adhesives. Increasing global demand for packaged food will thus positively affect the carboxylic acid market.
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The globally rising consumption of cosmetics and personal care products is likely to drive the demand for valeric, butyric and stearic acids, as they have widespread usage in the manufacturing of these products. Over 80% of personal care products are skin care products, hair care products and cosmetics which are essentially fragrant. Usage of the carboxylic acids for esterification for providing the fragrance and for prevention of microbes, will drive the product demand in the personal care segment.
More than 45% share of the global animal feed market involves poultry and over 25% is used for swine. The rising consumption amounts of swine and poultry for their protein content will drive the global carboxylic acid Market for its demand as animal feed additive. Regulations concerning banning of antibiotic growth supporters in animal feed, particularly for cattle, poultry and swine will positively affect the industry.
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The carboxylic acid market growth might be hampered to some extent due to availability of growth-promoting natural and organic substitutes for animal feed. Also, regulations against petroleum-based carboxylic acids for their significant carbon footprints will also be a growth restraint. The market also possesses a threat of gradually emerging antioxidants, antimicrobials, amino acids, nutraceuticals, probiotics, etc.
Acetic acid is expected to have the fastest growth at over 5.5% CAGR by 2024. Its usage in production of vinegar, preservation of food over a long time and flavor addition to the food products are the factors driving its growth. Growing demand of acetic acid in food storage and packaging industry will propel the market.
Formic and propionic acid find application in prevention of salmonella growth in food products, which otherwise contaminate the food and causes diseases to animals and humans. Stearic acid comprises of over 25% of global carboxylic acid market share market for its applications in soaps, cosmetics, detergents, in softening agents and lubricants.
Asia Pacific region is predicted to have the fastest growth with over 5.0% gains in the forecast period, for the increasing demand from the regional food & beverages, consumer goods, personal care & cosmetics, animal feed, lubricants and pharmaceuticals industries. Europe North and America carboxylic acid markets are expected have sluggish growth and to lose some share to APAC and Latin America owing to the severe regulations levied by REACH and EPA.
Key industry players are Celanese Corporation, BASF SE, LyondellBasell Industries N.V., The Dow Chemical Company, Thirumalai Chemicals Ltd., Eastman Chemical Company, Perstorp Holding AB, Alfa Aesar, OXEA, Ashok Alco-Chem Ltd., VanDeMark Inc., Finetech Industry Ltd., VVF LLC and Shenyang Zhangming Chemical Co., Ltd.
Chapter 5 Carboxylic Acid End-User Insights
5.1 Carboxylic acid market share by end-user, 2015 & 2024
5.2 Food & beverages
5.2.1 Global market estimates and forecast, 2013 - 2024
5.2.2 Global market estimates and forecast, by region, 2013 - 2024
5.3 Animal Feed
5.3.1 Global market estimates and forecast, 2013 - 2024
5.3.2 Global market estimates and forecast, by region, 2013 – 2024
5.4 Pharmaceuticals
5.4.1 Global market estimates and forecast, 2013 - 2024
5.4.2 Global market estimates and forecast, by region, 2013 – 2024
5.5 Personal care & cosmetics
5.5.1 Global market estimates and forecast, 2013 - 2024
5.5.2 Global market estimates and forecast, by region, 2013 – 2024
5.6 Consumer goods
5.6.1 Global market estimates and forecast, 2013 - 2024
5.6.2 Global market estimates and forecast, by region, 2013 – 2024
5.7 Lubricants
5.7.1 Global market estimates and forecast, 2013 - 2024
5.7.2 Global market estimates and forecast, by region, 2013 – 2024
5.8 Others
5.8.1 Global market estimates and forecast, 2013 - 2024
5.8.2 Global market estimates and forecast, by region, 2013 – 2024
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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