Press release
Carboxylic Acid Market Growth by Key Players: BASF SE, Celanese Corporation, LyondellBasell Industries, Jiangsu Sopo Group, Eastman Chemical Company, and Dow Chemical Company
Carboxylic Acid Market
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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.
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.
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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• Carboxylic Acid Market By Product
• Acetic acid
• Valeric acid
• Isovaleric acid
• Formic acid
• Propionic acid
• Butyric acid
• Isobutyric acid
• Citric acid
• Caproic acid
• Stearic acid
• Others
• Carboxylic Acid Market By End-User
• Food and beverages
• Animal feed
• Pharmaceuticals
• Personal care & cosmetics
• Consumer goods
• Lubricants
• Others
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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%.
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.
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